Bright Green Announces Agreement to Settle Debt in Shares at a Premium
05 Setembro 2023 - 3:30PM
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, is pleased to announce that it
has entered into an Agreement to pay down the Company’s outstanding
indebtedness (the “Note”) with the Company’s founder, largest
shareholder, and member of the Board of Directors ("Lender”),
effective September 1, 2023.
Under the terms of the Agreement, the $3.6
million outstanding balance of the Note was cancelled and the
Company’s obligations thereunder were satisfied in full. In
consideration, the Company issued Lender 2,827,960 unregistered
shares of common stock, and unregistered warrants to purchase up to
2,827,960 shares of common stock at an exercise price of $3.00 per
share. Each share of common stock was issued together with one
warrant at a combined effective conversion price of $1.28 per share
and related warrant ($1.15 per share and $0.13 per warrant).
The conversion price of $1.15 per share
represents a 246% premium to the August 31st closing market price
of the Company’s common stock.
The warrants may be exercised at any time, in
whole or in part, and expire on the earlier of (i) the 45th day
after the closing price per share of Common Stock is $3.00 or
greater or (ii) August 31, 2024.
Notwithstanding the cancellation of the
outstanding balance under the Note, the Note will remain in full
force and effect, and the Company may borrow up to $15 million from
Lender at the Company’s election, pursuant to the terms and subject
to the conditions set forth in the Note.
Lynn Stockwell stated, “I am truly excited about
the future of Bright Green Corporation. As a committed and devoted
stakeholder, I firmly believe in the company’s mission of producing
U.S. manufactured pharm aceutical API from DEA scheduled
substances. This Agreement reaffirms my confidence in Bright
Green’s potential for growth, the value of the Company, and its
exceptional position in the market. I am proud to be part of a
company that is dedicated to making a meaningful impact while
building shareholder value long term.”
About Bright Green
Bright Green is one of the very few companies
selected by the US 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 approval based on already agreed terms from 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. 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, including the price of the Company’s common
stock, and availability of future borrowings under the line of
credit and related note described herein. 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 and Quarterly Reports on Form 10-Q, as well as other
reports and documents that may be filed by the Company from time to
time with the Securities and Exchange Commission (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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