22nd Century Group (NYSE MKT: XXII) this morning said that it has entered into an agreement with institutional investors to collect approximately $54 million in gross proceeds in a registered direct offering from the sale of 20.57 million shares of common stock at a price of $2.625 per share. Total proceeds will raise the company’s cash balance to over $60 million, which covers all regular operating expenses for more than five years. Subject to customary closing conditions, the offering is anticipated to close on or about October 10, 2017. “More than $50 million in net proceeds will significantly improve our balance sheet and, therefore, our negotiating position in discussions with potential licensing and strategic partners,” 22nd Century Group president and CEO Henry Sicignano III stated in the news release.
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About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company focused on genetic engineering and plant breeding which allows the increase or decrease of the level of nicotine in tobacco plants and the level of cannabinoids in cannabis plants. The company’s primary mission in tobacco is to reduce the harm caused by smoking. The company’s primary mission in cannabis is to develop proprietary hemp/cannabis strains for important new medicines and agricultural crops. Visit www.xxiicentury.com for more information.
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