Business
Edible Garden Announces Closing of Upsized $10.2 Million Underwritten Public Offering
BELVIDERE, NJ, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in
About this update from Edible Garden Ag Incorporated
[{"type":"text","content":"BELVIDERE, NJ, Feb. 08, 2023 (GLOBE NEWSWIRE) -- 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 unlaw...