22nd Century tumbles on slashing FY revenue forecast

22nd Century

14/08/2023 12:14

** Shares of agricultural biotech firm 22nd Century Group
 XXII.O  tumble 13%, to $2.4 premarket, after cutting FY 2023
revenue outlook
    ** Co now expects annual revenue to be in the range of $80
mln to $90 mln, from previously reported range of $105 mln to
$110 mln
    ** XXII says revised outlook to account for changes in the
launch timeline and scope of its VLN cigarettes during the year,
at certain locations
    ** Also misses Q2 sales and profit expectations, as per
Refinitiv data
    ** Up to last close, stock had fallen 80% YTD

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))