22nd Century Group, Inc. Appoints John Miller as Interim CEO and Expands Board with Wall Street Veteran Andy Arno

22nd Century Group, Inc. Names John Miller as Interim CEO and Welcomes Wall Street Veteran Andy Arno to Its Board of Directors

Leadership Changes

22nd Century Group, Inc. (XXII), a renowned biotechnology company specializing in reduced nicotine tobacco, hemp/cannabis, and hops advanced plant technologies, has made significant announcements regarding its leadership and financial strategies. The company revealed that John Miller, the head of the tobacco business unit, has been appointed as the interim Chief Executive Officer. Additionally, Wall Street veteran Andrew ("Andy") Arno has joined the company's Board of Directors as an independent director. These developments are set to propel 22nd Century into its next phase of growth and innovation.

John Miller Assumes Role as Interim CEO

With the departure of James A. Mish, who served as CEO since June 2020, 22nd Century Group, Inc. has entrusted John Miller with the responsibility of interim CEO. Miller's leadership and expertise in the tobacco business unit have been instrumental in transforming the company from an R&D-focused organization to a successful consumer products business. He aims to take the VLN® business, a groundbreaking approach to tobacco harm reduction, to new heights while continuing to cater to the needs of hemp/cannabis customers with innovative health and wellness products.

Andy Arno Joins the Board of Directors

To strengthen its Board of Directors, 22nd Century has welcomed Andy Arno, a capital markets veteran, as an independent director. Arno brings over 35 years of experience in handling various corporate and financial matters, making him a valuable addition to the company's strategic decision-making process. His expertise in aligning public companies for maximum value creation aligns well with the company's transition to a fully commercial enterprise in high-growth end markets.

Financial Improvements and Cost Reduction Initiatives

22nd Century Group, Inc. has secured an additional $11.7 million in gross proceeds through a registered direct financing transaction. The company plans to utilize these funds to accelerate consumer use data for VLN® among adult smokers, streamline operations, and for general corporate purposes. Furthermore, the company has implemented an estimated $15 million annualized cost reduction initiative to simplify operations and focus on key end markets and strategies.

The Special Equities Group, a division of Dawson James Securities Inc., acted as the sole placement agent for the registered direct transaction.

Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.

Free Trial: Signup for 1 Free Alert Per Week

Add your email to get alerts & the report.

Get 1 free alert per week via email

Upgrade if you want more or platform access

We'll also send you a free report

or Click Here to get full access now

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.