Pacific Century Group

22nd Century Group (XXII) Reduces Debt by $8.1 Million

Retrieved on: 
Wednesday, October 25, 2023
Senior, Credit, Line of credit, Pacific Century Group, XXII, Health, Bank

The reduction reflects a waiver and repayment of the $7.5 million minimum cash balance required under terms of the original debenture agreements, which was held in an escrow account.

Key Points: 
  • The reduction reflects a waiver and repayment of the $7.5 million minimum cash balance required under terms of the original debenture agreements, which was held in an escrow account.
  • The Company also assigned an existing promissory note pertaining to the Company’s previous holdings in Panacea Life Science Holdings as additional consideration in the debt reduction transaction.
  • The reduction in principal amounts owed under the Senior Secured Credit Facility as a result of the amendment and waiver will provide for annual cash interest savings of approximately $0.5 million per year,” said Hugh Kinsman, Chief Financial Officer of 22nd Century Group.
  • Subsequent to the debt reduction, the Company announced the consummation of a public offering with $5.25 million in gross proceeds, which will be used for general operating purposes.

22nd Century Announces Pricing of $5.25 Million Public Offering

Retrieved on: 
Tuesday, October 17, 2023
Health, Pacific Century Group, EDGAR, Prospectus, SEC filing, Form, Suite, Security (finance), Sale

The offering is expected to close on or about October 19, 2023, subject to the satisfaction of customary closing conditions.

Key Points: 
  • The offering is expected to close on or about October 19, 2023, subject to the satisfaction of customary closing conditions.
  • The Special Equities Group, a division of Dawson James Securities, Inc., is acting as the sole placement agent for this offering.
  • The gross proceeds from the offering to the Company are expected to be approximately $5.25 million, before deducting placement agent’s fees and other offering expenses payable by the Company.
  • The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective shelf registration statement.

22nd Century Announces Proposed Public Offering

Retrieved on: 
Monday, October 16, 2023
Health, Pacific Century Group, EDGAR, Prospectus, SEC filing, Suite, Security (finance), Sale

All of the shares of common stock (or common stock equivalents) and warrants in the offering are to be offered by the Company.

Key Points: 
  • All of the shares of common stock (or common stock equivalents) and warrants in the offering are to be offered by the Company.
  • The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.
  • The Special Equities Group, a division of Dawson James Securities, Inc., is acting as the sole placement agent for the proposed offering.
  • The Company expects to use the net proceeds of the proposed offering for general corporate purposes.

MoneyHero Group Successfully Completes Business Combination with Bridgetown Holdings Limited

Retrieved on: 
Friday, October 13, 2023
Slate, Partnership, Kirkland & Ellis, Mass meeting, Acquisition, Eastern Time Zone, Prashant, Skadden, Arps, Slate, Meagher & Flom, Pacific Century Group, Eastern, Security (finance)

The business combination was approved by Bridgetown shareholders in an Extraordinary General Meeting of Bridgetown Shareholders held on October 10, 2023.

Key Points: 
  • The business combination was approved by Bridgetown shareholders in an Extraordinary General Meeting of Bridgetown Shareholders held on October 10, 2023.
  • MoneyHero Limited’s (“PubCo”) ordinary shares and public warrants are expected to begin trading on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbols “MNY” and “MNYWW” on October 13, 2023.
  • The completion of the business combination values MoneyHero at an enterprise value of ~US$310 million and an equity value of ~US$283 million after reflecting net proceeds from the transaction.
  • “We are proud to have achieved this significant milestone in our journey,” commented Prashant Aggarwal, Chief Executive Officer of MoneyHero.

Hong Kong based Web3 and blockchain fintech fund launches with USD100m in first close.

Retrieved on: 
Wednesday, October 4, 2023
Titan, Cosmos, Blockchain, Defense Information Systems Agency, Animoca Brands, NFT, Securities and Futures Commission, Internet, MIT Blackjack Team, Pacific Century Group, Y combinator, Security, Non-fungible token, Trust, State Street, Investment, Terminal 3, CLSA, Consumer, UBS, CMCC, EOS.IO, Cosmos Co-operative Bank Ltd, Cryptocurrency, Infrastructure, Fintech, B1

CMCC Global raised USD100m to launch a new venture capital fund that will empower entrepreneurs in Hong Kong and beyond to build innovative Web3 companies.

Key Points: 
  • CMCC Global raised USD100m to launch a new venture capital fund that will empower entrepreneurs in Hong Kong and beyond to build innovative Web3 companies.
  • HONG KONG, Oct. 4, 2023 /PRNewswire/ - Hong Kong's push towards Blockchain enabled Fintech and Web3 innovation received strong tailwind through a new fund that CMCC Global launched this week.
  • The Titan Fund has reached its fundraising target of USD100m in the first close and is supported by a number of world leading blockchain investors.
  • The Titan Fund is an institutional grade fund with State Street as the fund administrator and EY as the auditor.

Centuri Company Riggs Distler Selected as Tier 1 Secondary Steel Contractor for New Jersey Ocean Wind 1 Contract

Retrieved on: 
Tuesday, September 19, 2023
Pacific Century Group, Woman, Wind, Garden State, Centuri, Transport, Farm, Renewable energy, PHOENIX

PHOENIX, Sept. 19, 2023 /PRNewswire/ -- Centuri Group, Inc. ("Centuri") today announced that Riggs Distler & Company, Inc. ("Riggs Distler") has been selected as a tier 1 contractor for secondary steel for New Jersey's first offshore wind project, Ocean Wind 1. This project from leading offshore wind developer Ørsted will deliver 1,100 MW of renewable energy to the Garden State, resulting in clean power for half a million homes.

Key Points: 
  • PHOENIX, Sept. 19, 2023 /PRNewswire/ -- Centuri Group, Inc. ("Centuri") today announced that Riggs Distler & Company, Inc. ("Riggs Distler") has been selected as a tier 1 contractor for secondary steel for New Jersey's first offshore wind project, Ocean Wind 1.
  • Riggs Distler will provide onshore heavy civil, mechanical, and electrical services focused on the construction, assembly, inspection, and onshore installation of advanced foundation components.
  • Riggs Distler will spend an anticipated 300,000 plus person-hours on the project, which will provide the New Jersey Power Grid with 1,100 Megawatts of renewable energy.
  • Riggs Distler is actively investigating additional opportunities for diverse, local construction, manufacturing, and transportation companies to support the procurement and supply of materials.

22nd Century Group (XXII) Adds 1,200 Drug Store Locations Selling VLN® in Five States

Retrieved on: 
Tuesday, September 12, 2023
Smoke, VLN, Smoker, Modified risk tobacco product, Nicotine, MRTP, Locator, Pacific Century Group, Sale, Century, XXII, Health, FDA, Smoking, Disease, Tobacco, Online shopping

With this most recent addition, VLN® is available in more than 4,000 stores across 16 states, compared with approximately 1,100 stores at July 1.

Key Points: 
  • With this most recent addition, VLN® is available in more than 4,000 stores across 16 states, compared with approximately 1,100 stores at July 1.
  • “We are excited to launch the first drug store chain selling our FDA authorized VLN® tobacco harm reduction products, adding 1,200 stores across five key state markets to our growing roster of convenience store points of sale,” stated John Miller, interim Chief Executive Officer of 22nd Century Group.
  • 22nd Century Group’s VLN® brand cigarettes are the first and only combustible cigarettes that the FDA has authorized as Modified Risk Tobacco Products (MRTP).
  • To inform adult smokers of the product’s distinctive purpose, the FDA requires 22nd Century to include the statement “Helps You Smoke Less” on every package of VLN® sold.

22nd Century Group Initiates Strategic Alternatives Process for Its Tobacco Assets

Retrieved on: 
Tuesday, September 5, 2023
VLN, TD, Disclosure, Tobacco, Pacific Century Group, Century, XXII, Food

BUFFALO, N.Y., Sept. 05, 2023 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NASDAQ: XXII) (the “Company”) today announced that its Board of Directors, after consultation with its financial and legal advisors, has initiated a process to evaluate strategic alternatives with respect to the Company’s tobacco assets.

Key Points: 
  • BUFFALO, N.Y., Sept. 05, 2023 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NASDAQ: XXII) (the “Company”) today announced that its Board of Directors, after consultation with its financial and legal advisors, has initiated a process to evaluate strategic alternatives with respect to the Company’s tobacco assets.
  • The process will include consideration of a range of strategic, operational and financial transactions and alternatives, such as business combinations, asset sales, licensing agreements, alternate financing strategies and other options.
  • After extensive discussion, our Board has determined that the best way to maximize value for shareholders is to comprehensively evaluate the Company's strategic alternatives,” said Nora Sullivan, Chair of the Board of 22nd Century.
  • There is no assurance that the strategic alternatives process will result in the approval or completion of any specific transaction or outcome.

22nd Century Group (XXII) Reports Second Quarter 2023 Financial Results

Retrieved on: 
Monday, August 14, 2023
VLN, Nicotine, Table, Marketing, GVB, Research, Tobacco, Commencement (album), Pacific Century Group, CBG, Sale, Fourth, Old pal, Investment, Cost, Pinnacle, Webcast, XXII, Growth, Century, Health, FDA, Biomass, Letter, Adjustment, Second, Cannabidiol, Drug, Video game, Pharmaceutical industry, Retail, Whaling, Natural gas, Management, Tourism, Rare-earth element, CBD

Net revenues for the second quarter of 2023 were $23.4 million, an increase of 61.8% from the same period in 2022.

Key Points: 
  • Net revenues for the second quarter of 2023 were $23.4 million, an increase of 61.8% from the same period in 2022.
  • Gross profit for the second quarter of 2023 was $(2.3) million as compared to $0.9 million in the prior year period.
  • Gross margin is expected to improve in the second half of 2023 reflecting:
    New CDMO+D contracts to begin shipping product in the second half of 2023.
  • to discuss its second quarter 2023 financial results and business highlights.

Greenwave Technology Solutions Reports Third Highest Quarterly Revenues in Company History

Retrieved on: 
Tuesday, August 15, 2023
Holding, University, Metal, Harvard University, OH, Cornell Law School, Good Company (company), Harvard College, History, Pharmacyclics, Pacific Century Group, Economics, EBITDA, The Company, Intuitive Surgical, Acquisition, AbbVie, Steel, Investment, Legrand (company), Clothing, Bank, Recycling, Security (finance), Management, U.S. Steel, Greenwave

CHESAPEAKE, Va., Aug. 15, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina and Cleveland, OH, is pleased to announce that it generated revenues of $9.46 and $18.45 million during the three and six months ended June 30, 2023, respectively, the third highest quarterly revenues in its history. Further, for the six months ended June 30, 2023, Greenwave generated positive cashflows from operating activities of $1.23 million – a new record for the greatest amount of cashflows generated by the Company during a six month period.

Key Points: 
  • "We believe there will continue to be aggressive consolidation in this industry, as demonstrated by yesterday's buyout offer of U.S. Steel.
  • Subsequent to the close of the quarter, Greenwave commenced operation of a downstream processing system at its Kelford, NC facility.
  • Additionally, Mr. Sicignano served as General Manager at NOCO Energy Corp, as well as Vice President at Kittinger Furniture Company, Inc.
  • For more information, please see the Company's Quarterly Report on Form 10-Q filed on August 14, 2023.