22nd Century raises $3.0M in registered direct offering; warrants issued at $3.80

22nd Century Group, Inc.

Sold 778,634 shares and 1,557,268 warrants at $3.80/unit for $3.0M gross proceeds.
Net proceeds ~$2.6M; use for VLN commercial expansion, working capital.
Warrants exercisable six months after issuance at $3.80/share, expire Jan 2029 or after stockholder approval.
Previously outstanding warrants (1.5M) automatically adjusted from $7.05 to $3.80 per share.
Company to seek stockholder approval for warrant price adjustment provisions and increased authorized shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

22nd Century Group, Inc. entered into Securities Purchase Agreement with certain investors valued at approximately $3.0 million (effective 2023-07-06).

Action: entry
Agreement: equity purchase
Counterparty: certain investors
Value: approximately $3.0 million
Effective: 2023-07-06

Exact text from the filing

On July 6, 2023, 22nd Century Group, Inc. (the “Company”) and certain investors (the “Investors”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) relating to the issuance and sale of shares of common stock and warrants pursuant to a registered direct offering (the “Offering”).

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245 material agreements filed in the last 30 days. Browse all material agreements →

22nd Century Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-078950

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