22nd Century Group (OTCQB: XXII) Announced in news today that they believe they meet all of the eligibility requirements for moving to the NYSE MKT. Last week they submitted an initial request to the market for a potential move in the future. A committee with NYSE MKT will be reviewing the initial request on Thursday, February 20th. After that meeting XXII will find out whether they can proceed with the application.
22nd Century Group (OTCQB: XXII) is committed to developing and commercializing: (i) consumer-acceptable reduced risk tobacco products and (ii) a prescription-based smoking cessation aid consisting of a kit of very low nicotine (VLN) cigarettes.
Here is the full release:
22nd Century Group, Inc. (OTCQB: XXII) today announced that the Company last week submitted documentation to the New York Stock Exchange (“NYSE”) and answered questions pursuant to an initial request letter as a first step toward filing a formal application for listing its common shares on NYSE MKT.
The formal application will be submitted immediately after a committee at the NYSE reviews 22nd Century Group and issues a clearance letter for the Company to proceed. The committee review is scheduled for Thursday, February 20, 2014. The Company believes it currently meets all eligibility requirements of NYSE MKT.
22nd Century Group also sent an application to NASDAQ for listing its common shares on The NASDAQ Capital Market. NASDAQ has put the application on hold until the Company’s share price meets the minimum requirements of the exchange. With the exception of the minimum share price requirement, 22nd Century Group believes it currently meets all other eligibility requirements of The NASDAQ Capital Market. Upon the Company’s share price achieving the minimum requirements, 22nd Century Group’s application will move forward.
Since many institutional investors and retail brokers looking to build a position in 22nd Century Group stock cannot buy OTC Bulletin Board stocks, the Company listing its common shares on a national securities exchange is expected to increase visibility of the Company and create greater liquidity and value for its shareholders. Joseph Pandolfino, 22nd Century’s Founder and CEO, stated, “Uplisting the Company’s stock to a national securities exchange represents another important milestone and one of many catalysts I expect over the coming weeks.”
For additional information, please visit: www.xxiicentury.com
About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company whose proprietary technology allows for the levels of nicotine and other nicotinic alkaloids (e.g., nornicotine, anatabine and anabasine) in the tobacco plant to be decreased or increased through genetic engineering and plant breeding. 22nd Century owns or is the exclusive licensee of 114 issued patents in 78 countries plus an additional 38 pending patent applications. Goodrich Tobacco Company, LLC and Hercules Pharmaceuticals, LLC are wholly-owned subsidiaries of 22nd Century. Goodrich Tobacco is focused on premium commercial tobacco products and potentially less harmful cigarettes. Hercules Pharmaceuticals is focused on X-22, a prescription smoking cessation aid in development.
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking information, including all statements that are not statements of historical fact regarding the intent, belief or current expectations of 22nd Century Group, Inc., its directors or its officers with respect to the contents of this press release. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances, or to reflect the occurrence of unanticipated events. You should carefully review and consider the various disclosures made by us in our annual report on Form 10-K for the fiscal year ended December 31, 2013, filed on January 30, 2014, including the section entitled “Risk Factors,” and our other reports filed with the U.S. Securities and Exchange Commission which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected.
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