Bright Green Corp. shares were up 84% to 96 cents after the company said it plans to raise $500 million under the U.S. Citizenship and Immigration Services' EB-5 capital program.
Shares hit their 52-week low of 35 cents on Dec. 28 and are up 31% over the past three months. The stock made its trading debut on May 17 last year.
The U.S. Citizenship and Immigration Services' EB-5 Program allows eligible investors, their spouses, and unmarried children under 21 years of age to apply for a permanent residence visa if they make an investment in a U.S. commercial enterprise that creates or preserves a minimum of 10 permanent full-time jobs for qualified U.S. workers.
The New Mexico cannabis company expects to use the capital raised from the EB-5 program to generate more than 7,100 jobs across the U.S., develop production and drug manufacturing facilities in New Mexico, and support drug research, development, and FDA clinical trials.
Bright Green plans to issue common stock through private placements under the EB-5 program, at a price of $39.99 per share.