Edible Garden AG has started fall ornamental shipments from Heartland with advanced GreenThumb tech to boost efficiency and profit.
Controlled Environment Agriculture Corporate Finance

Edible Garden AG Announces Public Offering Pricing

Edible Garden AG Incorporated (Nasdaq: EDBL, EDBLW) – an industry front-runner in controlled environment agriculture (CEA) and a known supplier of locally grown, organic, and sustainable produce and products – disclosed the pricing details of its upcoming underwritten public offering.

Key Details of the Public Offering:

  • Total Units: The Company is offering a total of 2,700,726 units. Each unit consists of a share of common stock and a warrant allowing the purchase of another share of common stock.
  • Pricing: Each of these units is priced at $1.10.
  • Warrants: The warrants included in each unit can be executed immediately at $1.10 per share. These will expire after a five-year duration from the date they’re issued.
  • Proceeds: The gross proceeds, before any deductions (such as underwriting commissions, discounts, and other estimated offering expenses), are projected to be roughly $3.0 million.
  • Issuance and Separation: Although the shares of common stock and the corresponding warrants can only be acquired together during this offering, they will be issued distinctly and can be separated immediately upon issuance.

The Company has also given the underwriters an additional option to acquire 405,108 shares of common stock and extra warrants to buy up to 405,108 shares. This measure is in place to cover over-allotments. The closure of this offering is anticipated to take place around September 8, 2023, pending the standard closing conditions.

Maxim Group LLC is exclusively managing the book-running activities related to this offering.

These securities are provided as per the registration statement on Form S-1, as modified (File No. 333-274080). This was approved by the Securities and Exchange Commission (SEC) on September 7, 2023. For further information, including obtaining copies of the final prospectus once available, interested parties can contact Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, or phone (212) 895-3745.

Edible Garden AG Incorporated is recognized for significantly contributing to controlled environment agriculture (CEA). Their approach to locally grown, organic, and sustainable produce and products is supported by innovative “Zero-Waste Inspired®” farming methods. Their products are available in over 4,000 US stores. With unique initiatives such as safety-in-farming protocols, sustainable packaging, patented GreenThumb software, and self-watering in-store displays, Edible Garden is making notable disruptions in the CEA and sustainability tech spheres. They run cutting-edge greenhouses and processing units in Belvidere, New Jersey, and Grand Rapids, Michigan, and have a collaborative network of contract growers. 

It’s essential to note that this press release doesn’t serve as an offer to sell or a solicitation for an offer to purchase the mentioned securities. Selling these securities in any state or jurisdiction where such an offer, solicitation, or sale would be illegal before registration or qualification under that state or jurisdiction’s securities laws is prohibited.

Image provided by Edible Garden AG Inc

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