Edible Garden closes $10.2M upsized public offering; believes it regains Nasdaq compliance

Edible Garden AG Inc

Sold 1,619,000 units at $6.30/unit; each unit includes one common share and one warrant exercisable at $6.30.
Gross proceeds of ~$10.2M before underwriting discounts; over-allotment partially exercised for additional 242,850 warrants.
Company believes it has regained compliance with Nasdaq stockholders' equity and publicly held shares requirements.
Warrants expire 5 years from issuance; Representative's warrants exercisable at $6.93 with 180-day lock-up.
Maxim Group acted as lead book-runner; Joseph Gunnar as joint book-runner.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Edible Garden AG Inc entered into Underwriting Agreement with Maxim Group LLC valued at approximately $10.2 million (effective 2023-02-02).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC
Value: approximately $10.2 million
Effective: 2023-02-02

Exact text from the filing

On February 2, 2023, Edible Garden AG Incorporated (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with Maxim Group LLC, as representative of the underwriters (the “Representative”), for an underwritten public offering (the “Offering”) of an aggregate of 1,619,000 units (the “Units”) consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one warrant to purchase one share of Common Stock (each a “Warrant” and collectively, the “Warrants”) at an exercise price equal to $6.30 per share of Common Stock.

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Edible Garden AG Inc filing history →

Source: SEC EDGAR

accession 0001477932-23-000820

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