other material
confidence high
sentiment neutral
materiality 0.75
22nd Century raises $3.48M in Reg A offering and issues 12.2M warrants
22nd Century Group, Inc.
- Sold 6.1M shares at $0.57/share for gross proceeds of $3.48M under Regulation A; total sold in offering is 9.72M shares.
- Company may raise up to an additional $15.8M on same terms from time to time under the Reg A offering statement.
- Privately placed 12.2M warrants at $0.00001 each, exercisable at $1.00/share, expiring in 5 years; net proceeds ~$122.
- Warrant exercise price subject to anti-dilution adjustment in future equity sales, conditioned on stockholder approval if lower.
- Company has agreed to file a registration statement within 30 days upon investor demand for resale of warrant shares.