Shares of 22nd Century Group dropped 13% after the agricultural biotechnology company priced its offering of 10 million new shares.
The company’s shares were recently trading at 48 cents, and are down 96% from the end of last year through Monday’s close.
On Tuesday, 22nd Century said it priced the offering of the shares, and of warrants to purchase up to 20 million shares, at 52.5 cents. The warrants are immediately exercisable and will expire five years after the issue date, the company said.