secwatch.observer — SEC 8-K summary
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Issuer:     22nd Century Group, Inc. (XXII)
CIK:        0001347858
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0001558370-24-004148
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

22nd Century Group (XXII) Q4 2023 net revenue $7.4M, net loss $22.1M; announces 1-for-16 reverse stock split
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- Q4 net revenue $7.4M, down 26% YoY from $10.0M; gross profit negative $(7.8)M due to $7.9M inventory write-down.
- Net loss from continuing ops $22.1M ($0.66/share) vs $11.1M ($0.77/share) in Q4 2022; adjusted EBITDA loss $3.2M vs $10.0M.
- Cash $2.1M at year end; secured $2.3M from warrant exchange and asset sales; long-term debt $8.1M.
- Reverse stock split 1-for-16 effective April 2, 2024 to regain Nasdaq $1.00 minimum bid compliance.
- Targeting break-even by Q1 2025 after exiting hemp/cannabis; VLN available in 5,100+ stores across 26 states.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1347858/000155837024004148/0001558370-24-004148-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1347858/000155837024004148/xxii-20240328x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-004148

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