22nd Century Secures $3.2 Million to Date in Warrant Exchange Transaction

BUFFALO, N.Y., Dec. 04, 2023 (GLOBE NEWSWIRE) — 22nd Century Group, Inc. (Nasdaq:XXII) (the “Company”), a biotechnology company focused on utilizing advanced plant technologies to improve health and wellness, today announced the exercise of warrants by certain holders pursuant to its previously announced warrant inducement offering. During the inducement period, certain holders of the Company’s existing warrants acquired an aggregate of 14,767,386 shares of common stock upon exercise of their existing warrants at a reduced exercise price of $0.215. To date, the Company has received aggregate gross proceeds of approximately $3.2 million from the exercise of the existing warrants, 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.

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