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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/13/22 Bright Green Corp. 8-K:1,3,8,9 9/07/22 16:1M M2 Compliance LLC/FA |
Document/Exhibit Description Pages Size
1: 8-K Current Report HTML 51K
2: EX-4.1 Instrument Defining the Rights of Security Holders HTML 124K
3: EX-10.1 Material Contract HTML 277K
4: EX-10.2 Material Contract HTML 189K
5: EX-10.3 Material Contract HTML 89K
6: EX-99.1 Miscellaneous Exhibit HTML 14K
7: EX-99.2 Miscellaneous Exhibit HTML 14K
11: R1 Cover HTML 48K
14: XML IDEA XML File -- Filing Summary XML 14K
12: XML XBRL Instance -- form8-k_htm XML 16K
13: EXCEL IDEA Workbook of Financial Reports XLSX 8K
9: EX-101.LAB Inline XBRL Taxonomy Extension Label Linkbase XML 97K
Document -- bgxx-20220907_lab
10: EX-101.PRE Inline XBRL Taxonomy Extension Presentation XML 65K
Linkbase Document -- bgxx-20220907_pre
8: EX-101.SCH Inline XBRL Taxonomy Extension Schema Document -- XSD 14K
bgxx-20220907
15: JSON XBRL Instance as JSON Data -- MetaLinks 25± 34K
16: ZIP XBRL Zipped Folder -- 0001493152-22-025750-xbrl Zip 162K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported) i September 7, 2022
(Exact name of registrant as specified in its charter)
| i Delaware | i 001-41395 | i 83-4600841 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
i 1033 George Hanosh Boulevard
(Address of principal executive offices and zip code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
| i Common Stock, par value $0.0001 per share | i BGXX | i Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. i ☐
C:
| Item 1.01 | Entry into a Material Definitive Agreement. |
On September 7, 2022, Bright Green Corporation, a Delaware corporation (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional and accredited investors (each individually, an Investor, and collectively, the “Investors”) for the sale by the Company of (i) 9,523,810 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and (ii) warrants to purchase up to an aggregate of 9,523,810 shares of Common Stock (the “Warrants,” and the shares of Common Stock underlying the Warrants, the “Warrant Shares”), in a private placement offering (the “Private Placement”). The combined purchase price of one Share and accompanying Warrant was $1.05.
Subject to certain ownership limitations, the Warrants are exercisable immediately after issuance at an exercise price equal to $1.05 per share of Common Stock (the “Exercise Price”), subject to adjustments as provided under the terms of the Warrants. The Warrants have a term of five years from the date of issuance.
The Private Placement closed on September 12, 2022. The Company received gross proceeds of approximately $10 million before deducting transaction related fees and expenses payable by the Company. The Company intends to use the net proceeds for strategic investments, greenhouse operations, repayment of certain indebtedness and working capital and general corporate purposes.
In connection with the Purchase Agreement, the Company entered in a Registration Rights Agreement with the Investors, whereby, among other things, the Company agreed to file a resale registration statement on Form S-1 (or other appropriate and available form) within fifteen calendar days of the date of the Purchase Agreement, (the “Registration Statement”) with the Securities and Exchange Commission covering the Shares and the Warrant Shares (issuable upon exercise of the Warrants), and to cause the Registration Statement to become effective by the sixtieth calendar day following the date of the Purchase Agreement.
The Shares, Warrants, and Warrant Shares were sold and issued without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 of Regulation D promulgated under the Securities Act as sales to accredited investors, and in reliance on similar exemptions under applicable state laws.
The representations, warranties and covenants contained in the Purchase Agreement were made solely for the benefit of the parties to the Purchase Agreement. In addition, such representations, warranties and covenants: (i) are intended as a way of allocating the risk between the parties to the Purchase Agreement and not as statements of fact, and (ii) may apply standards of materiality in a way that is different from what may be viewed as material by stockholders of, or other investors in, the Company. Accordingly, the Purchase Agreement is filed with this report only to provide investors with information regarding the terms of the Private Placement, and not to provide investors with any other factual information regarding the Company. Information concerning the subject matter of the representations and warranties may change after the date of the Purchase Agreement, which subsequent information may or may not be fully reflected in public disclosures.
EF Hutton, division of Benchmark Investments, LLC acted as the placement agent in connection with the Private Placement (“Hutton”). Pursuant to the Placement Agent Agreement entered into between the Company and Hutton on September 12, 2022 (the “Placement Agent Agreement”), Hutton was paid a commission equal to 7% of the gross proceeds received by the Company in the Private Placement. The Company also reimbursed Hutton $100,000 for out-of-pocket expenses, including the reasonable fees, costs and disbursements of its legal counsel. Pursuant to the Placement Agent Agreement, Hutton received a twelve month right of first refusal to act as sole investment banker, sole book-runner, and/or sole placement agent, at Hutton’s sole discretion, for each and every future public and private equity and debt offering, including all equity linked financings during such twelve month period. The Placement Agent Agreement also contains indemnity and other customary provisions for transactions of this nature.
The forms of the Purchase Agreement, Registration Rights Agreement, Placement Agent Agreement, and Warrant are filed hereto as Exhibits 10.1, 10.2, 10.3 and 4.1, respectively. The foregoing summaries of the terms of these documents are subject to, and qualified in their entirety by, such documents, which are incorporated herein by reference.
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| Item 3.02. | Unregistered Sales of Equity Securities. |
The information contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 3.02.
| Item 8.01. | Other Events. |
On September 7, 2022, the Company issued a press release regarding the transactions described above under Item 1.01 of this Current Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
On September 12, 2022, the Company issued a press release regarding the transactions described above under Item 1.01 of this Current Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit No. | Description | |
| 4.1 | Form of Warrant | |
| 10.1# | Securities Purchase Agreement dated September 7, 2022, by and between the Company and the purchasers thereto | |
| 10.2 | Registration Rights Agreement dated September 12, 2022, by and between the Company and the purchasers thereto | |
| 10.3 | Placement Agent Agreement dated September 12, 2022 by and between the Company and EF Hutton, division of Benchmark Investments, LLC | |
| 99.1 | Press Release dated September 7, 2022 | |
| 99.2 | Press Release dated September 12, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
# Certain schedules and exhibits have been omitted pursuant to Item 601(A)(5) of Regulation S-K. The Company will furnish supplementally copies of omitted schedules and exhibits to the Securities and Exchange Commission or its staff upon its request.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: September 13, 2022 | Bright Green Corporation | |
| By: | /s/ Terry Rafih | |
| Terry Rafih | ||
| Interim Chief Executive Officer & Chairman of the Board | ||
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| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 9/13/22 | None on these Dates | ||
| 9/12/22 | ||||
| For Period end: | 9/7/22 | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/16/24 Bright Green Corp. 10-K 12/31/23 73:6.7M M2 Compliance LLC/FA 6/30/23 Bright Green Corp. POS AM 2:298K M2 Compliance LLC/FA 6/30/23 Bright Green Corp. POS AM 2:311K M2 Compliance LLC/FA 5/26/23 Bright Green Corp. POS AM 2:1.8M M2 Compliance LLC/FA 5/26/23 Bright Green Corp. POS AM 2:1.9M M2 Compliance LLC/FA 5/16/23 Bright Green Corp. POS AM 2:1.6M M2 Compliance LLC/FA 5/16/23 Bright Green Corp. POS AM 2:1.6M M2 Compliance LLC/FA 4/17/23 Bright Green Corp. 10-K 12/31/22 65:5.2M M2 Compliance LLC/FA 11/18/22 Bright Green Corp. 424B3 1:944K M2 Compliance LLC/FA 11/14/22 Bright Green Corp. 10-Q 9/30/22 55:4.1M M2 Compliance LLC/FA 9/22/22 Bright Green Corp. S-1 57:6.2M M2 Compliance LLC/FA |