22nd Century Group (XXII) Prices 10M Share Offering at $0.525/sh

22nd Century Group, Inc. (Nasdaq: XXII) today announced the pricing of its previously announced public offering of 10,000,000 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 20,000,000 shares of common stock, at a combined public offering price of $0.525 per share (or common stock equivalent in lieu thereof) and accompanying warrants. The warrants have an exercise price of $0.525 per share, are immediately exercisable and will expire five years following the date of issuance. The offering is expected to close on or about October 19, 2023, subject to the satisfaction of customary closing conditions.

The Special Equities Group, a division of Dawson James Securities, Inc., is acting as the sole placement agent for this offering.

The gross proceeds from the offering to the Company are expected to be approximately $5.25 million, before deducting placement agent’s fees and other offering expenses payable by the Company. The Company expects to use the net proceeds of the offering for general corporate purposes.

The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-270473) previously filed with the Securities and Exchange Commission (“SEC”) and declared effective by the SEC on March 31, 2023. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective shelf registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, you may contact Dawson James Securities, Inc. at its corporate headquarters at 101 North Federal Highway, Suite 600, Boca Raton, FL 33432, (561) 391-5555.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

You May Also Be Interested In

• DeFi Development Corp. plans $20M preferred stock offering
• TXNM Energy launches $400M common stock offering
• Wellchange Holdings closes $7.5M public offering of Class A shares