Edible Garden AG Inc (EDBL): debt financing — Edible Garden sells additional $994K in future receivables for $700K; total financing $2.49M

Edible Garden AG Inc

Agreement with Cedar Advance: $994K in future accounts receivable sold for $700K; net after $87.5K fees is $544.25K additional.
Total financing now $2.485M receivables sold for $1.544M net; weekly payments of $65K (35% of collections) until repaid.
Amends and restates prior March 12, 2024 agreement; terms include 35% Specified Percentage and $65K weekly estimated payment.
Funds used for general corporate purposes; the transaction is not a loan but a sale of future receivables.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Edible Garden AG Inc incurred debt of $2,485,000 with Cedar Advance LLC maturing until the $2,485,000 due to Cedar under the Restated Agreement is paid in full.

Principal: $2,485,000
Counterparty: Cedar Advance LLC
Maturity: until the $2,485,000 due to Cedar under the Restated Agreement is paid in full
Event: incurrence

Exact text from the filing

On May 7, 2024, Edible Garden AG Incorporated (the “Company”) entered into an amended and restated standard merchant cash advance agreement (the “Restated Agreement”) with Cedar Advance LLC (“Cedar”), dated as of May 3, 2024, that amends and restates in its entirety, the standard merchant cash advance agreement with Cedar, dated as of March 12, 2024 (the “Agreement”).

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

Edible Garden AG Inc amended Restated Agreement with Cedar Advance LLC valued at $994,000 (effective 2024-05-03).

Action: amendment
Counterparty: Cedar Advance LLC
Value: $994,000
Effective: 2024-05-03

Exact text from the filing

On May 7, 2024, Edible Garden AG Incorporated (the “Company”) entered into an amended and restated standard merchant cash advance agreement (the “Restated Agreement”) with Cedar Advance LLC (“Cedar”), dated as of May 3, 2024, that amends and restates in its entirety, the standard merchant cash advance agreement with Cedar, dated as of March 12, 2024 (the “Agreement”).

View on SEC.gov

311 debt financings filed in the last 30 days. Browse all debt financings →

Edible Garden AG Inc filing history →

Source: SEC EDGAR

accession 0001477932-24-002562

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