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Posted 20 February, 2024

Bright Green Corp appointed new CEO

CEO Change detected for ticker Nasdaq:BGXX in a 8-K filed on 20 February, 2024.


  On February 15, 2024, Gurvinder Singh, Chief Executive Officer of Bright Green Corporation, a Delaware corporation (the "Company"), was appointed to the Company's Board of Directors (the "Board").  

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Overview of Bright Green Corp
Agriculture • Farming
Bright Green Corp. engages in the cultivation, manufacture, and sale of medical cannabis. It focuses on the research and development of cannabis strains and sales of products with cannabinol and cannabigerol. The company was founded by Lynn Stockwell on April 16, 2019 and is headquartered in Grants, NM.
Market Cap
$40.4M
View Company Details
Bright Green Corp by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Changes to Board of Directors 


On February 15, 2024, Gurvinder Singh, Chief Executive Officer of Bright Green Corporation, a Delaware corporation (the "Company"), was appointed to the Company's Board of Directors (the "Board"). There are no changes to Mr. Singh's existing employment agreement as described in the Company's filings with the Securities and Exchange Commission as a result of his appointment to the Board. There are no arrangements or understandings between Mr. Singh and any other persons pursuant to which he was appointed to the Board. There are no family relationships between Mr. Singh and the directors, nor between Mr. Singh and any executive officer, of the Company.


On February 15, 2024, Lynn Stockwell, a member of the Board and co-founder of the Company, was appointed Chair of the Board of Directors. There are no changes to Ms. Stockwell's compensation as a non-employee member of the Board. There are no arrangements or understandings between Ms. Stockwell and any other persons pursuant to which she was appointed as Chair of the Board. There are no family relationships between Ms. Stockwell and the directors, nor between Ms. Stockwell and any executive officer, of the Company.


On February 15, 2024, Terry Rafih, Executive Chairman of the Board, submitted his resignation as Executive Chairman of the Board and as a director, effective February 16, 2024. Mr. Rafih's resignation was not a result of any disagreement with the Company, the Board, or any committees of the Board, or on any matter relating to the Company's operations, policies or practices.


Arrangements with Executive Officers


On February 15, 2024, in connection with Mr. Rafih's resignation, Mr. Rafih and the Company entered into a Memorandum of Understanding (the "Separation Agreement"). The Separation Agreement provides that the Company (i) shall issue to Mr. Rafih 2,537,500 shares of the Company's common stock, representing the acceleration of the vesting of the balance of shares of common stock issuable pursuant to a one-time award of 10 million shares of common stock approved by the stockholders of the Company at the 2022 Special Meeting of Stockholders, and (ii) shall further issue to Mr. Rafih 2,420,000 shares of common stock, in lieu of an aggregate of $450,000 of unpaid cash renumeration and bonus compensation during his tenure with the Company.


The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.