22nd century eliminates an additional $2.3 million of debt

Continues to improve balance sheet and move toward cash positive operations mocksville, north carolina--(newsfile corp. - may 13, 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 eliminate an additional $2.3 million in outstanding debt with jgb capital. under the terms of the agreement, the company and jgb capital will exchange an aggregate of $2.3m in principal, fees and expenses owed to jgb capital for consideration of approximately 1.375 million shares of the company's common stock and pre-funded warrants.
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