Edible Garden Announces Results of Special Stockholder Meeting
26 January 2023 - 1:00AM
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 a planned
reverse stock split of its shares of common stock at a ratio of
1-for-30. The reverse stock split will take effect as of 12:01 a.m.
ET, on Thursday, January 26, 2023, and shares of Edible Garden will
trade on a post-split basis on Nasdaq under the existing trading
symbol, “EDBL,” at the market open on January 26, 2023.
At the Company’s special meeting of stockholders
held January 24, 2023, stockholders approved an amendment to the
Company’s certificate of incorporation to implement a reverse stock
split in a range of 1-for-25 to 1-for-75, and granted the board of
directors the authority to implement and determine the exact split
ratio within such range, which was subsequently set by the board at
1-for-30. Following the reverse stock split, the new CUSIP number
of the common stock will be 28059P204, with the par value per share
of common stock remaining at $0.0001. A proportionate adjustment
will be made to the per-share exercise prices and number of shares
issuable under all outstanding warrants and equity awards.
Jim Kras, CEO of Edible Garden, commented, “We are
pleased that stockholders approved our charter amendment to effect
a reverse split of Edible Garden’s common stock. The
reverse split is being implemented because we believe it will allow
us to meet Nasdaq’s minimum bid price requirements, among other
listing requirements. We also believe that the increased
market price of the common stock that is expected as a result of
implementing the reverse stock split could improve the
marketability of the Company’s shares.”
When the reverse stock split becomes effective,
every thirty shares of the Company’s issued and outstanding common
stock will be combined into one share of common stock. Each
stockholder’s percentage ownership interest in Edible Garden will
remain unchanged after the reverse stock split. Any fractional
shares resulting from the reverse stock split will be rounded up to
the nearest whole share of common stock. Concurrent with the
reverse stock split, the authorized shares will also be
proportionately reduced at the same reverse split ratio of
1-for-30.
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated, is a leader in
locally grown organic leafy greens and herbs 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 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 plans to offer a line of
sustainable food flavoring products such as Pulp gourmet sauces and
chili-based products.
Forward-Looking Statements
This press release contains forward-looking
statements, including with respect to the timing, implementation,
and success of the reverse stock split, and performance as a public
company. The words “believe,” “expect,” “objective,” “plan,”
“seek,” “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 and the Company’s ability to
achieve its growth objectives. 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 Contacts:Crescendo Communications,
LLC212-671-1020EDBL@crescendo-ir.com
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