Bright Green Corporation (NASDAQ: BGXX), a company that has been selected by the U.S. government and DEA to legally grow, manufacture and sell cannabis and related products for research, announced the completion of its private placement of common stock and warrants. The company sold 3,684,210 shares of common stock and warrants to purchase 3,684,210 shares of common stock at $0.95 per share and warrant. The warrants are immediately exercisable from the date of issuance, with an initial exercise price of $0.95 per share and will expire five years from the date of issuance. The private placement is expected to generate about $3.5 million, before agent fees and expenses. EF Hutton, a division of Benchmark Investments, LLC, acted as the exclusive placement agent for the offering while Bridgeway Capital Partners served as Bright Green’s financial advisor.
Bright Green also disclosed its financial results on Wednesday. Pursuant to a registration rights agreement with the investors, the company has agreed to file one or more registration statements covering the resale of the shares of common stock and the shares issuable upon exercise of the warrants.
The securities were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and have not been registered under the Act or applicable state securities laws. Thus, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from registration requirements.
