secwatch.observer — SEC 8-K summary
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Issuer:     22nd Century Group, Inc. (XXII)
CIK:        0001347858
Form:       8-K
Filed at:   2023-12-28T23:59:59+00:00
Accession:  0001104659-23-130075
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

22nd Century closes hemp/cannabis sale; total debt reduction up to $5.2M
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- Sale price increased to $3.1M ($1.1M cash to lender + $2M 12% promissory note due June 2024).
- Total debt reduction of $5.2M: $3.2M immediate from closing and asset assignment plus $2.0M buyer note.
- Remaining outstanding debt expected ~$8.8M after buyer pays the $2M note.
- Assignment of 224-acre Colorado property (Needle Rock Farms) gives $1M non-monetary debt reduction.
- Company will focus on FDA-authorized reduced-nicotine tobacco products and harm reduction.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1347858/000110465923130075/0001104659-23-130075-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1347858/000110465923130075/tm2332742d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-130075

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