{"id":838953,"date":"2025-04-17T17:03:29","date_gmt":"2025-04-17T21:03:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/22nd-century-announces-notice-of-pendency-and-proposed-settlement-of-stockholder-derivative-actions\/"},"modified":"2025-04-17T17:03:29","modified_gmt":"2025-04-17T21:03:29","slug":"22nd-century-announces-notice-of-pendency-and-proposed-settlement-of-stockholder-derivative-actions","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/22nd-century-announces-notice-of-pendency-and-proposed-settlement-of-stockholder-derivative-actions\/","title":{"rendered":"22nd Century Announces Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions"},"content":{"rendered":"
\n

\n MOCKSVILLE, N.C., April 17, 2025 (GLOBE NEWSWIRE) — <\/strong>22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company that is leading the fight against nicotine and believes smokers should have a choice about their nicotine consumption, (the \u201cCompany\u201d) has released the following notice according to THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF NEW YORK:<\/p>\n

\n UNITED STATES DISTRICT COURT<\/strong>
\n
\n FOR THE WESTERN DISTRICT OF NEW YORK<\/strong>\n <\/p>\n\n\n
IN RE 22ND CENTURY GROUP, INC. DERIVATIVE LITIGATION<\/p>\n<\/td>\nLead Case No. 1:19-cv-00479-JLS
EXHIBIT C<\/strong><\/td>\n<\/tr>\n<\/table>\n

\n
\n
NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER <\/strong>
\n
\n DERIVATIVE ACTIONS<\/u>
\n <\/strong>\n <\/p>\n

TO: ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF 22ND CENTURY GROUP, INC. (\u201c22ND CENTURY\u201d OR THE \u201cCOMPANY\u201d) COMMON STOCK AS OF MARCH 4, 2025.<\/strong><\/p>\n

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. THIS NOTICE RELATES TO A PROPOSED SETTLEMENT AND DISMISSAL WITH PREJUDICE OF STOCKHOLDER DERIVATIVE LITIGATION AND CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS.<\/p>\n

IF THE COURT APPROVES THE SETTLEMENT OF THE DERIVATIVE LITIGATION, CURRENT 22ND CENTURY STOCKHOLDERS WILL BE FOREVER BARRED FROM CONTESTING THE APPROVAL OF THE PROPOSED SETTLEMENT AND DISMISSAL OF THE DERIVATIVE LITIGATION WITH PREJUDICE, AND FROM PURSUING RELEASED CLAIMS.<\/p>\n

THIS ACTION IS NOT A \u201cCLASS ACTION.\u201d THUS, THERE IS NO COMMON FUND UPON WHICH YOU CAN MAKE A CLAIM FOR A MONETARY PAYMENT.<\/p>\n

PLEASE TAKE NOTICE that this action is being settled on the terms set forth in a Stipulation and Agreement of Settlement dated March 4, 2025, 2025 (the \u201cStipulation\u201d)1<\/sup>. The purpose of this Notice is to inform you of:<\/p>\n

\u2022 the existence of the consolidated derivative action pending in the United States District Court for the Western District of New York (the \u201cCourt\u201d) captioned\u00a0In re 22nd Century Group, Inc. Derivative Litigation<\/em>, Lead Case No. 1:19-cv-00479-JLS (the \u201cFederal Action\u201d);<\/p>\n

\u2022 the existence of a similar consolidated derivative action pending in the Eighth Judicial District Court for the State of Nevada, Clark County (the \u201cNevada Court\u201d) captioned\u00a0In re 22nd Century Group, Inc. Stockholder Derivative Litigation<\/em>, Lead Case No. A-20-808599-B (the \u201cNevada Action\u201d and, together with the Federal Action, the \u201cDerivative Actions\u201d);<\/p>\n

\u2022 the proposed settlement between Plaintiffs and Defendants reached in the Derivative Actions (the \u201cSettlement\u201d),<\/p>\n

\u2022 the hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement and dismissal of the Derivative Actions with prejudice,<\/p>\n

\u2022 Plaintiffs\u2019 Counsel\u2019s motion for approval of the Fee and Expense Amount, and<\/p>\n

\u2022 Plaintiffs\u2019 Counsel\u2019s motion for approval of Service Awards to the Plaintiffs, to be paid from the Fee and Expense Amount.<\/p>\n

This Notice describes what steps you may take in relation to the Settlement. This Notice is not an expression of any opinion by the Court about the truth or merits of Plaintiffs\u2019 claims or Defendants\u2019 defenses. This Notice is solely to advise you of the proposed Settlement of the Derivative Actions and of your rights in connection with the proposed Settlement.<\/p>\n

\n Summary<\/u>\n <\/p>\n

On March 4, 2025, 22nd Century, in its capacity as a nominal defendant, entered into the Stipulation to resolve the Derivative Actions, which Stipulation was filed in the Court. The Derivative Actions were prosecuted derivatively on behalf of 22nd Century against certain current and former directors and officers of the Company and against the Company as a nominal defendant. The Stipulation and the settlement contemplated therein (the \u201cSettlement\u201d), subject to the approval of the Court, are intended by the Settling Parties to fully, finally, and forever compromise, resolve, discharge, and settle the Plaintiffs\u2019 Released Claims and Defendants\u2019 Released Claims and to result in the complete dismissal of the Derivative Actions with prejudice, upon the terms and subject to the conditions set forth in the Stipulation. The proposed Settlement requires the Company to adopt and maintain certain corporate governance reforms and procedures, as outlined in Exhibit A to the Stipulation (the \u201cCorporate Governance Reforms\u201d).<\/p>\n

In recognition of the substantial benefits conferred upon 22nd Century as a direct result of the Corporate Governance Reforms achieved through the prosecution and Settlement of the Derivative Actions, and subject to Court approval, the Settling Parties agreed that 22nd Century shall pay to Plaintiffs\u2019 Counsel attorneys\u2019 fees and expenses in the amount of $768,333.00 (the \u201cFee and Expense Amount\u201d), subject to Court approval. Plaintiffs\u2019 Counsel shall also apply to the Court for service awards to be paid to each of the four Plaintiffs in an amount of up to $2,500 each (the \u201cService Awards\u201d), to be paid out of the Fee and Expense Amount.<\/p>\n

This notice is a summary only and does not describe all of the details of the Stipulation. For full details of the matters discussed in this summary, please see the full Stipulation and its exhibits posted on the investor relations page of the Company\u2019s website,\u00a0https:\/\/ir.xxiicentury.com\/<\/a>, contact Plaintiffs\u2019 Counsel at the addresses listed below, or inspect the full Stipulation filed with the Clerk of the Court.<\/p>\n

\n What are the Lawsuits About?<\/u>\n <\/p>\n

The Derivative Actions are brought derivatively on behalf of nominal defendant 22nd Century and allege that,\u00a0inter alia<\/em>, beginning on or about February 18, 2016, at least, the Individual Defendants breached their fiduciary or other duties by: (1) causing the Company to engage in a paid stock promotion scheme (the \u201cStock Promotion Scheme\u201d); and (2) issuing and\/or causing the Company to issue false and misleading statements and omissions to the public that failed to disclose that: (a) the Company engaged in the Stock Promotion Scheme; (b) the Company\u2019s misconduct would subject it to heightened regulatory scrutiny, including from the SEC; and (c) the Company failed to maintain internal controls, resulting in an alleged investigation by the SEC. The Derivative Actions allege that, as a result of the foregoing, the Company experienced reputational and financial harm.<\/p>\n

\n Why is there a Settlement of the Federal Action?<\/u>\n <\/p>\n

The Court has not decided in favor of Defendants or the Plaintiffs. Instead, the parties to this action have agreed to the Settlement to avoid the distraction, costs, and risks of further litigation, and because the Company has determined that the Corporate Governance Reforms that the Company has adopted and will adopt as part of the Settlement provide substantial benefits to 22nd Century and its stockholders.<\/p>\n

Defendants have denied and continue to deny each and all of the claims and contentions alleged by the Plaintiffs in the Derivative Actions. Defendants have expressly denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged in the Derivative Actions. Nonetheless, Defendants have concluded that it is desirable for the Derivative Actions to be fully and finally settled in the matter and upon the terms and conditions set forth in the Stipulation.<\/p>\n

\n The Settlement Hearing, and Your Right to Object to the Settlement<\/u>\n <\/p>\n

On April 7, 2025, the Court entered an order preliminarily approving the Stipulation and the Settlement contemplated therein (the \u201cPreliminary Approval Order\u201d) and providing for notice of the Settlement to be made to current 22nd Century stockholders (\u201cCurrent 22nd Century Stockholders\u201d). The Preliminary Approval Order further provides that the Court will hold a hearing (the \u201cSettlement Hearing\u201d) on July 16, 2025, at 10:00 a.m. before the Honorable John L. Sinatra, Jr., at the United States District Court for the Western District of New York, Robert H. Jackson United States Courthouse, 2 Niagara Square, Buffalo, New York 14202, to, among other things: (i) determine whether the proposed Settlement is fair, reasonable and adequate and in the best interests of the Company and its stockholders; (ii) consider any objections to the Settlement submitted in accordance with this Notice; (iii) determine whether a judgment should be entered dismissing all claims in the Federal Action with prejudice, and releasing the Plaintiffs\u2019 Released Claims against the Defendants\u2019 Releasees and the Defendants\u2019 Released Claims against the Plaintiffs\u2019 Releasees; (iv) whether the Court should approve the Fee and Expense Amount; (v) whether the Court should approve the Service Awards, which shall be funded from the Fee and Expense Amount to the extent approved by the Court; and (vii) consider any other matters that may properly be brought before the Court in connection with the Settlement. Upon final approval of the Settlement, the Plaintiffs will voluntarily dismiss their complaints with prejudice.<\/p>\n

The Court may, in its discretion, change the date and\/or time of the Settlement Hearing without further notice to you. The Court also has reserved the right to hold the Settlement Hearing telephonically or by videoconference without further notice to you. If you intend to attend the Settlement Hearing, please consult the Court\u2019s calendar or the Investor Relations page of the Company\u2019s website,\u00a0https:\/\/ir.xxiicentury.com\/<\/a>, for any change in date, time or format of the Settlement Hearing.<\/p>\n

Any Current 22nd Century Stockholder who wishes to object to the fairness, reasonableness, or adequacy of the Settlement as set forth in the Stipulation, or to the Fee and Expense Amount or Service Awards, may file with the Court a written objection. Any Current 22nd Century Stockholder filing such an objection must, at least twenty-one (21) calendar days prior to the Settlement Hearing, file with the Clerk of the Court and serve (either by hand delivery or by first class mail) upon the below listed counsel a written objection to the Settlement setting forth (i) a written notice of objection with the case name and number (In re 22nd Century Group, Inc. Derivative Litigation<\/em>, Lead Case No. 1:19-cv-00479-JLS); (ii) the Person\u2019s name, legal address, and telephone number; (iii) notice of whether such Person intends to appear at the Settlement Hearing and the reasons such Person desires to appear and be heard, and whether such Person is represented by counsel and if so, contact information for counsel; (iv) competent evidence that such Person held shares of 22nd Century common stock as of the date of the Stipulation and continues to hold such stock as of the date the objection is made, including the date(s) such shares were acquired; (v) a statement of objections to any matters before the Court, the grounds therefor, as well as all documents or writings such Person desires the Court to consider; and (vi) the identities of any witnesses such Person plans on calling at the Settlement Hearing, along with a summary description of their expected testimony. Any objector who does not timely file and serve a notice of intention to appear in accordance with this paragraph shall be foreclosed from raising any objection to the Settlement and shall not be permitted to appear at the Settlement Hearing, except for good cause shown.<\/p>\n

\n IF YOU MAKE A WRITTEN OBJECTION, IT MUST BE RECEIVED BY THE CLERK OF THE COURT NO LATER THAN JUNE 25, 2025.<\/em> The Clerk\u2019s address is:<\/p>\n

Clerk of the Court,
United States District Court for the Western District of New York
2 Niagara Square
Buffalo, NY 14202<\/p>\n

\n YOU ALSO MUST DELIVER COPIES OF THE MATERIALS TO PLAINTIFFS\u2019 COUNSEL AND DEFENDANTS\u2019 COUNSEL SO THEY ARE RECEIVED NO LATER THAN JUNE 25, , 2025.<\/em> Counsel\u2019s addresses are:<\/p>\n

\n Counsel for Plaintiffs:<\/strong>\n <\/p>\n

THE BROWN LAW FIRM, P.C.
Timothy Brown
767 Third Avenue, Suite 2501
New York, NY 10017
Telephone: (516) 922-5427
E-mail: tbrown@thebrownlawfirm.net<\/a><\/p>\n

GAINEY McKenna & EGLESTON
Thomas J. McKenna
260 Madison Avenue, 22nd Floor
New York, NY 10016
Telephone: (212) 983-1300
E-mail: tjmckenna@gme-law.com<\/a><\/p>\n

ROBBINS LLP
Brian J. Robbins
Craig W. Smith<\/p>\n

Shane P. Saunders
5060 Shoreham Place, Suite 300
San Diego, CA 92122
Telephone: 619-525-3990
E-mail: brobbins@robbinsllp.com<\/a>
csmith@robbinsllp.com<\/a>
ssanders@robbinsllp.com<\/a><\/p>\n

\n Counsel for Defendants:<\/strong>\n <\/p>\n

FOLEY & LARDNER LLP
John A. Tucker
One Independent Drive, Suite 1300
Jacksonville, FL 32202-5017
Office 904-633-8924
E-mail: jtucker@foley.com<\/a><\/p>\n

Duke, Holzman, Photiadis & Gresens, LLP
Charles C. Ritter, Jr.
701 Seneca Street
Suite 750
Buffalo, NY 14210
E-mail: critter@dhpglaw.com<\/a><\/p>\n

An objector may file an objection on his, her, or its own or through an attorney hired at his, her, or its own expense. If an objector hires an attorney to represent him, her, or it for the purposes of making such objection, the attorney must serve (either by hand delivery or by first class mail) a notice of appearance on the counsel listed above and file such notice with the Court no later than twenty-one (21) calendar days before the Settlement Hearing. Any 22nd Century stockholder who does not timely file and serve a written objection complying with the above terms shall be deemed to have waived, and shall be foreclosed from raising, any objection to the Settlement, and any untimely objection shall be barred.<\/p>\n

Any objector who files and serves a timely, written objection in accordance with the instructions above, may appear at the Settlement Hearing either in person or through counsel retained at the objector\u2019s expense. Objectors need not attend the Settlement Hearing, however, in order to have their objections considered by the Court.<\/p>\n

If you are a Current 22nd Century Stockholder and do not take steps to appear in this action and object to the proposed Settlement, you will be bound by the Judgment of the Court and will forever be barred from raising an objection to the settlement in the Derivative Actions, and from pursuing any of the Released Claims.<\/p>\n

\n CURRENT 22ND CENTURY STOCKHOLDERS AS OF MARCH 4, 2025 WHO HAVE NO OBJECTION TO THE SETTLEMENT DO NOT NEED TO APPEAR AT THE SETTLEMENT HEARING OR TAKE ANY OTHER ACTION.<\/strong>\n <\/p>\n

\n Interim Stay and Injunction<\/u>\n <\/p>\n

Pending the Court\u2019s determination as to final approval of the Settlement, Plaintiffs and Plaintiffs\u2019 Counsel, and any Current 22nd Century Stockholders, derivatively on behalf of 22nd Century, are barred and enjoined from commencing, prosecuting, instigating, or in any way participating in the commencement or prosecution of any action asserting any of Plaintiffs\u2019 Released Claims derivatively against any of the Defendants\u2019 Releasees in any court or tribunal.<\/p>\n

\n Scope of the Notice<\/u>\n <\/p>\n

This Notice is a summary description of the Derivative Actions, the complaints, the terms of the Settlement, and the Settlement Hearing. For a more detailed statement of the matters involved in the Derivative Actions, reference is made to them in the Stipulation and its exhibits, copies of which may be reviewed and downloaded at the Investor Relations page of the Company\u2019s website, https:\/\/ir.xxiicentury.com\/<\/a>.<\/p>\n

*\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0*\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0*<\/p>\n

You may obtain further information by contacting Plaintiffs\u2019 Counsel as follows: Timothy Brown, The Brown Law Firm, P.C., tbrown@thebrownlawfirm.net<\/a>, (516) 922-5427. Please Do Not Call the Court or Defendants or Defendants\u2019 Counsel with Questions About the Settlement.<\/strong><\/p>\n

\n About 22nd Century Group, Inc.<\/strong>\n <\/p>\n

22nd Century Group is the pioneering nicotine harm reduction company in the tobacco industry enabling smokers to take control of their nicotine consumption.\u00a0<\/p>\n

We created our flagship product, the VLN\u00ae<\/sup> cigarette, to give traditional cigarette smokers an authentic and familiar alternative that helps them take control of their nicotine consumption<\/u>. VLN\u00ae<\/sup> cigarettes have 95% less nicotine than the traditional cigarette and have been proven to greatly reduce nicotine consumption. Instead of offering new ways of delivering nicotine to addicted smokers, we offer smokers the option to take control of their nicotine consumption and make informed and more productive choices, including the choice to avoid addictive levels of nicotine altogether.\u00a0<\/p>\n

Our wholly owned subsidiaries include a leading cigarette manufacturer that produces all VLN\u00ae<\/sup> products and provides turnkey contract manufacturing for other tobacco brands both domestically and internationally. The 60,000 square foot facility in Mocksville, North Carolina has the capacity to produce more than 45 million cartons of combusted tobacco products annually with additional space for expansion.\u00a0<\/p>\n

Our proprietary reduced nicotine tobacco blends are made possible by comprehensive and patented technologies that regulate nicotine biosynthesis activities in the tobacco plant, resulting in full flavor and high yield with 95% less nicotine. Our extensive patent portfolio has been developed to ensure we have the only low nicotine combustible cigarette in the United States and critical international markets.<\/p>\n

VLN\u00ae<\/sup> is a registered trademark of 22nd Century Limited LLC.<\/p>\n

Learn more at\u00a0xxiicentury.com<\/a>, on\u00a0X (formerly Twitter)<\/a>, on\u00a0LinkedIn<\/a>, and on\u00a0YouTube<\/a>.<\/p>\n

Learn more about VLN\u00ae<\/sup>\u00a0at\u00a0tryvln.com<\/a>.<\/p>\n

\n Cautionary Note Regarding Forward-Looking Statements<\/strong>\n <\/p>\n

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cconsider,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cexplore,\u201d \u201cforesee,\u201d \u201cgoal,\u201d \u201cguidance,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cpreliminary,\u201d \u201cprobable,\u201d \u201cproject,\u201d \u201cpromising,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d and similar expressions. Forward-looking statements include, but are not limited to, statements regarding (i) our cost reduction initiatives, (ii) our expectations regarding regulatory enforcement, including our ability to receive an exemption from new regulations, (iii) our financial and operating performance and (iv) our expectations for our business interruption insurance claim. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in \u201cRisk Factors\u201d in the Company\u2019s Annual Report on Form 10-K filed on March 20, 2025. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.<\/p>\n

\n Investor Relations & Media Contact<\/strong>
\n
Matt Kreps
Investor Relations
22nd Century Group
mkreps@xxiicentury.com<\/a>
214-597-8200<\/p>\n

\n

\n 1<\/sup> Except as otherwise expressly provided herein or as the context otherwise requires, all capitalized terms contained herein shall have the same meanings and\/or definitions as set forth in the Stipulation.<\/p>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

MOCKSVILLE, N.C., April 17, 2025 (GLOBE NEWSWIRE) — 22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company that is leading the fight against nicotine and believes smokers should have a choice about their nicotine consumption, (the \u201cCompany\u201d) has released the following notice according to THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF NEW YORK: UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF NEW YORK IN RE 22ND CENTURY GROUP, INC. DERIVATIVE LITIGATION Lead Case No. 1:19-cv-00479-JLSEXHIBIT C NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER DERIVATIVE ACTIONS TO: ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF 22ND CENTURY GROUP, INC. (\u201c22ND CENTURY\u201d OR THE \u201cCOMPANY\u201d) COMMON STOCK AS OF MARCH 4, 2025. PLEASE READ THIS NOTICE CAREFULLY … <\/p>\n

Continue reading “22nd Century Announces Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-838953","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n22nd Century Announces Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/22nd-century-announces-notice-of-pendency-and-proposed-settlement-of-stockholder-derivative-actions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"22nd Century Announces Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MOCKSVILLE, N.C., April 17, 2025 (GLOBE NEWSWIRE) — 22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company that is leading the fight against nicotine and believes smokers should have a choice about their nicotine consumption, (the \u201cCompany\u201d) has released the following notice according to THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF NEW YORK: UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF NEW YORK IN RE 22ND CENTURY GROUP, INC. DERIVATIVE LITIGATION Lead Case No. 1:19-cv-00479-JLSEXHIBIT C NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER DERIVATIVE ACTIONS TO: ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF 22ND CENTURY GROUP, INC. (\u201c22ND CENTURY\u201d OR THE \u201cCOMPANY\u201d) COMMON STOCK AS OF MARCH 4, 2025. 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