Edible Garden Announces Pricing of Upsized $10.2 Million Underwritten Public Offering
February 02 2023 - 08:39PM
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 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 is being sold at a public
offering price of $6.30 per unit. The warrants in the units will be
immediately exercisable at a price of $6.30 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 $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, if any. The offering is
expected to close on or about February 7, 2023, subject to
customary closing conditions.
Maxim Group LLC is acting as lead book-running
manager and Joseph Gunnar and Co. is acting as joint 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. 333-268800), 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 is being made
only by means of a prospectus which is a part of the effective
registration statements. 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 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/.
Forward-Looking Statements
This press release contains forward-looking
statements, including with respect to the expected closing of the
Company’s proposed offering and expected proceeds. The words “may,”
“will,” “estimate,” “intend,” “expect,” 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 that the conditions to the closing of the offering
may not be satisfied. 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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