Offering sells common stock at $0.60 per share with five-year warrants
By Devika Patel
Knoxville, Tenn., May 18 - 22nd Century Group, Inc. settled a $1.03 million private placement of stock on May 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 1,709,167 common shares at $0.60 per share, which is a 25% discount to the closing price of the stock on May 14, $0.80.
The investors also received five-year warrants for 1,709,167 shares, each exercisable at $1.00, a 25% premium to the May 14 closing price.
Proceeds will be used for tobacco leaf purchases, working capital and other general corporate purposes.
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.
|
| Issue: | Common stock
|
| Amount: | $1,025,500
|
| Shares: | 1,709,167
|
| Price: | $0.60
|
| Warrants: | For 1,709,167 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Settlement date: | May 15
|
| Stock symbol: | OTCBB: XXII
|
| Stock price: | $0.80 at close May 14
|
| Market capitalization: | $20.04 million
|
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