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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/18/22 22nd Century Group, Inc. 8-K:1,2,3,7 5/13/22 14:5.2M Toppan Merrill/FA |
Document/Exhibit Description Pages Size
1: 8-K Current Report HTML 34K
2: EX-2.1 Plan of Acquisition, Reorganization, Arrangement, HTML 278K
Liquidation or Succession
3: EX-99.1 Miscellaneous Exhibit HTML 17K
4: EX-99.2 Miscellaneous Exhibit HTML 14K
5: EX-99.3 Miscellaneous Exhibit HTML 23K
9: R1 Cover HTML 48K
12: XML IDEA XML File -- Filing Summary XML 13K
10: XML XBRL Instance -- tm2215846-1_8k_htm XML 16K
11: EXCEL IDEA Workbook of Financial Reports XLSX 6K
7: EX-101.LAB XBRL Labels -- xxii-20220522_lab XML 97K
8: EX-101.PRE XBRL Presentations -- xxii-20220522_pre XML 65K
6: EX-101.SCH XBRL Schema -- xxii-20220522 XSD 13K
13: JSON XBRL Instance as JSON Data -- MetaLinks 25± 34K
14: ZIP XBRL Zipped Folder -- 0001104659-22-062477-xbrl Zip 97K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): i May 13, 2022
(Exact Name of Registrant as Specified in Charter)
| i Nevada | i 001-36338 | i 98-0468420 |
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
|
i 500 Seneca Street, i Suite 507, i Buffalo, i New York (Address of Principal Executive Office) |
(Zip Code) |
Registrant’s telephone number, including area code: ( i 716) i 270-1523
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| i ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| i ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| i ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| i ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities Registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Exchange on Which Registered |
| i Common Stock, $0.00001 par value per share | i XXII | i NASDAQ Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company i ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 1.01 | Entry into a Material Definitive Agreement. |
The information set forth under Item 2.01, “Completion of Acquisition of Disposition of Assets,” is incorporated herein by reference.
| Item 2.01 | Completion of Acquisition or Disposition of Assets. |
On May 13, 2022, 22nd Century Group, Inc. (the “Company”) entered into and closed the transactions contemplated by the Reorganization and Acquisition Agreement (the “Reorganization Agreement”) with GVB Biopharma (“GVB”). Under the terms of the Reorganization Agreement, the Company acquired substantially all of the assets of GVB’s business dedicated to hemp-based cannabinoid extraction, refinement, contract manufacturing and product development (the “Transaction”).
The aggregate consideration for the Transaction consisted of (i) the assumption of approximately $4.5 million of debt, (ii) the assumption and direct payment of certain third party transaction costs incurred by GVB in connection with the Transaction totaling approximately $1.9 million and (iii) the issuance to GVB of 32,900,000 unregistered shares of common stock of the Company (the “Shares”). The Shares are subject to a lock-up and restrictions on transfer for at least six months following closing and thereafter, one-third of the Shares will be released from the lock-up after six months, one-third will be released from the lock-up after nine months and the remainder will be released after one year.
The Reorganization Agreement contains customary representations, warranties and covenants. The Company has entered into employment arrangements with certain key employees of GVB. The Company has also agreed under the Reorganization Agreement to give GVB a right to nominate a director to the Company’s board of directors, provided that such nominee is independent under the rules of the Nasdaq Capital Market and subject to the approval of the Company’s Governance and Nominating Committee.
The foregoing description of the Reorganization Agreement does not purport to be complete and is qualified in its entirety by reference to the Reorganization Agreement, which is filed as Exhibit 2.1 hereto and incorporated herein by reference.
| Item 3.02 | Unregistered Sales of Equity Securities. |
The information set forth above in Item 2.01 regarding the unregistered sale of Shares in connection with the Transaction is incorporated herein by reference. The Shares were issued in reliance on the exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder.
C:
| Item 7.01 | Regulation FD Disclosure. |
On May 13, 2022, the Company issued a press release announcing the closing of the Transaction. A copy of the press release is furnished herewith as Exhibit 99.1 hereto and is incorporated herein by reference.
On May 18, 2022, the Company issued a press release and presentation detailing the operational capabilities of both GVB and the Company as a combined business. A copy of the press release and presentaton is furnished herewith as Exhibits 99.2 and 99.3 hereto, respectively, and are incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(a) Audited and Unaudited Financial statements of businesses acquired.
The Company will file any financial statements required by Item 9.01(a) by amendment not later than 71 calendar days after the date that this Current Report on Form 8-K is required to be filed.
(b) Pro forma financial information.
The Company will furnish any pro forma financial information required by Item 9.01(b) by amendment not later than 71 calendar days after the date that this Current Report on Form 8-K is required to be filed.
(d) Exhibits.
†Schedules and other similar attachments have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplementally copies of any of the omitted schedules and attachments upon request by the U.S. Securities and Exchange Commission.
C:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| 22nd Century Group, Inc. | ||
| /s/ Steven P. Przybyla | ||
| Date: May 18, 2022 | Steven P. Przybyla | |
| Vice President, General Counsel and Secretary | ||
C:
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 5/18/22 | 4 | ||
| For Period end: | 5/13/22 | SC 13G/A | ||
| List all Filings | ||||