22nd Century Group (XXII) Receives Nasdaq Delisting Notice

As previously disclosed, on July 16, 2024, 22nd Century Group (NASDAQ: XXII) received a letter from the staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) providing notification that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial period of 180 calendar days, or until January 13, 2025, to regain compliance with this requirement (the “Bid Price Cure Period”).

On December 16, 2024, the Company received a letter from Nasdaq notifying the Company that, as of December 13, 2024, the common stock had a closing bid price of $0.10 or less for 10 consecutive trading days. Accordingly, the Company is subject to the provisions of Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stocks Rule”). As a result, Nasdaq has determined to delist the Company’s securities from The Nasdaq Capital Market, notwithstanding the Bid Price Cure Period, which is rendered unavailable by the Low Priced Stocks Rule.

The Company has the right to appeal Nasdaq’s determination by December 23, 2024, and it intends to appeal such determination before a panel (the “Hearings Panel”). The hearing request will stay the suspension of trading and delisting of the Company’s common stock pending the decision of the Hearings Panel. Consequently, the common stock will remain listed on Nasdaq at least until the Hearings Panel renders a decision following the hearing.

On December 17, 2024, the Company completed a 1 for 135 reverse stock split to increase the trading price of the Company’s common stock to cure the listing deficiencies noted above.

No assurances can be provided that the Company will obtain a favorable decision from the Hearings Panel, and/or that the Company will be able to regain or maintain compliance with Nasdaq’s listing rules.

You May Also Be Interested In

• 22nd Century Group loses Smoker Friendly manufacturing contract
• JPMorgan Upgrades Nanya Technology Corp (2408:TT) to Overweight
• Raymond James Upgrades Aecon Group (ARE:CN) (AEGXF) to Outperform