22nd Century Group regains compliance with Nasdaq listing standards, affirming commitment to shareholders and nicotine harm reduction.
Quiver AI Summary
22nd Century Group, Inc. has announced that it has regained compliance with the Nasdaq Minimum Bid Price Requirement, allowing it to maintain its listing on the stock market. CEO Larry Firestone expressed satisfaction with this achievement, noting its importance for shareholders and reaffirming the company's commitment to long-term value through effective business practices. The company is recognized for its innovative approach to nicotine harm reduction, particularly through its VLN® cigarette, which contains 95% less nicotine than traditional cigarettes. With a manufacturing facility in Mocksville, NC, capable of producing over 45 million cartons annually, 22nd Century Group focuses on providing smokers with reduced nicotine options while maintaining quality and flavor. The press release also includes standard forward-looking statements, cautioning that actual results may vary from expectations.
Potential Positives
- The company has regained compliance with the Nasdaq Minimum Bid Price Requirement, which is crucial for maintaining its listing and visibility in public markets.
- This compliance indicates positive market perception and confidence in the company's performance, benefiting its investors and stakeholders.
- The CEO's statement reflects a commitment to long-term shareholder value and diligent execution of business plans, signaling stability and strategic focus.
- 22nd Century Group is positioned as a pioneer in nicotine harm reduction, with its flagship VLN® cigarette, potentially tapping into a growing market of consumers seeking reduced nicotine options.
Potential Negatives
- Despite regaining compliance with Nasdaq's listing standards, the press release implies that the company had previously been at risk of delisting, which may raise concerns about its financial stability and market confidence.
- The emphasis on forward-looking statements suggests a level of uncertainty regarding future performance and regulatory environment, potentially leading to skepticism among investors.
- The company mentions plans related to cost reduction initiatives and an ongoing business interruption insurance claim, indicating that it may be facing operational challenges.
FAQ
What recent achievement has 22nd Century Group announced?
22nd Century Group announced it has regained compliance with Nasdaq's Minimum Bid Price Requirement for continued listing.
What is the significance of regaining Nasdaq compliance?
Regaining compliance is a key benefit for stockholders and supports the company's commitment to long-term shareholder value.
What is the VLN® cigarette?
The VLN® cigarette is 22nd Century's flagship product, containing 95% less nicotine than traditional cigarettes, offering reduced nicotine consumption options.
What technology does 22nd Century Group use for their products?
The company utilizes patented technologies that regulate nicotine biosynthesis in tobacco plants to create reduced nicotine tobacco blends.
How can I learn more about 22nd Century Group and VLN®?
More information about 22nd Century Group and the VLN® product can be found at their websites, xxiicentury.com and tryvln.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$XXII Insider Trading Activity
$XXII insiders have traded $XXII stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $XXII stock by insiders over the last 6 months:
- LAWRENCE FIRESTONE (Chief Executive Officer) purchased 39,000 shares for an estimated $10,467
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$XXII Hedge Fund Activity
We have seen 13 institutional investors add shares of $XXII stock to their portfolio, and 13 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ANSON FUNDS MANAGEMENT LP added 3,140,452 shares (+inf%) to their portfolio in Q3 2024, for an estimated $675,511
- CERITY PARTNERS LLC added 21,500 shares (+inf%) to their portfolio in Q3 2024, for an estimated $4,624
- HRT FINANCIAL LP added 14,669 shares (+47.7%) to their portfolio in Q3 2024, for an estimated $3,155
- TOWER RESEARCH CAPITAL LLC (TRC) added 12,638 shares (+362.2%) to their portfolio in Q3 2024, for an estimated $2,718
- TWO SIGMA SECURITIES, LLC removed 10,606 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $2,281
- VIRTU FINANCIAL LLC removed 10,198 shares (-23.9%) from their portfolio in Q3 2024, for an estimated $2,193
- GM ADVISORY GROUP, LLC added 10,013 shares (+inf%) to their portfolio in Q3 2024, for an estimated $2,153
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MOCKSVILLE, N.C., Jan. 27, 2025 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company that is leading the fight against nicotine and believes smokers should have a choice about their nicotine consumption, today announced that it has received formal written notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the Nasdaq Minimum Bid Price Requirement for continued listing pursuant to Nasdaq Listing Rule 5550(a)(2).
Larry Firestone, Chief Executive Officer said, "We are pleased to regain full compliance with the Nasdaq listing standards, an important benefit to our stockholders. We remain committed to our business operating goals and creating long-term shareholder value through diligent execution of our business plans."
About 22nd Century Group, Inc.
22nd Century Group is the pioneering nicotine harm reduction company in the tobacco industry enabling smokers to take control of their nicotine consumption.
We created our flagship product, the VLN ® cigarette, to give traditional cigarette smokers an authentic and familiar alternative that helps them take control of their nicotine consumption . VLN ® cigarettes have 95% less nicotine than the traditional cigarette and have been proven to greatly reduce nicotine consumption. Instead of offering new ways of delivering nicotine to addicted smokers, we offer smokers the option to take control of their nicotine consumption and make informed and more productive choices, including the choice to avoid addictive levels of nicotine altogether.
Our wholly owned subsidiaries include a leading cigarette manufacturer that produces all VLN ® products and provides turnkey contract manufacturing for other tobacco brands both domestically and internationally. The 60,000 square foot facility in Mocksville, North Carolina has the capacity to produce more than 45 million cartons of combusted tobacco products annually with additional space for expansion.
Our proprietary reduced nicotine tobacco blends are made possible by comprehensive and patented technologies that regulate nicotine biosynthesis activities in the tobacco plant, resulting in full flavor and high yield with 95% less nicotine. Our extensive patent portfolio has been developed to ensure we have the only low nicotine combustible cigarette in the United States and critical international markets.
VLN ® is a registered trademark of 22nd Century Limited LLC.
Learn more at xxiicentury.com , on X (formerly Twitter) , on LinkedIn , and on YouTube .
Learn more about VLN ® at tryvln.com .
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Forward-looking statements include, but are not limited to, statements regarding (i) our cost reduction initiatives, (ii) our expectations regarding regulatory enforcement, including our ability to receive an exemption from new regulations, (iii) our financial and operating performance and (iv) our expectations for our business interruption insurance claim. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 28, 2024, and in the Company’s Quarterly Reports filed on May 15, 2024, August 13, 2024, and November 11, 2024. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.
Investor Relations & Media Contact
Matt Kreps
Investor Relations
22nd Century Group
[email protected]
214-597-8200