22nd Century Group Inc. has submitted documents to the New York Stock Exchange MKT as a precursor to an uplisting application, and has also applied to the NASDAQ Capital Market.
The Clarence-based company, which makes low-nicotine tobacco products, has spent the last few months organizing itself as a company acceptable to a major exchange, particularly in pressuring warrant holders to convert to stocks or cash.
22nd Century shares are currently sold over-the-counter, but that makes it unavailable to some major investors and investment firms. Company officials said they've seen a swell of recent interest in the company after recent deals with cigarette companies and a multi-million dollar purchase of a facility and equipment in North Carolina that will allow the company to produce its product on a broad scale.
22nd Century shares have nearly tripled over the past six months to $3.10 from $1.10.
The formal NYSE application will be submitted immediately after a committee reviews the company and issues a clearance letter for 22nd Century to proceed. The review is scheduled for Feb. 20 and company officials said Wednesday they believe they meet NYSE MKT eligibility requirements.
NASDAQ has put 22nd Century's on hold until its share price meets the minimum requirements, though 22nd Century did not detail what those requirements are.
"Uplisting the Company's stock to a national securities exchange represents another important milestone and one of many catalysts I expect over the coming weeks," said Joseph Pandolfino, the company's founder and CEO.