The Bright Green Corp (NASDQ: BGXX) stock price rose 18.9% today following yesterday’s decline after the company unveiled plans to raise up to $500 million via the United States EB-5 program, which allows foreign investors who invest in American business that preserve or generate a minimum of 10 permanent jobs for American workers to become citizens.
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Bright Green intends to use the EB-5 Visa program to raise money from qualified investors interested in obtaining US citizenship by investing in a US company and creating permanent jobs for American workers. The EB-5 visa program covers the investor, their spouse and children under the age of 21 years.
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Investors cheered the announcement that led to a massive spike higher in BGXX stock on Wednesday, pushing it above the crucial $1.0 level. BGXX stock pulled back yesterday but is still trading above the $1.0 level and was headed higher during premarket trading. The company expects to generate 7,100 permanent jobs through the EB-5 visa program.
The EB-5 announcement was the second significant announcement from Bright Green this year, with the first being an update on the progress made in implementing its business plan. On January 17, 2023, the company revealed that the US Drug Enforcement Agency (DEA) had inspected its agricultural complex and existing facilities.
Bright Green noted that the DEA had inspected its greenhouses and manufacturing facilities in September 2022, and its processing facilities were now completed. The firm plans to conduct a “dry-run” audit to test its Standard Operating Procedures (SOPs) and processing capabilities before officially registering the facility.
The cannabinoid company also revealed that it had signed a letter of intent (LOI) with Alterola Biotech Inc., a UK pharma company, for the supply of cannabinoid botanical raw material (BRM) and Active Pharmaceutical Ingredients (APIs). Alterola specialises in making cannabinoid and cannabinoid-like medicines and products.
Bright green’s prospects are promising, which explains the significant retail investor interest in the company. The company still has a ways to go, but investors are jumping in now.
*This is not investment advice.
Bright Green (BGXX) stock price.
The Bright Green (BGXX) stock price rose 18.86% to trade at $1.26, from Thursday’s closing price of $1.06.
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