Edible Garden AG Inc (EDBL): debt financing — 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.

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 loan of original principal amount of $1,750,000 with Avondale Capital, LLC at No interest will accrue on the Note unless an event of default occurs.

Instrument: loan
Principal: original principal amount of $1,750,000
Counterparty: Avondale Capital, LLC
Rate: No interest will accrue on the Note unless an event of default occurs
Event: incurrence

Exact text from the filing

the Company agreed to issue and sell to Avondale a secured promissory note (the “Note”) with an original principal amount of $1,750,000.

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Edible Garden AG Inc filing history →

Source: SEC EDGAR

accession 0001477932-25-006533

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