22nd Century Group Faces Delisting Concerns
Ticker: XXII · Form: 8-K · Filed: Oct 8, 2024 · CIK: 1347858
| Field | Detail |
|---|---|
| Company | 22nd Century Group, Inc. (XXII) |
| Form Type | 8-K |
| Filed Date | Oct 8, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.00001 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory
TL;DR
22nd Century Group might get kicked off the exchange - big trouble ahead.
AI Summary
22nd Century Group, Inc. filed an 8-K on October 8, 2024, to report a notice of delisting or failure to satisfy continued listing rules. The company's principal executive office is located at 321 Farmington Road, Mocksville, North Carolina, 27028.
Why It Matters
This filing indicates potential issues with 22nd Century Group's ability to remain listed on its current exchange, which could significantly impact its stock liquidity and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's public trading status, creating significant uncertainty and potential financial distress.
Key Players & Entities
- 22nd Century Group, Inc. (company) — Registrant
- October 2, 2024 (date) — Earliest event reported
- October 8, 2024 (date) — Filing date
- 321 Farmington Road, Mocksville, North Carolina, 27028 (location) — Principal Executive Office
FAQ
What specific rule or standard has 22nd Century Group failed to satisfy, leading to this delisting notice?
The filing does not specify the exact rule or standard that has not been met, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated October 2, 2024.
Where is 22nd Century Group's principal executive office located?
The company's principal executive office is located at 321 Farmington Road, Mocksville, North Carolina, 27028.
What is the Commission File Number for 22nd Century Group?
The Commission File Number for 22nd Century Group is 001-36338.
What is the Standard Industrial Classification code for 22nd Century Group?
The Standard Industrial Classification code for 22nd Century Group is 2111, which corresponds to CIGARETTES.
Filing Stats: 546 words · 2 min read · ~2 pages · Grade level 10.9 · Accepted 2024-10-08 08:00:18
Key Financial Figures
- $0.00001 — nge on which registered Common Stock, $0.00001 par value XXII NASDAQ Capital Market
Filing Documents
- tm2425785d1_8k.htm (8-K) — 26KB
- tm2425785d1_ex99-1.htm (EX-99.1) — 10KB
- 0001104659-24-106869.txt ( ) — 208KB
- xxii-20241002.xsd (EX-101.SCH) — 3KB
- xxii-20241002_lab.xml (EX-101.LAB) — 33KB
- xxii-20241002_pre.xml (EX-101.PRE) — 22KB
- tm2425785d1_8k_htm.xml (XML) — 3KB
01
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 2, 2024, 22 nd Century Group, Inc. (the "Company") received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") confirming that the Company has regained compliance with the minimum stockholders' equity requirement under Nasdaq Listing Rule 5550(b)(1) (The "Equity Rule"). As previously disclosed, on June 3, 2024, the Company received a letter from Nasdaq notifying the Company that Nasdaq had reviewed the Company's plan and had granted the request by the Company for a 180-calendar day extension from April 4, 2024 for the Company to evidence compliance with the Equity Rule by October 1, 2024. Nasdaq will continue to monitor the Company's ongoing compliance with The Equity Rule, and if the Company's next periodic report does not evidence compliance with the Equity Rule, the Company may be subject to delisting.
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On October 8, 2024, the Company issued a press release regarding Nasdaq compliance. A copy of the press release is attached hereto as Exhibit 99.1.
01(d): Financial Statements and Exhibits
Item 9.01(d): Financial Statements and Exhibits. Exhibit 99.1 Press Release dated October 8, 2024 104 The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.
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: October 8, 2024 Lawrence Firestone Chief Executive Officer