22nd Century Group, Inc. (Nasdaq: XXII) has announced a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-15. The reverse stock split is aimed at meeting the minimum bid price requirement for continued listing on Nasdaq. Trading of 22nd Century Common Stock will commence on a reverse stock split-adjusted basis on July 5, 2023. 

The company has also re-affirmed its full-year 2023 outlook of $105 million to $110 million in net sales, which aligns closely with the consensus revenue estimate of $105.77 million for the period.

In pre-market, $XXII is currently trading at $0.35, down $0.03 (8.02%).

In other news, MannKind Corporation (Nasdaq: MNKD) has encountered a setback in the production of clofazimine inhalation solution, its investigational product MNKD-101, according to a regulatory filing with the SEC. A fire at the contract manufacturer's facility in Germany is expected to cause a delay of 3-6 months in the production of clinical supplies for MNKD-101.

Consequently, the initiation of a Phase 2/3 clinical study planned for later in 2023 may be affected. The company is currently assessing various mitigation strategies and will provide an update on the projected timing for the clinical study at a later date.

$MNKD was trading at $4.14 in pre-market, reflecting a $0.07 increase (+1.72%).

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