22nd Century Group Announces Warrant Exercise Plan, Raises $3.2 Million to Support Tobacco Business

22nd Century Group announced a warrant exercise plan to support restructuring activities in its tobacco business, raising $3.2 million in working capital through an inducement exercise. Newly appointed CEO Larry Firestone will focus on leading the company’s corporate restructuring and improving the performance of its tobacco business.

According to a report released by Menafn on December 4, Buffalo, New York-based biotechnology company 22nd Century Group, Inc. (NASDAQ: XXII) announced that certain holders intend to exercise their existing warrants under the company’s previously announced warrant inducement program.

During this exercise period, several existing warrant holders purchased a total of 14,767,386 shares of common stock at a reduced exercise price of $0.215 per share.

At present, the company has received gross proceeds of approximately $3.2 million.

New Chairman and Chief Executive Officer Larry Firestone stated that the funds will serve as important working capital to support the company’s tobacco business, drive restructuring efforts, improve business performance, and reduce operating costs.