other material
confidence high
sentiment neutral
materiality 0.65
22nd Century Group raises ~$2.1M in registered direct offering with warrants
22nd Century Group, Inc.
- Gross proceeds ~$2.1M from 14.3M shares at $0.15/share and warrants for 28.5M shares.
- Warrants exercisable at $1.00/share, subject to stockholder approval; expire 5 years after approval.
- Net proceeds ~$2.0M; closing expected Oct 14; post-offering shares outstanding ~45.7M.
- Placement agent fees: 6% cash fee and warrants for 856,000 shares at $1.25.
- Company to hold stockholder meeting within 75 days to approve warrant share issuance.