other material
confidence high
sentiment neutral
materiality 0.70
22nd Century Group raises ~$3M via PIPE of prefunded warrants and warrants
22nd Century Group, Inc.
- Sold 28,354,914 prefunded warrants at $0.10719 each and 42,532,372 common warrants exercisable at $1.00, expiring 5 years after stockholder approval.
- Gross proceeds ~$3M; net proceeds after fees (~$100K cash + $30K expense reimb.) expected ~$2.9M.
- Shares issuable upon warrant exercise require stockholder approval by May 30, 2025; company also issued placement agent warrants for 2,268,393 shares at $1.25.
- Closing expected Oct 24, 2024; investors granted participation rights in future equity offerings for 9 months post-closing.