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22nd Century Group Inc. (NASDAQ:XXII) shares climbed 39.07% to $2.10 in after-hours trading on Tuesday after the company said it received $9.5 million in cash from an insurance settlement for business interruption claims tied to the November 2022 Grass Valley incident.
Check out the current price of XXII stock here.
Larry Firestone, chief executive officer of 22nd Century Group, said the settlement ‘closes another chapter of our past and solidifies our company’s transition from a clean-up to entering a growth phase. We now have a balance sheet with meaningful cash resources that will allow us to execute on our strategy.’
According to Firestone, the company is committed to growing its core business, which includes using VLN products to strengthen its position in tobacco harm reduction.
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The company uses proprietary VLN tobacco, which has 95% less nicotine than other tobacco, in its VLN and Partner VLN reduced-nicotine cigarettes.
The U.S.-based biotechnology company’s VLN products are the first and only combusted tobacco products to meet the Food and Drug Administration’s (FDA) proposed standard for nicotine yield in cigarettes.
In its last second-quarter report on Aug. 14, the company posted a loss of $13.16 per share, well above the estimated loss of $6.21 per share.
22nd Century Group is scheduled to report third-quarter earnings on Nov. 4.
The stock has a year range of $1.43 to $394.02 and a market capitalization of $5.71 million.
Price Action: Shares of 22nd Century Group Inc. fell 0.66% to $1.51 at Tuesday’s close, according to Benzinga Pro data.
Benzinga Edge Stock Rankings show that XXII is trending downward across all time frames. Here is how the stock fares on other parameters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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