22nd Century Launches Public Offering

22nd Century Group is offering 10 million shares of its common stock and warrants to purchase up to 20 million shares of common stock at a combined public offering price of $0.525 per share and accompanying warrants.

The warrants have an exercise price of $0.525 per share, are immediately exercisable and will expire five years following the date of issuance. The offering is expected to close on or about Oct. 19, 2023, subject to the satisfaction of customary closing conditions.

In an announcement, 22nd Century Group said it expects the offering to generate approximately $5.25 million before deducting placement agent’s fees and other offering expenses. The company expects to use the net proceeds of the offering for general corporate purposes.