22nd Century Group Initiates Process To Evaluate Strategic Alternatives For Its Tobacco Portfolio
(RTTNews) - Agricultural biotechnology company 22nd Century Group, Inc. (XXII) announced Tuesday that its Board of Directors, after consultation with its financial and legal advisors, has initiated a process to evaluate strategic alternatives with respect to the Company's tobacco assets.
The process will include consideration of a range of strategic, operational and financial transactions and alternatives, such as business combinations, asset sales, licensing agreements, alternate financing strategies and other options.
The company said it hopes to identify ways to monetize the value or more effectively expand the market reach of its tobacco portfolio, including its innovative VLN tobacco harm reduction products, the first and only combustible tobacco product to receive a Modified Risk Tobacco Product designation from the U.S. Food and Drug Administration.
The Company has engaged TD Cowen as advisors in its review of strategic alternatives.
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