Zinger Key Points
- Capital raised from EB-5 Program projected to generate over 7,100 direct and induced jobs in New Mexico and across the U.S.
- Bright Green to issue stock through EB-5 Program at a price of $39.99 per share, subject to customary regulatory approvals.
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Bright Green Corporation BGXX has commenced utilization of the U.S. Citizenship and Immigration Services’ (“USCIS”) EB-5 Program to accelerate its 2023 growth strategy and generate significant capital for use in its greenhouse construction and operations in Grants, New Mexico.
USCIS administers the EB-5 Program, under which investors, their spouses and unmarried children under 21 years of age are eligible to apply for a Green Card if they make the necessary investment in a commercial enterprise in the United States. As a requirement, the investment made by applicants associated with each visa issued must create or preserve a minimum of 10 permanent full-time jobs for qualified U.S. workers.
The Governor of New Mexico, Michelle Lujan Grisham, stated, “I congratulate the Bright Green team on the launch of its EB-5 program. President Biden has re-authorized the EB-5 program, which is now an advantage for projects in rural America. This federal initiative signals the opportunity for the creation of a significant number of new jobs in New Mexico and across the United States, which is very welcome news. I am delighted to share this announcement with the Bright Green team today.”
Background on EB-5 Program Capital Raise
Private placements of common stock are made under the EB-5 Program at a cost of $39.99 per share only to accredited and institutional investors, pursuant to Regulation D, Rule 506(c) under the Securities Act of 1933, as amended. The minimum investment regulated by the USCIS is $800,000 with an additional $80,000 for filing fees, marketing expenses and the EB-5 AN management expense. Each investor participating will receive 22,005 restricted shares of Bright Green common stock and the opportunity to become a U.S. permanent resident. The investors, once authorized, will receive a visa under the program. The pricing of the stock equates to approximately 70% of the Bright Green’s highest trading day.
Under the program, as authorized by USCIS, all invested capital must be deemed to be “at risk” for a minimum of two years and each investor could see the Bright Green share price trade higher than the initial $39.99 per share investment, which would effectively allow the investor to receive a U.S. visa at no cost.
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