22nd Century Group (XXII) Secures $21 Million Debt Financing to Expand Working Capital for Growth Initiatives

March 5, 2023

https://www.globenewswire.com/news-release/2023/03/03/2620544/0/en/22nd-Century-Group-XXII-Secures-21-Million-Debt-Financing-to-Expand-Working-Capital-for-Growth-Initiatives.html

BUFFALO, N.Y., March 03, 2023 (GLOBE NEWSWIRE) — 22nd Century Group, Inc. (Nasdaq: XXII), the world’s leading biotechnology company dedicated to improving health with reduced nicotine tobacco and advanced plant technologies in both hemp/cannabis and hops, today announced a new $21 million senior secured debenture financing to support increased working capital needs related to the significant growth outlook in both its VLN® and GVB business lines. The new three-year financing was issued at 5% original issuance discount (OID), will bear cash interest at a rate of 7% per annum, and commence principal amortization in the second year at a rate of 2% of the original balance per month. The Company has the option to redeem the facility early starting in the second year.

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