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22nd Century Group Reports $1.5M Reduction In Its Secured Debt Via Paydown Of GVB Secured Promissory Note

Author: Benzinga Newsdesk | June 25, 2024 05:08pm

The remaining $500,000 due under the note has been extended to December 31, 2024.

Larry Firestone, Chairman and CEO: “With this most recent payment by GVB, we have now reduced our total outstanding debt and related obligations to just $8.3 million, with $1.5 million of non-operating assets pledged, as compared to $15.8 million as of December 31, 2023. The rapid repayment of our senior and subordinated debt has significantly lowered our cash and noncash interest expense.”

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