22nd century eliminates $5.2 million of debt in above-market equity transaction

Improves balance sheet, eliminates future omnia interest expense and increases shareholder equity mocksville, north carolina--(newsfile corp. - april 30, 2024) - 22nd century group, inc. (nasdaq: xxii), a tobacco products company focused on nicotine harm reduction, today announced that it has entered into a binding letter of agreement to redeem $5.2 million in outstanding principal and interest associated with the omnia subordinated note and outstanding warrants. the agreement will exchange consideration of approximately $248,000 in cash, 1.15 million shares of common stock priced at $2.14 per share, and 1.15 million shares of pre-funded warrants priced at $2.14 per share as consideration of the debt.
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