secwatch.observer — SEC 8-K summary
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Issuer:     22nd Century Group, Inc. (XXII)
CIK:        0001347858
Form:       8-K
Filed at:   2023-08-14T23:59:59+00:00
Accession:  0001558370-23-014685
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

22nd Century Q2 revenue $23.4M (+62% YoY), net loss $19.4M; cuts FY outlook to $80-90M, CEO resigns
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- Net revenues $23.4M (+62% YoY); gross loss of $2.3M driven by plant fire and product mix.
- Net loss $19.4M; adjusted EBITDA loss $16.0M vs loss $7.1M in prior year.
- Cuts 2023 revenue outlook to $80-90M from $105-110M due to VLN rollout timeline changes and internal production transition.
- CEO James Mish resigns; John Miller appointed interim CEO; cost reduction program targeting $15M+ annualized savings.
- Raised $19.9M in equity in June/July; regained Nasdaq compliance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1347858/000155837023014685/0001558370-23-014685-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1347858/000155837023014685/xxii-20230814x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-014685

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer