1st July 2022
Stock Market

Edible Garden Sets Term For An IPO

According to a recent filing, hydroponic and vertical farming company Edible Garden (EDBL) has set terms for its proposed $14.7M initial public offering.

 
 
 
 

The company said in a filing that it plans to offer 2.1M units priced between $6 and $8 per unit. Each unit will consist of one share plus one warrant to buy one share at the public price. Underwriters will receive a 45-day option to buy up to 321K additional shares and/or warrants.

 

Edible Garden has applied to list its shares on Nasdaq under the symbol EDBL. It also plans to conduct a 1-for-5 reverse stock split ahead of the listing. Maxim Group is serving as lead book-runner, with Joseph Gunnar & Co. as joint book-runner.

 
 
 

Edible Garden is a controlled environment agriculture, or CEA, farming company focused on growing herbs and vegetables using traditional, vertical and hydroponic greenhouses. It sells its produce under the Edible Garden brand at supermarkets such as Walmart, Kroger and Target. The company has also developed a patented software product called Green Thumb for tracking plants through the supply chain.

 
 
 

The company is a successor to a wholly-owned subsidiary of cannabis cultivator Unrivaled Brands (OTCQX:UNRV), formerly known as Terra Tech. Edible Garden was incorporated in March 2020 and reported a net loss of $5.5M on revenue of $10.5M for 2021.

 
 
 

To be continued…

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