22nd Century Group raises up to $20M via Series B Preferred offering; uses proceeds to redeem Series A

22nd Century Group, Inc.

Initial close of $16.0M of Series B Preferred at $1,000 stated value; additional $4M possible within one year.
Series B convertible at $3.57 fixed or 15% discount to VWAP; 100% warrant coverage at $3.57, 5-year term.
Net proceeds from initial close ~$5.7M after fees and repurchase of $9.65M Series A Preferred.
Company prohibited from variable rate transactions while Series B outstanding; limited ATM use allowed.
No voting rights for Series B; perpetual term; redemption at 110% of stated value after 6 months.

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