22nd Century Group has raised $40 million selling shares at $4.00 per share. The company sells cannabis-derived cannabis oil products. The company’s oil is being developed for use to treat glaucoma. The company’s products are not yet approved for sale in the United States. The company has applied to the Food and Drug Administration for approval.
In a story that would have made a fortune for any Hollywood screenwriter, the two richest men in the world, Microsoft co-founder Paul Allen and Amazon.com founder Jeff Bezos, have invested $40 million in the 22nd Century Group, a company that plans to open up a marijuana factory in Colorado that will produce a non-intoxicating cannabis-derived product, which is expected to retail for $4 per ounce.
22nd Century announces $40 million for a registered direct offering ofcommon stock
The financing supports the company’s strategic objectives in its franchise locations. BUFFALO, NY, June 07, 2021 (GLOBE NEWSWIRE) – 22nd Century Group, Inc. (NYSE American: XXII), a leading plant biotechnology company focused on tobacco harm reduction, production of nicotine-reduced tobacco and cannabis/cannabis research, announced today that it has entered into a definitive agreement with an institutional investor for the sale of 10 million common shares at a purchase price of $4.00 per share in a registered direct issuance to raise gross proceeds of $40 million. The offer is expected to be made on or about June 9, 2021, subject to customary closing conditions. This significant direct equity financing with one of our long-term institutional investors will allow 22nd Century to accelerate the Company’s current strategic objectives across all of our factory franchises.
James A. Misch, Chief Executive Officer, 22nd Century Group
The net proceeds of the financing will be used to support the company’s strategic objectives in all its branches. Specifically, 22nd Century intends to use the net proceeds for research and development expenses, capital expenditures, acquisition and development of additional intellectual property rights, commercialization of its product portfolio, working capital and general corporate purposes. Cowen and Company, LLC acted as sole placement agent for this transaction. Special Equities Group, a division of Dawson James Securities Inc. acted as financial advisor to the company. A registration statement on Form S-3 relating to the aforementioned shares has been filed with the Securities and Exchange Commission (SEC) and is effective. The offer will be made through the prospectus supplement attached to the registration statement. Copies of the final prospectus supplement and related base prospectus, when available, will be available free of charge through EDGAR on the SEC’s website at www.sec.gov. You may also contact [email protected] for a copy of these documents or our corporate office at 500 Seneca Street, Suite 507, Buffalo, New York 14204, c/o Corporate Secretary, (716) 270-1523. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein, nor will there be any offer, proposal or sale of securities in any state in which such offer, proposal or sale would be unlawful prior to registration or qualification under the securities laws of any such state. About 22nd Century Group, Inc. 22nd Century Group, Inc. (NYSE American: XXII) is a leading plant biotechnology company specializing in technologies to modify the nicotine content of tobacco plants and the cannabinoid content of cannabis plants through genetic engineering, gene editing and advanced plant breeding. The main goal of 22nd Century Tobacco is to reduce the harm caused by smoking through its reduced nicotine cigarettes, which contain 95% less nicotine than regular cigarettes. The company’s primary objective is the development and commercialization of cannabis plants with attractive cannabinoid profiles and desirable agronomic properties. For more information, visit xxiicentury.com, on Twitter @_xxiicentury and on LinkedIn. Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
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