Form 8-K - Current report
19 8월 2023 - 5:05AM
Edgar (US Regulatory)
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2023-08-16
2023-08-16
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported) August 16, 2023
BRIGHT
GREEN CORPORATION
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41395 |
|
83-4600841 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
1033
George Hanosh Boulevard
Grants,
NM 87020
(Address
of principal executive offices and zip code)
(833)
658-1799
(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:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 per share |
|
BGXX |
|
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).
Emerging
growth company ☒
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.
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Rule or Standard; Transfer of Listing.
On
August 16, 2023, Bright Green Corporation (the “Company”) received a written notification (the “Notice Letter”)
from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing
Rule 5550(a)(2), as the closing bid price for the Company’s common stock was below the $1.00 per share requirement for the
last 30 consecutive business days. The Notice Letter stated that the Company has 180 calendar days, or until February 12, 2024
(the “Initial Compliance Period”), to regain compliance with the minimum bid price requirement. If the Company does
not regain compliance by the end of the Initial Compliance Period, the Company may apply for an additional compliance period as
provided for in the Notice Letter.
Nasdaq’s
determination of whether the Company qualifies for an additional compliance period will depend on whether the Company will
meet the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing
on the Nasdaq Capital Market, with the exception of the minimum bid price requirement, and a written notice of the Company’s
intention to cure the deficiency during the additional compliance period by effecting a reverse stock split, if necessary.
The
Notice Letter has no immediate effect on the listing of the Company’s common stock on The Nasdaq Capital Market. In accordance
with Nasdaq Listing Rule 5810(c)(3)(A), the Company can regain compliance if the closing bid price of its
common stock is at least $1.00 for a minimum of 10 consecutive business days. In the event that the Company does not regain compliance
with Listing Rule 5550(a)(2) prior to the expiration of the Initial Compliance Period (or additional compliance period, if applicable),
the Company will receive written notification that its securities are subject to delisting.
The
Company intends to actively monitor the closing bid price of its common stock and is evaluating available options to regain compliance
with the minimum bid price requirement. There can be no assurance that the Company will be able to regain compliance with the minimum
bid price requirement or that the Company will otherwise remain in compliance with the other listing standards for the Nasdaq.
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:
August 18, 2023 |
Bright
Green Corporation |
|
|
|
|
By: |
/s/
Saleem Elmasri |
|
|
Saleem
Elmasri |
|
|
Chief
Financial Officer |
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