22nd Century announces above-market offering for $11.4M
22nd Century Group said it entered into an agreement, dated October 14, 2016, with one existing institutional investor and one new institutional investor to receive approximately $11.4M in gross proceeds in a registered direct offering through the sale of common stock priced at $1.3425 per share, which is $0.0625 above the closing price of the company's common stock on the NYSE MKT on October 13, 2016. The transaction includes a total of 8,500,000 shares of the company's common stock and 66-month warrants to purchase 4,250,000 shares of common stock at an exercise price of $1.45 per share. Chardan Capital Markets, LLC acted as the sole placement agent for this transaction. The offering is expected to close on or about October 19, 2016, subject to customary closing conditions, including approval of a NYSE MKT listing application. The net proceeds of the financing will be used for general corporate purposes, including working capital.