22nd Century Group Initiates Strategic Alternatives Process for Its Tobacco Assets
05 Septiembre 2023 - 6:00AM
22nd Century Group, Inc. (NASDAQ: XXII) (the “Company”) today
announced that its Board of Directors, after consultation with its
financial and legal advisors, has initiated a process to evaluate
strategic alternatives with respect to the Company’s tobacco
assets. The process will include consideration of a range of
strategic, operational and financial transactions and alternatives,
such as business combinations, asset sales, licensing agreements,
alternate financing strategies and other options.
“We believe the current market capitalization of the Company
does not appropriately reflect the value of our assets or their
long-term potential. After extensive discussion, our Board has
determined that the best way to maximize value for shareholders is
to comprehensively evaluate the Company's strategic alternatives,”
said Nora Sullivan, Chair of the Board of 22nd Century. “Through
the strategic alternatives process, we hope to identify ways to
monetize the value or more effectively expand the market reach of
our tobacco portfolio, including our innovative VLN tobacco harm
reduction products, the first and only combustible tobacco product
to receive a Modified Risk Tobacco Product designation from the
U.S. Food and Drug Administration.”
The Company has engaged TD Cowen as advisors in its review of
strategic alternatives. There is no assurance that the strategic
alternatives process will result in the approval or completion of
any specific transaction or outcome.
The Company has not established a timeline for completion of the
review process and does not intend to disclose developments unless
and until its Board of Directors approves a specific transaction,
concludes the review, or determines that further disclosure is
appropriate or is required.
About 22nd Century Group,
Inc.22nd Century Group, Inc. (Nasdaq: XXII) is a
leading agricultural biotechnology company focused on tobacco harm
reduction, reduced nicotine tobacco and improving health and
wellness through plant science. With dozens of patents allowing it
to control nicotine biosynthesis in the tobacco plant, the Company
has developed proprietary reduced nicotine content (RNC) tobacco
plants and cigarettes, which have become the cornerstone of
the FDA’s Comprehensive Plan to address the widespread
death and disease caused by smoking. The Company received the first
and only FDA Modified Risk Tobacco Product (MRTP) authorization for
a combustible cigarette in December 2021. In tobacco, hemp/cannabis
and hop plants, 22nd Century uses modern plant breeding
technologies, including genetic engineering, gene-editing, and
molecular breeding to deliver solutions for the life science and
consumer products industries by creating new, proprietary plants
with optimized alkaloid and flavonoid profiles as well as improved
yields and valuable agronomic traits.
Learn more at xxiicentury.com, on Twitter,
on LinkedIn, and on YouTube.
Learn more about
VLN® at tryvln.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995
regarding, among other things: future operating and financial
performance, including with respect to the Company’s goals and the
Company’s review of strategic alternatives. The reader is cautioned
not to rely on these forward-looking statements. These statements
are based on current expectations of future events. If underlying
assumptions prove inaccurate or known or unknown risks or
uncertainties materialize, actual results could vary materially
from the expectations and projections of the Company. These
forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond the Company’s control. Actual results could differ
materially from those stated or implied in these forward-looking
statements due to a number of factors, including but not limited
to, risks detailed in the sections entitled “Risk Factors” and
elsewhere in the Company’s most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission, as well as in
the Company’s Current Reports on Form 10-Q. The forward-looking
statements included in this press release should not be unduly
relied upon, represent the Company’s views only as of the date of
this press release and do not represent the Company’s views as of
any subsequent date. The Company undertakes no intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, changes in
the Company’s expectations or otherwise, except as required by
law.
Investor Relations & Media Contacts
Matt KrepsInvestor Relations22nd Century Group,
Inc.mkreps@xxiicentury.com 214-597-8200
22nd Century (NASDAQ:XXII)
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