22nd Century Group closes $4.2M registered direct offering and warrant private placement

22nd Century Group, Inc.

Gross proceeds of ~$4.2M from sale of 1,855,000 shares, pre-funded warrants for 125,000 shares, and warrants for 1,980,000 shares at $2.14 per share.
Net proceeds to the company ~$3.9M after placement agent fees and offering expenses.
Warrants exercisable at $2.14 per share, expire 5 years after stockholder approval; pre-funded warrants exercisable at $0.00001.
Placement agent cash fee of 6.0% of gross proceeds plus 118,800 placement agent warrants at $2.675 per share.
Stockholder approval required for shares underlying warrants; meeting to be held within 90 days of closing.

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 (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

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22nd Century Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-045264

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