22nd Century Group, the Clarence-based cigarette maker, is moving its stock to the New York Stock Exchange MKT for small company shares.
The company, whose shares trade on the OTC Bulletin Board, is scheduled to make the shift to the NYSE MKT, formerly known as the American Stock Exchange, on Tuesday. Company executives hope the shift will help build a larger market for 22nd Century’s stock, since many institutional investors and retail brokers are not allowed to purchase shares that trade on the OTC Bulletin Board, which generally is home to the smallest and riskiest stocks.
The company has made several moves to bolster its business, including its purchase in December of all the equipment at a bankrupt North Carolina cigarette manufacturer’s factory in a move that is expected to accelerate the company’s efforts to start making its own cigarettes.
The company uses proprietary technology that allows it to manipulate the levels of nicotine and other chemicals in tobacco. Its Spectrum brand of research cigarettes can have the same amount of tar as conventional cigarettes but nicotine levels that vary from very low to very high. It also has plans to produce its Red Sun and Magic super-premium cigarette brands.