Bright Green Announces Third Quarter 2023 Financial Update and Milestone Progress
22 Novembro 2023 - 6:15PM
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 September 30, 2023.
“This quarter, Bright Green was focused on
several key operational and strategic milestones revolving around
searching for and onboarding a new Chief Executive Officer with
significant international and cannabis experience and marketing of
the EB-5 capital raising program” said Terry Rafih, the Company’s
Executive Chairman. “We remain committed to making strategic
decisions to maximize shareholder value with minimum further
dilution, as well as, capitalize on the opportunity to secure the
ability to produce controlled substances beyond cannabis.”
Strategic Highlights for Third Quarter
2023
- The Company
focused on the marketing of its
previously announced plans to raise approximately $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 approximately $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
announced an exclusive partnership with Asia Capital Pioneers Group
to present the EB-5 offering to investors that fulfill the
requirements for permanent U.S. residency via an EB-5 Investment
Visa in the Asia-Pacific region.
- The Company
appointed industry veteran Groovy Singh as the new Chief Executive
Officer to support the company in its next evolution, which be
focused on investing in top talent, commencement of commercial
operations, and investing in clinical research and development of
plant based therapies, and expanding into cultivation and
manufacturing of other scheduled substances.
- The Company
applied for expansion of its cannabis business to now include the
production of additional controlled substances in full compliance
with state and federal laws. In preparation for upcoming government
inspections, Bright Green’s Grants, New Mexico facility is
undergoing the necessary changes to accommodate the expansion
plans. Government inspections are expected to be conducted over the
next month.
- The Company
announced an agreement with Lynn Stockwell, the Company’s largest
shareholder to settle approximately $3.6 million in debt with
shares priced at a market premium. To settle the debt, the Company
issued 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.
Financial Highlights for Third 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 approximately $1.8 million, down from approximately
$5.8 million in the same quarter of 2022, in line with expectations
as the third quarter of 2022 includes significant costs associated
with stock based compensation and professional fees. Of the
approximately $1.8 million in operating expenses, approximately
$0.7 million corresponds to equity-based compensation to officers,
contractors, and professional services providers.
- Net loss of
approximately $1.9 million, in line with expectations.
- Basic and diluted loss per share of
$0.01 for the quarter.
Balance Sheet and Capital
Allocation
- As of September
30, 2023, the Company had cash of $121,724.
- Total liquidity
of approximately $15.1 million, including the Lynn Stockwell credit
facility.
- During the nine months ended
September 30, 2023, the Company raised approximately
$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 September 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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