other material
confidence high
sentiment negative
materiality 0.60
22nd Century Group raises ~$1.2M via registered direct offering and warrant inducement
22nd Century Group, Inc.
- Sold 5,153,508 shares and warrants for 10,307,016 shares at $0.228 per unit; gross proceeds ~$1.2M.
- Net proceeds ~$1.1M; closing expected October 1, 2024.
- Warrant inducement: holders of existing warrants (5,079,244 shares at $0.228) offered new warrants at 200% coverage.
- Company to seek stockholder approval for shares issuable upon exercise of new warrants.
- Placement agent receives 6% cash fee plus 6% on warrant exercises and expense reimbursement up to $50,000.