22nd Century Group Inc (XXII) stock gained 11.83% in the after-hours session on Monday, April 19, 2021. 22nd Century Group Inc. (XXII) shares went up 10.59% in the normal trading session on Monday to close Monday’s session at $3.55. XXII shares have risen by 386.90% over the last 12 months, and they have moved up by 2.01% in the past week.
Let,s have a look at its recent news
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22nd Centurycommitted to helping New Zealand a free smoke nation
On April 15, 2021, 22nd Century Group announced the company is ready to help New Zealand in its efforts to become a smoke-free nation by 2025.
New Zealand Ministry of Health issued a new proposal recently calling for reducing the amount of nicotine allowed in smoked tobacco products to “minimal levels which will help smokers to reduce smoking or switch to alternative products and would protect young people from cigarette addiction.
Joining Tobacco and Nicotine Products Committee
On April 08, 2021, 22nd Century Group, Inc. said that the company will join the Food and Drug Law Institute’s (FDLI) Tobacco and Nicotine Products Committee, as a new member.
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John Pritchard 22nd Century’s Vice President of Regulatory Science will represent 22nd Century as a new member.
Exercising Outstanding Warrants
On March 12, 2021, 22nd Century Group received an additional $3.7 million, for total net proceeds of $11.8 million, from the completion of the cash exercise of warrants during February and March of 2021.
On March 11, 2021, 22nd Century Group reported its Fourth Quarter and Full-Year 2020 Financial Results.
Q4 2020 financial highlights
- Net sales revenue for the fourth quarter of 2020 was$7.3 million, an increase of 0.6% from the prior-year period.
- Gross profit for the fourth quarter was $588 thousand an increase of161.8% compared to the same quarter in 2019.
- For the fourth quarter of 2020, total operating expenses were increased by $1.1 million compared to the prior-year period.
- 22nd Century Group spent $127 thousand in Research and development expense for the fourth quarter of 2020.
- Sales, general and administrative expense increased by $1.3 million in Q4 2020, compared to the prior-year period.
- For the fourth quarter of 2020, operating loss was unfavourable by $696 thousand compared to the prior-year period.
- 22nd Century Group suffered a net loss of $6.4 million for the fourth quarter of 2020 or a net loss per share of $0.05 as compared to a net loss of $6.2million, or a net loss per share of $0.05 for the fourth quarter of 2019.
- For the reported quarter, Adjusted EBITDA was $5.4 million compared to Adjusted EBITDA of $4.1 million for the prior-year period.
Full-Year 2020 financial highlights
- For full-year 2020, net sales revenue was $28.1 million, an increase of 8.8% compared to the prior year.
- For full-year 2020, gross profit was $1.4 million an improvement of $1.4 million compared to FY 2019.
- 22nd Century Group decreased its operating expenses by $3.0 million compared to FY 2019.
- Research and development expenses were $2.3 for FY 2020.
- Sales, general and administrative expense increased by $2.0 million for FY 2020 compared to the prior year.
- For full-year 2020, operating loss was $19.2 million compared to the prior year.
- XXII suffered a net loss of $19.7 million, or a net loss per share of $0.14for full-year 2020 compared to a net loss of $26.6 million, or a net loss per share of $0.21.
- For FY 2020, Adjusted EBITDA was $15.6 million compared to Adjusted EBITDA of $17.5 million for full-year 2019.
Conclusion
There are no such recent developments to support its surging on the first day of the week. It could be due to other past developments which we discussed above.
