secwatch.observer — SEC 8-K summary
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Issuer:     22nd Century Group, Inc. (XXII)
CIK:        0001347858
Form:       8-K
Filed at:   2023-06-21T23:59:59+00:00
Accession:  0001104659-23-073413
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 1.02, 5.02, 5.03, 5.07, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

22nd Century raises $5.3M in registered direct offering; reaffirms $105-110M FY2023 sales outlook
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- Raised $5.3M via 11.2M shares and warrants at $0.47; warrants repriced from $2.05 to $0.47 for same investors.
- Terminated at-the-market equity program; placement agent Dawson James receives 8% fee.
- Shareholders approved increase in authorized shares from 300M to 500M and added 3.5M shares to incentive plan.
- CEO: VLN products expanding to ~2,500+ stores in early July, up from 1,100 stores across 14 states.
- Reaffirms FY2023 sales of $105-110M and targets cash positive operations in 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1347858/000110465923073413/0001104659-23-073413-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1347858/000110465923073413/tm2319287d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-073413

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer