Welcome to our dedicated page for 22Nd Century news (Ticker: XXII), a resource for investors and traders seeking the latest updates and insights on 22Nd Century stock.
News for 22nd Century Group, Inc. (Nasdaq: XXII) centers on its role in tobacco harm reduction, regulatory developments, capital structure actions and the commercialization of its VLN® reduced nicotine cigarette platform. Company announcements frequently highlight progress in expanding VLN® and partner VLN® distribution across additional U.S. states and retail chains, including launches with major convenience store operators and authorizations in a large majority of states.
Investors following XXII news will see updates on VLN® regulatory milestones, such as the original FDA Modified Risk Tobacco Product authorization, the filing of the VLN® MRTP renewal application, and the company’s public support for the FDA’s proposed Tobacco Product Standard for Nicotine Yield of Cigarettes and Certain Other Combusted Tobacco Products. Releases also discuss clinical research findings related to very low nicotine content cigarettes, including reductions in daily cigarette consumption and increased quit attempts among smokers using 95% reduced nicotine VLN® products.
Another recurring theme in 22nd Century’s news is financial and corporate developments. The company reports on balance sheet changes such as repayment and termination of senior secured debt, settlement of insurance claims related to prior facility incidents, and the use of non-dilutive cash proceeds as growth capital. News items also cover equity and preferred stock financings, at-the-market offering arrangements, and proposals for reverse stock splits and other shareholder approvals under Nasdaq Listing Rules.
In addition, XXII news includes corporate governance and investor relations events, such as participation in investor conferences, quarterly earnings webcasts, and shareholder letters reviewing strategic progress. For readers tracking the intersection of tobacco regulation, reduced nicotine technology and public company capital markets activity, the XXII news feed provides ongoing context on how 22nd Century is executing its harm reduction-focused strategy.
22nd Century Group (NASDAQ: XXII) announced a 1-for-135 reverse stock split effective December 17, 2024, aimed at regaining compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The company's outstanding common stock will be consolidated to approximately 504,000 shares and will continue trading under the symbol 'XXII' with a new CUSIP number.
CEO Lawrence Firestone highlighted significant operational improvements and balance sheet changes made over the past year. The company is implementing a new VLN strategy including private label brands and projects achieving EBITDA profitability as early as Q1 2025. The company has already regained compliance with Nasdaq's shareholders' equity requirement.
22nd Century Group (XXII) reported Q3 2024 financial results showing a decrease in net revenues to $5.9 million from $7.9 million in Q2 2024. The company reported a gross loss of $0.6 million and increased operating loss to $3.4 million. Net loss expanded to $3.6 million with EPS at $(0.27). Cigarette revenues increased to $4.1 million, while filtered cigars revenue declined to $1.7 million. The company aims to achieve EBITDA breakeven in Q1 2025 and plans to launch additional VLN® SKUs within key customer brand families to expand distribution of reduced nicotine content cigarettes.
22nd Century Group (NASDAQ: XXII), a tobacco products company, will announce its third quarter 2024 results on November 12, 2024. The financial results will be released at 6:00 AM ET, followed by a webcast at 8:00 AM ET. During the webcast, CEO Larry Firestone and CFO Dan Otto will review the financial performance and discuss recent progress. The webcast will be available live and archived on the Company's Investor Relations section at https://ir.xxiicentury.com/events. For access, register at least 15 minutes prior to the start of the webcast.
22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company focused on reducing nicotine consumption, has announced its participation in the LD Micro Main Event XVII investor conference in Los Angeles from October 28-30, 2024. The company will deliver a group presentation on October 30, 2024, at 3:30 pm Pacific Time. Investors can join the presentation online via a webcast link available on the company's investor relations website.
Additionally, Larry Firestone, Chief Executive Officer, will be available for investor meetings throughout October 30. In-person attendees can request meetings through LD Micro's meeting portal or by contacting 22nd Century's IR contact. Qualified investors interested in attending the conference should reach out to LD Micro's registration email.
22nd Century Group, Inc. (NASDAQ: XXII) has regained compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million. The company, which focuses on tobacco products and reducing nicotine consumption, achieved this through new equity offerings and reducing liabilities and debt. Over the past two quarters, 22nd Century Group has raised $11.6 million in equity proceeds and improved its balance sheet.
CEO Larry Firestone expressed satisfaction with the compliance confirmation and highlighted the company's efforts to improve its financial position. He emphasized their commitment to maintaining listing compliance and creating long-term shareholder value.
22nd Century Group (NASDAQ: XXII) has announced an expansion of its Contract Manufacturing Organization (CMO) business with an existing customer. The company will now produce filtered cigar products for this customer, with initial shipments expected in Q4 2024 and anticipated annual volumes of 200,000 cartons or more. This agreement complements an earlier deal for export conventional cigarette products, which is expected to increase overall CMO business volumes by 20%.
The combined business from this customer is projected to significantly boost production volume and profitability for 22nd Century's CMO operations. CEO Larry Firestone highlighted that high-volume export contracts like these are working capital efficient, supporting the company's goal of achieving cash-positive operations by Q1 2025.
22nd Century Group, Inc. (NASDAQ: XXII) has announced a new customer agreement to supply its Moonlight branded cigarettes to the Southeast Asia marketplace. The first shipment is expected in Q4 2024, with potential for significant volume expansion as the customer launches in key markets throughout 2025. This new contract could increase manufacturing volumes by more than 30% over the next 15 months when fully scaled.
CEO Larry Firestone highlighted this as an opportunity to deploy underutilized in-house brand assets and drive growth in a region with a widespread smoking culture. The company is also discussing similar opportunities with other customers interested in their brands and predicates, as well as reduced nicotine content products under their own branding.
22nd Century owns several brands including Pinnacle, Moonlight, Magic, and Ranger, in addition to its VLN® 95% reduced nicotine content cigarettes. The company recently launched VLN® products in South Korea and plans to expand its U.S. strategy with flanker brands for additional reduced nicotine content products.
22nd Century Group (NASDAQ: XXII) has announced plans to expand distribution of its VLN® 95% reduced nicotine content smoking products. The company aims to reach over 270,000 retail outlets in the US and grow internationally. Based on recent consumer data, 22nd Century is expanding its sales and marketing operations. The company's low nicotine tobacco stock can supply up to $85 million worth of VLN® revenue and positive cash flow.
Key initiatives include:
- Expanding US distribution from 5,100 stores across 26 states to nationwide coverage
- Increasing international sales through partnerships
- Launching flanker brands based on proprietary 95% less nicotine tobacco
- Utilizing existing inventory to manufacture up to 1.4 million cartons of VLN® and flanker brand cigarettes
22nd Century Group (NASDAQ: XXII) has announced an agreement to fund over $1.2 million in intellectual property, licensing, and sponsored research payments to North Carolina State University through 2025. This equity transaction covers all expenses related to patent maintenance, royalty, license, and sponsored research from Q4 2023 through 2025. The payments will be made in three tranches, with the company having the option to pay in equity or cash. Additionally, 22nd Century has extended its field trial activity to 2025. This agreement follows the company's November 2023 deal with NCSU, which brought in additional IP to enhance their reduced nicotine content tobacco capabilities.
22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company focused on nicotine harm reduction, has announced its participation in the HC Wainwright Conference on September 10, 2024 at the Lotte New York Palace Hotel. The company, known for its VLN® brand with 95% less nicotine, invites investors to register and request meetings with management through their HC Wainwright representatives.
22nd Century Group will also make an updated investor presentation available online at their investor relations website. This conference participation highlights the company's commitment to engaging with investors and showcasing their innovative approach to tobacco harm reduction.