22nd Century Group to explore alternatives for tobacco assets; shares jump

22nd Century

05/09/2023 13:53

** Shares of agricultural biotech firm 22nd Century Group
 XXII.O  up ~7% at $1.35 premarket
    ** Stock set for first day of gains after declining for five
straight sessions
    ** Company has initiated process to evaluate strategic
alternatives for its tobacco assets - XXII
    ** "The current market capitalization of the company does
not appropriately reflect the value of our assets or their
long-term potential," says Nora Sullivan, chair of XXII board
    ** Company to explore business combinations, asset sales,
licensing agreements, alternate financing strategies and other
options
    ** XXII says it engaged TD Cowen as advisers, adding it has
not established a timeline for completion of the review process
    ** As of last close, stock down ~91% YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))