22nd Century Group to be Delisted from Nasdaq
Ticker: XXII · Form: 8-K · Filed: Jul 22, 2024 · CIK: 1347858
| Field | Detail |
|---|---|
| Company | 22nd Century Group, Inc. (XXII) |
| Form Type | 8-K |
| Filed Date | Jul 22, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.00001, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, nasdaq, compliance
TL;DR
Nasdaq is kicking 22nd Century Group off the exchange, trading stops July 24th. They're fighting it.
AI Summary
22nd Century Group, Inc. announced on July 16, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules. The company has been notified that its common stock will be delisted from the Nasdaq Capital Market, with trading expected to cease on July 24, 2024. The company intends to appeal this determination.
Why It Matters
This delisting will significantly impact the liquidity and accessibility of 22nd Century Group's stock for investors, potentially leading to a shift to over-the-counter trading.
Risk Assessment
Risk Level: high — Delisting from a major exchange like Nasdaq poses a significant risk to the company's stock liquidity and investor confidence.
Key Players & Entities
- 22nd Century Group, Inc. (company) — Registrant
- Nasdaq Stock Market (company) — Exchange issuing delisting notice
- July 16, 2024 (date) — Date of notice
- July 24, 2024 (date) — Expected cessation of trading
FAQ
What is the primary reason for 22nd Century Group's delisting from the Nasdaq Capital Market?
The filing indicates that 22nd Century Group received a notice from the Nasdaq Stock Market indicating non-compliance with the listing rules.
When is the expected last day of trading for 22nd Century Group's common stock on the Nasdaq Capital Market?
Trading of the company's common stock is expected to cease on July 24, 2024.
Does 22nd Century Group plan to appeal the delisting decision?
Yes, the company states its intention to appeal the determination by Nasdaq.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is July 16, 2024.
What is the principal executive office address for 22nd Century Group, Inc.?
The principal executive office is located at 321 Farmington Road, Mocksville, North Carolina, 27028.
Filing Stats: 582 words · 2 min read · ~2 pages · Grade level 12.4 · Accepted 2024-07-22 16:30:17
Key Financial Figures
- $0.00001 — nge on which registered Common Stock, $0.00001 par value XXII NASDAQ Capital Market
- $1.00 — maintain a minimum closing bid price of $1.00 ("Minimum Bid Price Requirement") per s
Filing Documents
- tm2419675d1_8k.htm (8-K) — 23KB
- 0001104659-24-081518.txt ( ) — 191KB
- xxii-20240716.xsd (EX-101.SCH) — 3KB
- xxii-20240716_lab.xml (EX-101.LAB) — 33KB
- xxii-20240716_pre.xml (EX-101.PRE) — 22KB
- tm2419675d1_8k_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 16, 2024, 22nd Century Group, Inc. (the "Company") received a deficiency letter from the Nasdaq Listing Qualifications Department indicating that for the last 30 consecutive business days the Company's common stock did not maintain a minimum closing bid price of $1.00 ("Minimum Bid Price Requirement") per share for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The notification of noncompliance has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. Under Nasdaq Listing Rule 5810(c)(3)(A), if during the 180 calendar days following the date of the notification, or prior to January 13, 2025, the closing bid price of the Company's stock is at or above $1.00 for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Price Requirement. If the Company does not regain compliance with Rule 5550(a)(2) by January 13, 2025, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to provide written notice to Nasdaq of its intent to cure the deficiency during the second compliance period.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 22nd Century Group, Inc. /s/ Lawrence Firestone Date: July 22, 2024 Lawrence Firestone Chief Executive Officer