Edible Garden Announces Pricing of $3.0 Million Underwritten Public Offering
September 07 2023 - 9:30AM
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 its underwritten
public offering of 2,700,726 units, with each unit consisting of
one share of common stock and one warrant to purchase one share of
common stock. Each unit is being sold at a public offering price of
$1.10 per unit. The warrants in the units will be immediately
exercisable at a price of $1.10 per share and will expire five
years from the date of issuance. The shares of common stock and
accompanying warrants can only be purchased together in this
offering, but will be issued separately and will be immediately
separable upon issuance. Gross proceeds, before deducting
underwriting discounts and commissions and estimated offering
expenses, are expected to be approximately $3.0 million.
Edible Garden has also granted the underwriters
an option to purchase an additional 405,108 shares of common stock
and/or additional warrants to purchase up to 405,108 shares of
common stock, to cover over-allotments, if any. The offering is
expected to close on or about September 8, 2023, subject to
customary closing conditions.
Maxim Group LLC is acting as sole book-running
manager 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. 333-274080), which was declared effective by the Securities and
Exchange Commission (the "SEC") on September 7, 2023. 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 4,000 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 No’s.: US 11,158,006 B1 and
US 11,410,249 B2) software optimizes growing in vertical and
traditional greenhouses while seeking to reduce
pollution-generating food miles. 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
the closing of the offering. The words “expected,” “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, 2022. 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, LLC
212-671-1020
EDBL@crescendo-ir.com
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