Business Context and Reporting Period
Company: 22nd Century Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 2, 2024 (Event Date)
Reporting Period: Specific event regarding Nasdaq listing compliance status.
Key Financial Metrics
This filing does not contain specific financial statements, revenue, profit, cash flow, or debt figures. The report focuses exclusively on regulatory compliance status regarding stockholders' equity.
Material Changes
- Regulatory Status: The Company received confirmation from Nasdaq on October 2, 2024, that it has regained compliance with the minimum stockholders' equity requirement (Listing Rule 5550(b)(1)).
- Previous Status: The Company had previously been granted a 180-calendar day extension (from April 4, 2024, to October 1, 2024) to achieve this compliance.
Outlook, Risks, and Management Commentary
- Ongoing Monitoring: Nasdaq will continue to monitor the Company's ongoing compliance with the Equity Rule.
- Delisting Risk: If the Company's next periodic report does not evidence continued compliance with the Equity Rule, the Company may be subject to delisting.
- Additional Disclosure: A press release regarding this compliance was issued on October 8, 2024 (Item 7.01).
Investor Verification Checklist
- Verify the specific stockholders' equity amount reported in the Company's most recent periodic report (10-Q or 10-K) to confirm the basis for regained compliance.
- Monitor the Company's next periodic filing to ensure continued adherence to Nasdaq Listing Rule 5550(b)(1) and avoid potential delisting.
- Review the attached press release (Exhibit 99.1) for any additional details on the capital structure changes that facilitated compliance.