22nd Century Group raises ~$2.8M via warrant inducement; warns may cease operations after Jan 31, 2024

22nd Century Group, Inc.

Entered warrant inducement agreements for 13M shares at $0.215; gross proceeds ~$2.8M; new inducement warrants for 200% of shares exercised.
Cash and equivalents $3.3M as of Nov 24; expects funds after offering to last only through Jan 31, 2024.
Payables exceed cash; payments not being made as due; may need additional funding or cease operations.
Appointed Lawrence Firestone as Chairman and CEO (effective when warrant proceeds exceed $2.5M); base salary $425,000.
Dawson James served as placement agent with 7% cash fee on gross proceeds.

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Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Lawrence D. Firestone

Chairman of the Board and Chief Executive Officer

XXII · 22nd Century Group, Inc.

Filed: November 29, 2023, 6:59 PM ET

On November 28, 2023, the Board appointed Lawrence D. Firestone as Chairman of the Board of Directors (“ Board ”), expanding the Board to eight directors, and as the Company’s Chief Executive Officer

Role change

John Miller

President of the Tobacco Business

XXII · 22nd Century Group, Inc.

Successor: Lawrence D. Firestone
Filed: November 29, 2023, 6:59 PM ET

at which time, Mr. John Miller, the Company’s interim Chief Executive Officer, will resume the position of President of the Tobacco Business.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Lawrence D. Firestone was appointed as Chairman of the Board and Chief Executive Officer at 22nd Century Group, Inc..

Action: appointed
Role: Chairman of the Board and Chief Executive Officer

Exact text from the filing

On November 28, 2023, the Board appointed Lawrence D. Firestone as Chairman of the Board of Directors (“ Board ”), expanding the Board to eight directors, and as the Company’s Chief Executive Officer

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John Miller changed role as President of the Tobacco Business at 22nd Century Group, Inc..

Action: resume
Role: President of the Tobacco Business

Exact text from the filing

at which time, Mr. John Miller, the Company’s interim Chief Executive Officer, will resume the position of President of the Tobacco Business.

View on SEC.gov

41 earnings releases filed in the last 30 days. Browse all earnings releases →

22nd Century Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-121721

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