Company: XXII
Filing Date: 2025-04-30
Form Type: 8-K
Source: 0001641172-25-006804
Chunk: 0

Company: 22nd Century Group, Inc.
Filing Date: 2025-04-30
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01      Entry into a Material Definitive Agreement.  

Warrant Inducement

On April 29, 2025,
22nd Century Group, Inc. (the “ Company”) commenced a warrant inducement offering (the “ Warrant Inducement”)
with the holders of certain outstanding warrants to purchase up to an aggregate of 11,072,093 shares of common stock (collectively,
the “ Existing Warrants”), which Existing Warrants are exercisable at an exercise price of $4.3021. The Company offered
the holders of the Existing Warrants an inducement period whereby the Company agreed to issue new warrants (the “ Inducement
Warrants”) to purchase up to a number of shares of common stock equal to 100% of the number of shares of common stock issued
pursuant to the exercise by the holders of the Existing Warrants, for cash, at a reduced exercise price equal to $0.7893. Each
holder agreed to exercise 60% of their Existing Warrants immediately (the “ Initial Exercise”) and will
exercise the remaining 40% within 30 calendar days following the Effectiveness Date (as defined below), provided that the Company’s
stock price at such time equals or exceeds 90% of the Nasdaq Minimum Price on that date (the “ Additional Exercise”).
The Warrant Inducement is expected to close on April 30, 2025, subject to customary closing conditions.

The Inducement Warrants
will be issued on substantially the same terms as the Existing Warrants, except that the Inducement Warrants will be exercisable at any
time on or after the Company’s stockholders approve the issuance of the Inducement Warrants and the shares of common stock
upon the exercise thereof (the “ Stockholder Approval Date”), have an expiration date of five years from the
Stockholder Approval Date and have an exercise price equal to $4.3021. The exercise prices of the Inducement Warrants will be subject
to appropriate adjustment in the event of recapitalization events, stock dividends, stock splits, stock combinations, reclassifications,
reorganizations or similar events affecting the Company’s common stock. In addition, the Inducement Warrants will contain anti-dilution
protection provisions relating to a subsequent reverse stock splits and subsequent equity sales of shares of the Company’s common
stock or common stock equivalents at an effective price per share lower than the then effective