8-K
filed April 8, 2024, 7:59 PM ET
ticker XXII
CIK 0001347858
other material
confidence high
sentiment neutral
materiality 0.80
22nd Century Group raises ~$3.9M, appoints CFO and GC, amends debt terms
22nd Century Group, Inc.
- CFO Hugh Kinsman resigns effective June 1, 2024; Daniel Otto appointed CFO at $315k salary.
- Jonathan Staffeldt appointed General Counsel at $315k salary.
- Debt conversion price reduced to $2.14; daily volume cap of 10% of trading volume when VWAP < $2.50.
- Registered direct offering and private warrants for ~$4.2M gross; net ~$3.9M; closes April 9, 2024.
- Stockholder approval required for shares issuable upon warrant exercise; 90-day meeting deadline.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Daniel Otto was appointed as Chief Financial Officer at 22nd Century Group, Inc..
- Action
- appointed
- Role
- Chief Financial Officer
Exact text from the filing
On April 6, 2024, the Board of Directors of the Company approved the appointment of Daniel Otto as its Chief Financial Officer, effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Hugh Kinsman resigned as Chief Financial Officer at 22nd Century Group, Inc..
- Action
- resigned
- Role
- Chief Financial Officer
Exact text from the filing
On April 6, 2024, Hugh Kinsman, the Company’s Chief Financial Officer, provided notice that he is resigning from such position effective June 1, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jonathan Staffeldt was appointed as General Counsel at 22nd Century Group, Inc..
- Action
- appointed
- Role
- General Counsel
Exact text from the filing
On April 6, 2024, the Board of Directors also appointed Jonathan Staffeldt as the Company’s General Counsel effective immediately.
View on SEC.gov
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 (the “Investors”) valued at approximately $4.2 million (effective 2024-04-08).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- certain investors (the “Investors”)
- Value
- approximately $4.2 million
- Effective
- 2024-04-08
Exact text from the filing
On April 8, 2024, 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 (or pre-funded warrants in lieu of common stock) pursuant to a registered direct offering and a private placement of warrants to purchase shares of common stock (collectively, the “Offering”).
View on SEC.gov
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