Bright Green, a federally-authorized provider of cannabis products for research applications, is now expected to begin trading on the Nasdaq on Thursday, May 12, 2022, according to an amendment filed with the SEC on Wednesday. The company originally planned to begin trading on May 9, but moved the listing date to May 11 on Monday.
The Registered Stockholders plan to sell up to 158.2 million shares.
In May 2022, the company sold 0.3 million shares in a private transaction to two existing stockholders at $10 per share (+150% from January 2022 round). If the company were to list its shares at the most recent price, Bright Green would command a market value of about $1.6 billion.
Based in Fort Lauderdale, Florida, 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.
None of the company's shareholders will be subject to the standard 180-day lock-up agreement found in most IPOs.
Bright Green was founded in 2019 and plans to list on the Nasdaq under the symbol BGXX. 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.
