22nd Century's Shares Pare Gains Following WSJ Report on Plans to Speed Tobacco Authorization Process
Dow Jones
Sep 24
Shares of 22nd Century Group slid in post-market trading, paring back gains posted at the end of Wednesday's regular session following a Wall Street Journal report that the Trump administration intends to make it easier for tobacco products like flavored vapes to receive approval from regulators.
Shares fell 22% after the bell to $1.83. The tobacco products company's shares rallied in the regular trading session, closing up 29% at $2.34. Through the close the stock is down 99% this year.
The Food and Drug Administration is expected to revisit a rule outlining requirements for new tobacco applications, the Journal reported, citing people familiar with the matter. The move is intended to speed up the authorization process and add flexibility for companies making newer tobacco products.
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