Edible Garden Announces Pricing of $6.0 Million Public Offering
May 22 2024 - 9:15AM
Edible Garden AG Incorporated (“Edible Garden” or the “Company”)
(Nasdaq: EDBL, EDBLW), a leader in controlled environment
agriculture (CEA), locally grown, organic, and sustainable produce
and products, today announced the pricing of a public offering of
an aggregate of 2,655,000 shares of its common stock (or pre-funded
warrants in lieu thereof), Class A warrants to purchase up to
2,655,000 shares of common stock, and Class B warrants to purchase
up to 2,655,000 shares of common stock, at a combined public
offering price of $2.26 per share (or $2.25 per pre-funded warrant)
and accompanying warrants. The warrants will have an exercise price
of $2.26 per share, will be exercisable immediately upon issuance.
The Class A warrants will expire on the fifth anniversary of the
original issuance date, and the Class B warrants will expire on the
eighteen-month anniversary of the original issuance date. The
closing of the offering is expected to occur on or about May 23,
2024, subject to the satisfaction of customary closing conditions.
Gross proceeds, before deducting placement agent fees and offering
expenses, are expected to be approximately $6.0 million.
Maxim Group LLC is acting as sole placement
agent in connection with this offering.
The securities described above are being offered
pursuant to a registration statement on Form S-1, as amended (File
No. 333-278967), which was declared effective by the Securities and
Exchange Commission (the "SEC") on May 22, 2024. The offering is
being made only by means of a prospectus which is a part of the
effective registration statement. A preliminary prospectus relating
to the offering has been filed with the SEC. Copies of the final
prospectus relating to this offering, when available, will be filed
with the SEC and may be obtained from Maxim Group LLC, 300 Park
Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Edible Garden®
Edible Garden AG Incorporated is a leader in
controlled environment agriculture (CEA), locally grown, organic
and sustainable produce and products backed by Zero-Waste Inspired®
next generation farming. Offered at over 5,000 stores in the US,
Edible Garden is disrupting the CEA and sustainability technology
movement with its safety-in-farming protocols, use of sustainable
packaging, patented GreenThumb software and self-watering in-store
displays. The Company currently operates its own state-of-the-art
greenhouses and processing facilities in Belvidere, New Jersey and
Grand Rapids, Michigan, and has a network of contract growers, all
strategically located near major markets in the U.S. Its
proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1, US
11,410,249 B2 and US 11,830, 088 B2) software optimizes growing in
vertical and traditional greenhouses while seeking to reduce
pollution-generating food miles. Its proprietary patented (U.S.
Patent No. D1,010,365) Self-watering display is designed to
increase plant shelf life and provide an enhanced in-store plant
display experience. Edible Garden is also a developer of
ingredients and proteins, providing an accessible line of plant and
whey protein powders under the Vitamin Way® and Vitamin Whey®
brands. In addition, the Company offers a line of sustainable food
flavoring products such as Pulp gourmet sauces and chili-based
products.
For more information on Edible Garden go to
https://ediblegardenag.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks, uncertainties and
assumptions that are difficult to predict including the timing of
closing the offering. The words “expect,” “may,” “seeking,”
“will,” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
subject to a number of risks, uncertainties, and assumptions,
including market and other conditions, the Company’s ability to
achieve its growth objectives, and other factors set forth in the
Company’s filings with the Securities and Exchange Act Commission,
including the Company’s annual report on Form 10-K for the year
ended December 31, 2023 and subsequent quarterly reports. Actual
results might differ materially from those explicit or implicit in
the forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events. The
Company undertakes no obligation to update any such forward-looking
statements after the date hereof to conform to actual results or
changes in expectations, except as required by law.
Investor Relations Contact:
Crescendo Communications,
LLC212-671-1020EDBL@crescendo-ir.com
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