Last month, early-stage US cannabis producer Bright Green (BGXX) completed the first direct listing of 2022, and began trading on the Nasdaq at a market cap of more than $1 billion.
Despite registering nearly 100% of its shares, Bright Green has traded like the often low float, “pop-and-drop” IPOs that have become commonplace this year. The company opened for trading at double the $8 reference price before climbing another 58% on its first day, which saw relatively low volume. The stock then soared as high as $58, up 625% from its reference price, before crashing in recent weeks. Bright Green last closed at $2.66, or 83% below its first trade.
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