Federally authorized cannabis provider Bright Green made its debut on the Nasdaq in a direct listing today, at one point soaring 356% over its $8 reference price. Shares opened at $15.99 and took off like a bottle rocket from there. The reference price was set ahead of the company’s direct listing. Shares trade under the ticker BGXX.
The stock was trading north of $36 this afternoon.
The company expects to offer 158.25 million shares. Bright Green sold 300,000 shares earlier this month at $10 each, according to an SEC filing.
Bright Green produces cannabis products for research applications.
None of the company’s shareholders will be subject to the standard 180-day lock-up agreement.
EF Hutton is an advisor on the offering.
Because Bright Green has not had recent sustained trading in a private placement market, Nasdaq is required to determine the reference price. Read more.
