GRANTS, NEW MEXICO, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Bright Green Corporation (Nasdaq: BGXX) ("Bright Green" or the "Company"), today announced that trading of its shares have been suspended from the Nasdaq Stock Exchange ("Nasdaq") after Nasdaq cancelled the scheduled September 26, 2024 delist appeal hearing. While this development represents a change in the Company's public trading status, Bright Green remains committed to pursuing its strategic goals and delivering value to its shareholders.
The Company filed its Proxy Statement and will proceed with its scheduled annual meeting on November 15, 2024, during which shareholders will discuss key issues, including the potential for a reverse stock split aimed at enhancing shareholder value and positioning the Company for future success.
In addition to these efforts, the Company is actively exploring various strategic alternatives to unlock long-term value. These initiatives reflect Bright Green's commitment to strengthening its financial position and expanding its operational footprint in the market.
"As Chairwoman of the Board, I want to reaffirm our unwavering commitment to the future of Bright Green. We have provided a line of credit to ensure the Company has the necessary financial resources to support its ongoing operations and strategic initiatives and have agreed to provide $2.5 million in funding. This financing provides the Company with the flexibility to navigate the challenges ahead and continue to invest in opportunities that will drive long-term growth. The board and management team remain fully aligned in our efforts to create value for our shareholders as we explore potential strategic alternatives."
"We remain confident in our vision and strategy for the future of Bright Green, including the success of our EB-5 capital raise program. The EB-5 capital raise program has been faced with challenges with the U.S. government immigration and border control complications and other government related delays in processing." said Groovy Singh, Chief Executive Officer of the Company. "We continue to focus on achieving licensing approvals and on our vision of enhancing national security interests by growing and producing Schedule I and II plant-based medicines. We are evaluating all options available to us, including strategic partnerships and acquisitions, as we continue to build on our foundation and explore opportunities for sustainable financing and growth."
Bright Green will provide further updates on these initiatives in due course. The Company encourages all shareholders to attend the upcoming annual meeting, where they will have the opportunity to participate in these important discussions.
ABOUT BRIGHT GREEN CORPORATION
Bright Green is one of the few companies authorized by the US government and the New Mexico Board of Pharmacy to grow, manufacture, and sell, legally under federal and state law, Schedule I and II plant-based drugs for research, pharmaceutical applications, and affiliated export. Bright Green's approval from the U.S. Drug Enforcement Administration gives them the opportunity to advance their vision of improving quality of life through the opportunities presented by cannabis and other plant based derived therapies and more. To learn more, visit www.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 but not limited to, receipt of funds under the Company's credit arrangements, the inability of the Company to raise funds under the Company's EB-5 program, receipt of approvals related to our regional center, completion of all required EB-5 submissions by proposed EB-5 participants, receipt of funds by EB-5 participants the Company's annual meeting of stockholders, outcomes related to the Company's relationships with ACPG and CEADL, receipt of necessary Schedule I and II approvals from the DEA, the status of listing of the Company's common stock on the Nasdaq. 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 most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q, as each may be amended and supplemented from time to time, 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.
Media Inquiries & Investor Relations Contact
ir@brightgreen.us
