Business Context and Reporting Period
This Form 8-K filing by 22nd Century Group, Inc. (NASDAQ: XXII) reports a corporate governance event dated July 30, 2024. The company, incorporated in Nevada, operates in the beverage industry. The filing specifically addresses the appointment of a new senior executive.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change disclosed is the appointment of Robert Manfredonia as Executive Vice President of Sales and Marketing, effective August 1, 2024. Mr. Manfredonia brings significant experience from the beverage sector, including roles at Bonavita Beverage Group, Eastside Distilling, and Miller Brewing Company.
Management Commentary and Compensation
- Compensation: Mr. Manfredonia's base salary is set at $275,000.
- Benefits: He is eligible for standard company benefit programs and benefits consistent with other senior executives, subject to Board discretion.
- Employment Status: The appointment is on an at-will basis.
- Related Party Transactions: The filing confirms no family relationships with directors or officers and no transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the effective start date of August 1, 2024, for the new Executive Vice President.
- Confirm the base salary of $275,000 and the absence of disclosed signing bonuses or equity grants in this specific filing.
- Review the attached press release (Exhibit 99.1) for additional strategic context regarding the sales and marketing direction.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.