22nd Century Group (XXII) Prices $5.2M at $2.14/sh
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22nd Century Eliminates $5.2 Million of Debt in Above-Market Equity Transaction
April 30, 2024 9:02 AM EDTImproves Balance Sheet, Eliminates Future Omnia Interest Expense and Increases Shareholder Equity
Mocksville, North Carolina--(Newsfile Corp. - April 30, 2024) - 22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company focused on nicotine harm reduction, today announced that it has entered into a binding letter of agreement to redeem $5.2 million in outstanding principal and interest associated with the Omnia subordinated note and outstanding warrants.
The agreement will exchange consideration of approximately $248,000 in cash, 1.15 million shares of common stock priced at $2.14 per share, and 1.15 million shares of pre-funded warrants priced at $2.14 per share as... More
