Bright Green Corp - BGXX STOCK NEWS

Bright Green Corporation (NASDAQ: BGXX) has made significant strides in achieving operational readiness at its agricultural complex in Grants, New Mexico. Following a recent audit by the U.S. Drug Enforcement Administration (DEA), the company is expected to become operational in the fourth quarter, pending final approvals. Bright Green also secured a supply partnership with ExtraktLAB, enhancing its capabilities in extraction technology. This partnership aims to facilitate compliance with Good Manufacturing Practices, driving growth in federally-approved pharmaceutical-grade cannabis.

Bright Green Corporation (NASDAQ: BGXX) announced the successful closing of a private placement, raising approximately $10 million by selling 9,523,810 shares of common stock and warrants at $1.05 each. The warrants for purchasing additional shares are exercisable immediately and valid for five years. The private placement was executed under specific regulations, ensuring that the securities are not registered under typical regulations. Bright Green is one of the few companies authorized by the U.S. government to legally cultivate and sell cannabis products for research and pharmaceutical applications.

Bright Green Corporation (NASDAQ: BGXX) announced a securities purchase agreement with institutional investors to sell 9,523,810 shares and warrants at $1.05 per share, raising approximately $10 million before fees. The private placement's closing is set for September 12, 2022, pending customary conditions. Additionally, the company is permitted to grow and sell cannabis products legally under federal law, aimed at research and pharmaceutical applications. EF Hutton serves as the exclusive placement agent. The investors will receive registration rights for resale of shares.

Bright Green Corporation (NASDAQ: BGXX) announced a strategic partnership with Alterola Biotech Inc. involving an initial acquisition of 25% of Alterola's common stock for $4 million, followed by an option to buy the remaining shares for $6 million and $40 million in Bright Green stock. This collaboration aims to enhance Bright Green's capabilities in manufacturing and distributing pharmaceutical-grade cannabis products. The deal requires regulatory approvals and completion of due diligence.

Bright Green Corporation (Nasdaq: BGXX) reported no revenues for Q2 2022 as it focuses on constructing its cannabis production facility in Grants, New Mexico, awaiting DEA approvals. The company's operating expenses surged to $19.18 million, reflecting substantial growth efforts. Following its direct listing on Nasdaq, Bright Green raised $3.05 million and secured a $5 million credit facility, drawing $2 million this quarter. The liquidity position stands at $3.2 million. Investors remain optimistic about future growth as the company prepares for its first harvest.

Bright Green Corporation (Nasdaq: BGXX) announced the resignation of Ed Robinson as CEO, effective immediately, to pursue other opportunities. He will remain as a Capital Markets Advisor until 2023. The company's Chairman, Terry Rafih, has assumed the role of Interim CEO while the board conducts a search for a permanent successor. Under Robinson's leadership, Bright Green completed a successful direct listing on Nasdaq and advanced its capacity to legally grow and sell cannabis products.

Bright Green Corporation (Nasdaq: BGXX) announced significant progress in developing its 22-acre cannabis production facility in Grants, New Mexico, slated for completion in August 2022. The facility will meet strict FDA and DEA standards, enabling the company to grow high-quality cannabis later this year. Bright Green plans to construct two additional 57-acre greenhouses in 2023 for further operations. The company anticipates producing approximately 100,000 grams of resin per day and is preparing for a DEA inspection this summer, with its first harvest expected in fall 2022.

Bright Green Corporation announced that its common stock will begin trading on Nasdaq under the ticker symbol BGXX starting May 17, 2022. This milestone follows the SEC's effective declaration of their registration statement on Form S-1 on May 13, 2022. Bright Green is one of the few companies authorized by the U.S. government to legally grow and sell cannabis products for research and pharmaceutical purposes. This opportunity aligns with their mission to enhance quality of life through cannabis-derived therapies.

Bright Green Corporation has announced an upcoming virtual Investor Day on May 5, 2022, at 2 p.m. EDT. This event is connected to the company's registration statement on Form S-1 filed with the SEC on May 4, 2022, for a proposed public listing of its common stock. Bright Green, one of the few companies authorized by the U.S. government to legally grow and sell cannabis products, aims to enhance the quality of life through cannabis-derived therapies. Further details and registration can be found on their official website.