Chardan Capital sells units of one common share, a half-share warrant
By Devika Patel
Knoxville, Tenn., May 29 – 22nd Century Group, Inc. said it will raise $6 million in a registered direct offering of units. Chardan Capital Markets, LLC is the agent.
The company will sell 6 million units of one common share and one half-share warrant at $1.00 per unit, with each whole warrant exercisable at $1.25 for 66 months. The strike price is a 7.76% premium to the May 28 closing share price of $1.16.
Settlement is expected June 2.
Proceeds will be used for general corporate purposes, including working capital.
22nd Century is a Williamsville, N.Y., plant biotechnology company. Its proprietary technology allows for the level of nicotine and other nicotinic alkaloids in the tobacco plant to be decreased or increased through genetic engineering and breeding.
| Issuer: | 22nd Century Group, Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | $6 million
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| Units: | 6 million
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| Price: | $1.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 66 months
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| Warrant strike price: | $1.25
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| Agent: | Chardan Capital Markets, LLC
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| Pricing date: | May 29
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| Settlement date: | June 2
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| Stock symbol: | NYSE: XXII
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| Stock price: | $1.16 at close May 28
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| Market capitalization: | $67.93 million
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