Bright Green Announces Second Quarter 2023 Financial Update and Milestone Progress
17 Agosto 2023 - 6:00PM
Bright Green Corporation (Nasdaq: BGXX) (“Bright Green” or “the
Company”), one of few companies selected by the U.S. government to
grow, manufacture, and sell, legally under federal and state laws,
cannabis and cannabis-related products for research, pharmaceutical
applications, and affiliated export, reported financial results for
the quarter ended June 30, 2023.
“This quarter, Bright Green was focused on
several key operational and strategic milestones revolving around
the receipt of our license from DEA, further outfitting of the
greenhouse, and marketing of the EB-5 capital raising program said
Terry Rafih, Executive Chairman. “We are focused on making
strategic decisions and realizing the full potential of the
opportunity and maximizing shareholder value with minimum further
dilution.”
Strategic Highlights for Second Quarter
2023
- The DEA
completed their on-site audit and assessment of our facilities in
March 2022, which culminated in Bright Green being registered as a
bulk manufacturer by the DEA and issued our Federal Registration
and License Approval on May 01, 2023.
- The Company
focused on the marketing of its
previously announced plans to raise $500 million
utilizing the USCIS EB-5 Program to accelerate its growth
strategy and generate significant capital for use in its greenhouse
construction and operations in Grants, New Mexico.
- The EB-5
Program, which President Biden reauthorized in 2022, is
an innovative vehicle for spurring investment and job creation in
rural communities. Bright Green’s participation will add
significant value to the region, while also generating the capital
needed for its commercial and business initiatives.
- To date, Bright
Green has sold 44,010 shares of common stock at $39.99 per share,
receiving proceeds of $1.76 million. The Company is working
diligently to finalize agreements with prospective EB-5
investors.
- The Company
announced its expectations of minimum debt and minimum share
dilution to execute our business plan and be the lowest cost, and
highest quality producer of pharmaceutical cannabis in both dried
flower and extract based applications for sales domestically and
export to the European markets.
- The
Company outlined its plans to move forward with its
acquisition of Alterola, following the completion of its
initial 25% acquisition during the quarter. The Company is in
active discussions with Alterola management.
- Bright Green entered into a
Securities Purchase Agreement with an institutional and
accredited investor for the sale by the Company of (i) 3,684,210
shares of Common Stock and (ii) warrants to purchase up to an
aggregate of 3,684,210 shares of Common Stock, in a private
placement offering at a purchase price of $0.95 per share and
accompanying warrant.
Financial Highlights for Second Quarter
2023
- The Company
recorded no revenues for the quarter, as it continues to construct
facilities for its cannabis cultivation, research, and
distribution, as well as obtaining necessary registration and quota
approvals.
- Total operating
expenses of $3.0 million, down from $19.2 million in the same
quarter of 2022, in line with expectations as the second quarter of
2022 includes significant costs associated with the Company’s
direct listing on Nasdaq. Of the $3.0 million in operating
expenses, $1.4 million corresponds to equity-based compensation to
officers, contractors, and professional services providers.
- Net loss of $3.0
million, in line with expectations.
- Basic and diluted loss per share of
$0.02 for the quarter.
Balance Sheet and Capital
Allocation
- As of June 30,
2023, the Company had cash of $507,445, consistent with its cash
position of $414,574 at December 31, 2022.
- Total liquidity
of $11.9 million, including the remaining balance on the credit
facility of approximately $11.4 million.
- During the second quarter of 2023,
the Company raised $3.1 million through the issuance of common
stock and accompanying warrants to purchase shares of common stock
from the Company’s private placement offering.
Bright Green’s balance sheet and statement of
operations are provided below. Additional information is included
in the Company’s quarterly report on Form 10-Q for the quarter
ended June 30, 2023, which can be accessed at:
https://investors.brightgreen.us/news-events/news-releases
About Bright Green
Bright Green is one of the very few companies
eligible for authorization by the U.S. government to grow,
manufacture, and sell, legally under federal and state laws,
cannabis and cannabis-related products for research, pharmaceutical
applications, and affiliated export. Our registration by the U.S.
Drug Enforcement Administration gives us the opportunity to advance
our vision of improving quality of life through the opportunities
presented by cannabis-derived therapies. To learn more,
visit www.brightgreen.us.
Media Contactir@brightgreen.us
Investor Relations Contactir@brightgreen.us
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date they were first
issued and were based on current expectations, estimates, forecasts
and projections as well as the beliefs and assumptions of
management as of such date. Words such as “expect,” “anticipate,”
“should,” “believe,” “hope,” “target,” “project,” “goals,”
“estimate,” “potential,” “predict,” “may,” “will,” “might,”
“could,” “intend,” “shall” and variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Such forward-looking
statements include those related to our EB-5 Program capital raise.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond the Company’s control. The Company’s actual results
could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including
but not limited to, risks detailed in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022 filed with the
Securities and Exchange Commission (the “SEC”) on April 17, 2023,
and in the Company’s subsequent Quarterly Reports on Form 10-Q, as
well as other documents that may be filed by the Company from time
to time with the SEC. The forward-looking statements included in
this press release represent the Company’s views as of the date of
this press release. The Company anticipates that subsequent events
and developments will cause its views to change. The Company
undertakes no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. These forward-looking statements should
not be relied upon as representing the Company’s views as of any
date subsequent to the date of this press release. Additional
information regarding these and other factors that could affect the
company’s results is included in the Company’s SEC filings, which
may be obtained by visiting the SEC's website
at www.sec.gov.
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