Subject to customary terms, regulatory approvals, and stockholder approvals, Bright Green will purchase 25% of Alterola common stock, followed by the planned acquisition of the remaining Alterola common stock.
Bright Green Corporation (NASDAQ: BGXX)
Bright Green Corporation (NASDAQ: BGXX) today announced that it had signed a letter of intent (“LOI”) with Alterola Biotech Inc. (ABTI) (OTC PINK:ABTI), a U.K.-based pharmaceutical company focused on developing cannabinoid and cannabidiol products. Alterola Biotech Inc. is one of the very few businesses chosen by the U.S. government to grow, manufacture, and sell cannabis and cannabis-
For a total of $4 million, Bright Green will initially buy 25% of Alterola’s issued and outstanding common stock. In exchange, Bright Green will receive a 6-month option to buy the remaining issued and outstanding common stock of Alterola for an additional $6 million and roughly $40 million in Bright Green common stock.
Agreement details
Alterola will have access to Bright Green’s planned cannabis and cannabis extracts, derivatives, products, and research services as part of the strategic partnership, in accordance with the terms and conditions of the agreement, and Bright Green will profit from Alterola’s established industry relationships and sector expertise. The parties are certain that a fruitful partnership will forge a reliable route for obtaining, offering, and supplying cannabis and its derivative products to the pharmaceutical sector.
With the intention of purchasing the issued and outstanding common shares of Alterola Biotech, a pharmaceutical business established in the UK, Bright Green (NASDAQ:BGXX) has signed a letter of intent. With the intention of purchasing the issued and outstanding common shares of Alterola Biotech, a pharmaceutical business established in the UK, Bright Green (NASDAQ:BGXX) has signed a letter of intent.
In the beginning, BGXX will pay $4M for 25% of the shares of Alterola, pending the conclusion of initial satisfactory due diligence and other usual requirements. It will then be granted a 6-month option to pay an extra $6M to buy the remaining shares, again subject to a number of variables.
As part of the agreement, Alterola will have access to Bright Green’s upcoming cannabis and cannabis extracts, derivatives, products, and research services.
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Author Jowi Kwasu 
