Edible Garden Announces Closing of Upsized $10.2 Million Underwritten Public Offering
09 February 2023 - 12:30AM
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 closing of
its upsized underwritten public offering of 1,619,000 units, with
each unit consisting of one share of common stock and one warrant
to purchase one share of common stock. Each unit was sold at a
public offering price of $6.30 per unit. The warrants in the units
are immediately exercisable at a price of $6.30 per share and
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 were issued separately and were immediately
separable upon issuance. Gross proceeds, before deducting
underwriting discounts and commissions and estimated offering
expenses, are approximately $10.2 million.
Edible Garden has also granted the underwriters
an option to purchase an additional 242,850 shares of common stock
and/or additional warrants to purchase up to 242,850 shares of
common stock, to cover over-allotments, of which Maxim Group LLC
has exercised its option to purchase additional warrants to
purchase 242,850 shares of common stock.
Maxim Group LLC acted as lead book-running
manager and Joseph Gunnar and Co. acted as joint book-running
manager in connection with this offering.
The securities described above were offered
pursuant to a registration statement on Form S-1, as amended (File
No. 333-268800), which was declared effective by the Securities and
Exchange Commission (the "SEC") on February 2, 2023, and a
registration statement on Form S-1 (File No. 333-269545) which
became effective on February 2, 2023. The offering was made only by
means of a prospectus which is a part of the effective registration
statements. A copy of the final prospectus relating to this
offering was 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 AG
Incorporated
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. For more information on Edible Garden go to
https://ediblegardenag.com/
Investor Relations
Contact:Crescendo Communications,
LLC212-671-1020EDBL@crescendo-ir.com
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