Bright Green Corporation (NASDAQ:BGXX) announced that it has entered into a securities purchase agreement with institutional investors to purchase 9,523,810 shares of common stock and warrants to purchase 9,523,810 shares of common stock, at a purchase price of $1.05 per share and accompanying warrant. The gross proceeds to the Company from the private placement are expected to be approximately $10.0 million before deducting the placement agent’s fees and other estimated offering expenses.
The warrants will be immediately exercisable from the date of issuance at an initial exercise price of $1.05 per share, subject to adjustments as set forth therein, and will expire five years from the date of issuance. The closing of the private placement is expected to occur on September 12, 2022, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement.
EF Hutton, division of Benchmark Investments, LLC, is acting as exclusive placement agent for the offering.
