Bright Green Corp., the first plant-touching marijuana business to trade on a major U.S. stock exchange, said its shares have been suspended from trading on the Nasdaq.
The suspension comes after Nasdaq canceled the New Mexico-based company’s Sept. 26 hearing to appeal its delisting.
The company will discuss key issues, including the potential for a reverse stock split to enhance shareholder value, at its annual meeting on Nov. 15.
Bright Green has secured a $2.5 million line of credit to ensure it has the financial resources to support its operations.
“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,” Bright Green CEO Groovy Singh said.
“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 initially was listed on the Nasdaq on May 17, 2022, under the ticker symbol BGXX.
After a strong start, when investors bid the company’s stock up from $8 per share to $58 – giving it a market value of more than $9 billion – the stock dropped to less than $3 a share a month after it was listed.
The company recorded a new 52-week low this week, dropping to $0.15, and its stock value has declined by 59.49% over the past year.
