In the last trading session, the share price of 22nd Century Group, Inc. (OTC:XXII) stock hit a new six-month low, which however, happened with some delay as the only reason for now seems to be the latest press release of the company that came out on Monday afternoon. 
XXII closed yesterday’s session at $1.18 for a share, which is a 96.67% jump from the previous close. Trading volume was among the highest in the last half a year with nearly 99,000 traded shares. During the day, XXII scored also the highest share price for the past six months – $1.34 for share.
Intraday chart shows that the surge of XXII happened all of a sudden within the last two hours of trading. At the same time, the only reason for it seems to be a press release from 22nd Century Group published a few minutes after market close on Monday. It said that the company has licensed the rights to its currently developed X-22 smoking cessation aid to XXII wholly-owned subsidiary Hercules Pharmaceuticals LLC.
The issue is important for XXII as the results from X-22 Phase II-B clinical trial should be announced in December. Thus, either the market did not notice the announcement earlier and reacted to it just yesterday afternoon, or it did not consider that as significant news. Still no 8-k has been filed by XXII.
XXII lastly reported financial condition is not flourishing at all, and probably does not justify the current market value of the stock. At the end of this June, the company had only $86,575 in cash and a working capital deficit of over $400,000. Although there is some revenue from the sale of the proprietary cigarettes Red Sun, Magic and Spectrum, still outside capital should be raised to cover the current liabilities and to complete the FDA approval process for X-22.
