22nd Century Group announces 1-for-15 reverse stock split to regain Nasdaq compliance

22nd Century Group, Inc.

Reverse stock split effective July 5, 2023, at ratio of 1-for-15, trading under symbol XXII with new CUSIP 90137F202.
Authorized common shares reduced from 500M to 33,333,334; outstanding shares from ~237.9M to ~15.9M (subject to rounding).
No fractional shares issued; fractional interests rounded up to nearest whole share; no stockholder approval required under Nevada law.
Press release re-affirms full-year 2023 net sales outlook of $105M to $110M; split intended to meet $1.00 minimum bid price requirement.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

22nd Century Group, Inc.: Effected a 1-for-15 reverse stock split of common stock to comply with NASDAQ continued listing standard, effective July 5, 2023 (effective 2023-07-05).

Change: charter amendment
Effective: 2023-07-05

Exact text from the filing

On June 30, 2023, 22nd Century Group, Inc. (the “Company”) filed a Certificate of Change (the “Certificate”) pursuant to Nevada Revised Statutes (“NRS”) Section 78.209 with the Secretary of State of the State of Nevada authorizing a 1-for-15 reverse stock split of the Company’s (a) authorized shares of common stock; and (b) issued and outstanding shares of common stock (the “Reverse Stock Split”).

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22nd Century Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-078278

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