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Bright Green (NASDAQ:BGXX) stock plunged 65% in afternoon trading Thursday after two days of impressive gains following the direct listing of its shares on Tuesday.
Shares of the cannabis cultivator opened at $36.54, reaching a high of $39.65 before sliding to a low of $11.70 in late morning trading. The stock recently changed hands at $16.84, down 65%, at approximately 1:35 p.m. ET after being halted several times during the session for volatility.
Bright Green shares debuted on Tuesday, soaring to close 216% over their reference price of $8 per share. The company said in a filing on May 11 that certain registered stockholders planned to offer up to 158.3M shares for the direct listing. Bright Green did not receive any proceeds from the deal.
The stock closed 90% higher on Wednesday.
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