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