SplitJun 23, 2026, 05:31 PM
22nd Century Group Seeks Approval for Reverse Stock Split
AI Summary
22nd Century Group, Inc. is holding a Special Meeting of Stockholders on August 5, 2026, to vote on several key proposals. The primary proposal seeks approval for an amendment to its Articles of Incorporation to effect a reverse stock split at a ratio between 1-for-2 and 1-for-200, at the Board's discretion, to maintain compliance with Nasdaq listing rules. Additionally, stockholders will vote on approving the issuance of 3,019,586 inducement warrants, and potential future offerings of up to $20 million in convertible preferred stock and up to $10 million in common stock, both with accompanying warrants.
Key Highlights
- Stockholders to vote on a reverse stock split at a ratio between 1-for-2 and 1-for-200.
- Reverse split aims to comply with Nasdaq Listing Rule 5550(a)(2) minimum bid price requirement.
- Company previously effected six reverse stock splits between July 2023 and June 2026.
- Proposal to approve issuance of 3,019,586 inducement warrants issued in June 2026.
- Proposal to approve potential future offering of up to $20 million in convertible preferred stock and warrants.
- Proposal to approve potential future offering of up to $10 million in common stock and warrants.
- As of June 19, 2026, the last reported closing price of common stock was $4.645.
- As of June 19, 2026, 516,328 shares of common stock were issued and outstanding.
Price Impact
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