22nd Century Plans Reverse Stock Split To Regain Nasdaq Compliance

22nd Century Group, Inc XXII plans to effect a reverse stock split of its outstanding shares of common stock, par value $0.00001 per share, at a ratio of 1-for-15.

The company expects the reverse stock split to help regain compliance with the minimum bid price requirement of $1.00 per share of common stock for continued listing on Nasdaq.

"The board decided to take action now to resolve our compliance with the Nasdaq listing standards, providing investors with greater assurance around this important asset even as we continue to advance our mission focused on plant biotechnology and health improvement," said Chair of the Board Nora Sullivan.

The company's share will begin trading on a reverse stock split-adjusted basis at the opening of The Nasdaq Capital Market on Wednesday, July 5, 2023.

After the reverse stock split, the shares will continue to trade on Nasdaq under the symbol XXII with the new CUSIP number, 90137F202.

Price Action: XXII shares are trading lower by 29% at $0.2706 in premarket on the last check Monday.