22nd Century Group Announces Closing of $11.4 Million Above-Market Registered Direct Offering
October 19 2016 - 11:50AM
Business Wire
22nd Century Group, Inc. (NYSE MKT:XXII), a plant biotechnology
company that is a leader in tobacco harm reduction, announced that
the Company closed today a registered direct stock offering with
one existing institutional investor and one new institutional
investor and received approximately $11.4 million in gross proceeds
through the sale of units priced at $1.3425 per unit, which is
$0.0625 per share above the closing price of the Company’s common
stock on the NYSE MKT on October 13, 2016, the date immediately
prior to the signing of the stock purchase agreement. The
transaction included a total of 8,500,000 shares of the Company’s
common stock and 66-month warrants to purchase 4,250,000 shares of
common stock at an exercise price of $1.45 per share (exercisable
after six months). The net proceeds of the financing will be used
for general corporate purposes, including working capital.
Chardan Capital Markets, LLC acted as the sole placement agent
for this transaction.
About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company focused on
technology which allows it to increase or decrease the level of
nicotine in tobacco plants and the level of cannabinoids in
cannabis plants through genetic engineering and plant breeding. The
Company’s primary mission is to reduce the harm caused by smoking.
22nd Century currently owns or exclusively controls more than 200
issued patents and more than 50 pending patent applications around
the world. Visit www.xxiicentury.com for more information.
Cautionary Note Regarding Forward-Looking Statements: This press
release contains forward-looking information, including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of 22nd Century Group, Inc.,
its directors or its officers with respect to the contents of this
press release, including but not limited to our future revenue
expectations. The words “may,” “would,” “will,” “expect,”
“estimate,” “anticipate,” “believe,” “intend” and similar
expressions and variations thereof are intended to identify
forward-looking statements. We cannot guarantee future results,
levels of activity or performance. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date that they were made. These cautionary statements should
be considered with any written or oral forward-looking statements
that we may issue in the future. Except as required by applicable
law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform
these statements to reflect actual results, later events or
circumstances, or to reflect the occurrence of unanticipated
events. You should carefully review and consider the various
disclosures made by us in our annual report on Form 10-K for the
fiscal year ended December 31, 2015, filed on February 18, 2016,
including the section entitled “Risk Factors,” and our other
reports filed with the U.S. Securities and Exchange Commission
which attempt to advise interested parties of the risks and factors
that may affect our business, financial condition, results of
operation and cash flows. If one or more of these risks or
uncertainties materialize, or if the underlying assumptions prove
incorrect, our actual results may vary materially from those
expected or projected.
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Investor Relations:IRTH CommunicationsAndrew Haag,
866-976-4784xxii@irthcommunications.comorRedington, Inc.Tom
Redington, 203-222-7399
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