Bright Green's Nasdaq reference price has been set at $8 ahead of its direct listing on Tuesday.
At that price, Bright Green would command a market value of $1.3 billion.
The company plans to list on the Nasdaq today under the symbol BGXX. The Nasdaq reference price does not reflect an offering price, or the opening price for Bright Green's shares. Instead, the opening public price will be determined based on buy and sell orders in the opening auction on Nasdaq.
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.
There are no underwriters on the deal; instead, the company's financial advisor was EF Hutton.
