By Connor Hart

The Nasdaq Capital Market has suspended the trading of Bright Green's shares.

The Grants, N.M., company, which legally grows, manufactures and sells Schedule I and II plant-based drugs for research, pharmaceutical applications and affiliated export, on Wednesday said Nasdaq canceled its delist appeal hearing, scheduled for Sept. 26.

Bright Green, which plans to proceed with its annual meeting scheduled for Nov. 15, said it remains committed to strengthening its financial position and expanding its operations. It added it's actively exploring strategies, such as a reverse stock split, strategic partnerships and acquisitions, to position itself for success.

Chairwoman Lynn Stockwell said the board has provided the company with a line of credit and agreed to provide $2.5 million in funding. "This financing provides the company with the flexibility to navigate the challenges ahead and continue to invest in opportunities that will drive long-term growth," she said.

Chief Executive Groovy Singh added the company is confident in the success of its EB-5 capital raise program, which has faced government-related challenges. "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," he added.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 19, 2024 14:23 ET (18:23 GMT)

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