Executives said the company will still host its annual shareholder meeting on Nov. 15.
New Mexico-based Bright Green Corp. (Nasdaq: BGXX) had its shares halted from trading on the Nasdaq on Friday, the company announced in a press release, following the cancelation of a Sept. 26 appeal hearing regarding its possible delisting.
The company, which won an uplisting to the Nasdaq two years ago, said it “remains committed to pursuing its strategic goals and delivering value to its shareholders” despite the “change in the company’s public trading status.”
Bright Green will still hold its annual shareholder meeting on Nov. 15, where it will raise the possibility of a reverse stock split “aimed at enhancing shareholder value.”
In the meantime, Bright Green “is actively exploring various strategic alternatives to unlock long-term value,” and remains committed to aggressive expansion, the company said.
Bright Green obtained a $2.5 million line of credit, Chairwoman Lynn Stockwell said in the release, which she said would give the business “flexibility to navigate the challenges ahead and continue to invest in opportunities that will drive long-term growth.”
CEO Groovy Singh added that Bright Green remains focused on “licensing approvals” and its continued production of both cannabis and Schedule II “plant-based medicines” under its federal permit from the U.S. Drug Enforcement Administration.
“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,” Singh said.
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