Company: XXII
Filing Date: 2025-12-30
Form Type: DEF 14A
Source: 0001493152-25-029651
Chunk: 7

Company: 22nd Century Group, Inc.
Filing Date: 2025-12-30
Form: DEF 14A
Chunk 7
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 to amend our Articles of Incorporation to effect a reverse split of all our outstanding shares of common stock, at a ratio between 1-for-2 and 1-for-200, to be determined at the discretion of our board of directors (the “Reverse Split”), for the purpose of complying with the Nasdaq Listing Rules, subject to the board’s discretion to abandon such amendment. If this Proposal 1 is approved, the board may decide not to effect the Reverse Split if it determines that it is not in the best interests of the Company to do so. The board does not currently intend to seek re-approval of the Reverse Split for any delay in implementing the Reverse Split unless twenty four months has passed from the date of this Special Meeting (the “Authorized Period”). If the Board determines to implement the Reverse Split, it will become effective upon filing a Certificate of Amendment to the Articles of Incorporation with the Secretary of State of the State of Nevada or at such later date specified therein.

The text of the proposed Certificate of Amendment to our Articles of Incorporation to effect the Reverse Split is included as Appendix Ato this Proxy Statement.

We are seeking stockholder approval of the Reverse Split because we do not intend to correspondingly decrease the number of our authorized shares of common stock. However, under Nevada law, the board would be permitted to effect a reverse stock split without stockholder approval if the number of authorized shares of common stock and the number of outstanding shares of common stock were correspondingly decreased.

Purpose of the Reverse Split

The primary purpose of the Reverse Split, if implemented, would be to potentially increase the market price of our common stock so that we can satisfy the minimum bid price rule in connection with Nasdaq continued listing requirements set forth in Nasdaq Listing Rule 5550(a)(2).

The Company effected a 1-for-15 reverse stock split of the Company’s issued and outstanding shares of common stock on July 5, 2023, effected a 1-for-16 reverse stock split on April 2, 2024, effected a 1-for-135 reverse stock split on December 17, 2024 and effected a 1-for-23 reverse stock split on June 20, 2025. The Company effected these reverse stock splits for the purpose of complying (or for anticipated compliance) with Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Rule”). The Reverse Split is being proposed in order to possibly increase the market price of our common stock to satisfy the $1.