secwatch.observer — SEC 8-K summary
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Issuer:     22nd Century Group, Inc. (XXII)
CIK:        0001347858
Form:       8-K
Filed at:   2023-10-16T23:59:59+00:00
Accession:  0001104659-23-109385
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 3.03, 5.07, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

22nd Century waives default, cuts revenue target, authorizes doubling shares, and launches public offering
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- JGB Partners waived event of default for missing $18.5M Q3 2023 revenue target; target reduced to $15.5M for Q4 2023.
- $7.5M escrow released to reduce debenture principal; $3.8M promissory note assigned as consideration.
- Stockholders approved increase in authorized common shares to 66,666,667 from 33,333,334.
- Warrant exercise price adjusted from $3.80 to $2.42 for 1,557,268 warrants dated July 10, 2023.
- Company announces best-efforts public offering of common stock and warrants; no size or pricing disclosed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1347858/000110465923109385/0001104659-23-109385-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1347858/000110465923109385/tm2328522-1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-109385

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