Bright Green stock soars 356% over direct listing reference price in market debut

May 17, 2022 2:22 PM ETBGXXBy: Val Kennedy, SA News Editor1 Comment

Cannabis Industry And Investments Exploding In Profits Concept High Quality

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Cannabis cultivator Bright Green Corp. (BGXX) stock soared 356% above its reference price following a direct listing of its shares on Nasdaq.

BGXX opened at $15.99 and soared to a high of $ 36.44 in early afternoon, 356% above its $8 reference price. The stock recently changed hands at $21.38, up 167%, at approximately 2:00 p.m. ET.

The company said in a filing on May 13 that certain registered stockholders planned to offer up to 158.3M shares of its shares. Bright Green will not receive any proceeds from the deal.

In May, Bright Green privately placed 300K shares with two existing shareholders at $10 per share. In January, the company privately placed 12.5K shares at $4 per share.

Based in Florida, Bright Green has been conditionally authorized by the US Drug Enforcement Agency to cultivate and sell cannabis for medical, research and manufacturing purposes.

For a more in-depth view of Bright Green, check out SA contributor Donovan Jones’s “Bright Green Files for US Direct Listing”.

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