Edible Garden enters $1.75M secured note agreement with Avondale Capital

Edible Garden AG Inc

• Original principal $1.75M; net proceeds $1.395M after $350K OID and $5K transaction expenses.
• Weekly payments of $43,750; no interest unless default, then 22% per annum.
• Note secured by cash, accounts receivable, and other receivables.
• Proceeds to repay Arin Funding LLC merchant cash advance and for working capital.
• Most Favored Nation clause gives Avondale right to match more favorable terms in future debt.