Bright Green, a federally-authorized provider of cannabis products for research applications, filed on Tuesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; Bright Green will not raise new capital in its listing. The company did not disclose the initial tradable float, a reference price, or anticipated timing of its listing.
In January 2022, the company sold 12,500 shares in a private placement at a price of $4; if the company listed its shares at that price, Bright Green would command a market value at listing of about $630 million.
Bright Green's mission is to be the premier federally-authorized provider of cannabis and related products, manufactured in exact formulations, for research and pharmaceutical applications. Through legal partnerships with state and federal agencies, the company states that it can operate at scale. It plans to expand to consumer sales when permitted under federal law. Bright Green has a limited operating history and has not yet generated revenues.
The Fort Lauderdale, FL-based company was founded in 2019 and plans to list on the Nasdaq under the symbol BGXX. Bright Green filed confidentially on October 12, 2021. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, EF Hutton will serve as a financial advisor.
