22nd Century Group Announces Exercise of Existing Warrants and Fundraising
According to a report published by Menafn on December 4th, the biotechnology company 22nd Century Group, Inc. (NASDAQ: XXII), based in Buffalo, New York, announced that some holders plan to exercise their existing stock options as part of the previously disclosed incentive stock option program.
During this exercise period, several existing stock option holders of the company purchased a total of 14,767,386 common shares at a reduced exercise price of $0.215 per share.
Currently, the company has received a total gross income of approximately 3.2 million dollars.
The newly appointed Chairman and CEO, Larry Firestone, has announced that this funding will serve as crucial operational capital to support the company's tobacco business and drive its restructuring efforts to enhance performance in the tobacco industry and reduce operational costs.
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