22nd Century secures $3.2M to date in warrant exchange transaction

22nd Century Group announced the exercise of warrants by certain holders pursuant to its previously announced warrant inducement offering. During the inducement period, certain holders of the Company’s existing warrants acquired an aggregate of 14,767,386 shares of common stock upon exercise of their existing warrants at a reduced exercise price of $0.215. To date, the Company has received aggregate gross proceeds of approximately $3.2M from the exercise of the existing warrants, before deducting placement agent’s fees and other offering expenses payable by the Company. The Company expects to use the net proceeds of the offering for general corporate purposes. The Special Equities Group, a division of Dawson James Securities, Inc., is acting as the sole placement agent for this offering.