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22nd Century Group Inc - XXII STOCK NEWS

Welcome to our dedicated news page for 22nd Century Group (Ticker: XXII), a resource for investors and traders seeking the latest updates and insights on 22nd Century Group.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect 22nd Century Group's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of 22nd Century Group's position in the market.

News
22nd Century Group Announces Partial Adjournment of Annual Meeting for Proposal 2, All Other Proposals Passed
Rhea-AI Summary
22nd Century Group, Inc. conducted a special meeting of stockholders to vote on Proposal 2, which aims to increase the number of authorized shares of common stock. The meeting was adjourned to provide more time for stockholders to vote on the proposal, with the reconvened meeting scheduled for February 15, 2024. The company's Chairman and CEO, Larry Firestone, expressed gratitude for the support received and highlighted efforts to streamline operations, reduce costs, and extend the company's balance sheet runway. The goal is to make the company self-sufficient by improving tobacco business margins and increasing returns from assets. Despite progress on various initiatives, Proposal 2 is deemed crucial for addressing strategic needs as the company transitions to self-sustaining operations. Stockholders who have not yet voted are encouraged to do so over the Internet.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.97%
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none
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News
22nd Century Group Provides Shareholder Update and Highlights Insider Stock Purchases from Management
Rhea-AI Summary
22nd Century Group, Inc. (XXII) announced a fireside chat webcast event featuring Chairman and CEO Larry Firestone to provide a shareholder update. The company has made progress in streamlining tobacco operations and reducing costs, focusing on its unique tobacco assets. The sale of the GVB business and shift from hemp/cannabis has lowered cash requirements, positioning the company for long-term growth. The webcast will address upcoming milestones for the company.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-16.67%
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none
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News
22nd Century Group to Host Fireside Chat Event on January 17
Rhea-AI Summary
22nd Century Group, Inc. (NASDAQ: XXII) announced a fireside chat event to discuss the refocused business, cost reductions, and turnaround plan. Larry Firestone, the Chairman and CEO, will address the new corporate strategy to create a lean operating cost structure, return the Company to growth, and strengthen the balance sheet to self-fund development plans. The event will feature interactive Q&A and will focus on achieving commercial success with FDA-authorized VLN® harm reduction products.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.84%
Tags
conferences
News
22nd Century Group Completes Sale of Hemp/Cannabis Franchise
Rhea-AI Summary
22nd Century Group, Inc. (NASDAQ: XXII) has closed the sale of its hemp/cannabis operations, reducing operating costs and debt by $5.2 million. The company aims to achieve cash positive operations and improve its balance sheet. The sale will allow 22nd Century to focus on its FDA authorized harm reduction products and tobacco assets.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.13%
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none
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News
22nd Century Group's Senior Lender Approves Sale of Hemp/Cannabis Franchise on Improved Terms
Rhea-AI Summary
22nd Century Group, Inc. (NASDAQ: XXII) has announced a debt reduction of $5.2 million through the sale of its GVB Biopharma hemp/cannabis operations to Specialty Acquisition Corporation. The transaction includes a $1.1 million cash payment at closing, a $2.0 million promissory note to be paid by June 2024, and additional debt reduction through cash-on-hand and non-monetary asset assignment. The company aims to eliminate the remaining principal balance of its Senior Secured Credit Facility by the end of the third quarter of 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.54%
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none
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News
22nd Century Secures $3.2 Million to Date in Warrant Exchange Transaction
Rhea-AI Summary
22nd Century Group, Inc. (Nasdaq: XXII) announced the exercise of warrants by certain holders, resulting in aggregate gross proceeds of approximately $3.2 million. The company plans to use the net proceeds for general corporate purposes. Newly appointed CEO Larry Firestone is leading restructuring efforts to focus on tobacco industry operations and reduce costs, aiming to enhance value for shareholders.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-12.08%
Tags
none
News
22nd Century Appoints Larry Firestone as Chairman and CEO
Rhea-AI Summary
22nd Century Group, Inc. (XXII) appoints Lawrence Firestone as Chairman and CEO to focus on unlocking shareholder value in tobacco assets. Firestone brings over 40 years of enterprise, operations, and financial management experience in both public and private companies, including tenures as CEO, CFO, and COO across multiple industry sectors.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
39.07%
Tags
management
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News
22nd Century Group Enters into Agreement to Sell Hemp/Cannabis Franchise
Rhea-AI Summary
22nd Century Group, Inc. (XXII) Announces Sale of GVB Biopharma Operations, Expected to Result in Significant Reduction in Operating Costs and Cash Requirements
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.9%
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none
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News
22nd Century Group Continues VLN® Expansion, Now Retailing in More Than 5,100 Stores
Rhea-AI Summary
22nd Century Group, Inc. (XXII) expands VLN® retail presence with over 500 new locations in 11 states, bringing the total to 5,100 stores across 23 states. VLN® reduced nicotine content cigarettes aim to help adult smokers reduce smoking frequency and associated health risks. The product is FDA-authorized as a tobacco harm reduction product, with potential to save millions of lives and life-years.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-8.41%
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none
News
22nd Century Group (XXII) Expands Reduced Nicotine Content Tobacco IP with Latest Technology License
Rhea-AI Summary
22nd Century Group, Inc. (Nasdaq: XXII) has signed an additional reduced nicotine content technology license with North Carolina State University, providing exclusive rights to the technology until 2042. This further enhances the company's capabilities to produce reduced nicotine content tobacco plants, supporting the development of innovative products for the betterment of public health.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.89%
Tags
none
Stock XXII logo
22nd Century Group Inc

Nasdaq:XXII

XXII Rankings

#5373 Ranked by Market Cap
#5536 Ranked by Stock Gains
N/A Ranked by Dividends

XXII Stock Data

9.41M
3.28M
0.65%
6.58%
5.51%
Tobacco Manufacturing
Manufacturing
Link
United States
Mocksville

About XXII

with the mission of reducing the harm caused by smoking, 22nd century is a plant biotechnology company whose proprietary technology allows for the levels of nicotine in the tobacco plant to be decreased or increased through genetic engineering and plant breeding. goodrich tobacco company and hercules pharmaceuticals are wholly-owned subsidiaries focusing on (i) premium cigarettes and potentially reduced risk tobacco products (with up to 97% less nicotine than conventional cigarettes), and (ii) the x-22 prescription smoking cessation aid in development. 22nd century's technology also allows the levels of cannabinoids to be decreased or increased in the cannabis plant.