Edible Garden AG Inc reported the three months ended March 31, 2023 results: revenue $2.5 million, net income $2.9 million, or ($2.21) per share, EPS ($2.21) per share.
“or strengthen, distribution relationships with the Company.” Financial results for the three months ended March 31, 2023 For the quarter ended March 31, 2023, revenue totaled $2.5 million, compared to $2.7 million for the three months ended March 31, 2022. Cost of goods sold was $2.5 million for the three months ended March 31, 2023, compared to $2.8 million for”
Pamela DonAroma was appointed as member of the Board of Directors at Edible Garden AG Inc.
“The Board appointed Pamela DonAroma to the Board, effective as of April 4, 2023.”
Deborah Pawlowski resigned as member of the Board of Directors at Edible Garden AG Inc.
“On April 4, 2023, Deborah Pawlowski notified the Chairman of the Board of Directors of Edible Garden AG Incorporated (the “Company”) of her decision to resign, effective immediately, from her position as a member of the Company’s Board of Directors (the “Board”).”
Earnings Releases
Edible Garden AG Inc reported the three months ended December 31, 2022 results: revenue $3.1 million, net income Net loss was $3.0 million, EPS ($9.13) per share.
“For the fourth quarter ended December 31, 2022, revenue totaled $3.1 million, an increase of 9.9%, compared to $2.8 million for the three months ended December 31, 2021.”
Earnings Releases
Edible Garden AG Inc reported the year ended December 31, 2022 results: revenue $11.6 million, net income Net loss was $12.5 million, EPS ($48.68) per share.
“For the year ended December 31, 2022, revenue totaled $11.6 million, an increase of 9.9%, compared to $10.5 million for the year ended December 31, 2021.”
Material Agreements
Edible Garden AG Inc entered into Underwriting Agreement with Maxim Group LLC valued at approximately $10.2 million (effective 2023-02-02).
“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.”
Listing & Compliance Notices
Edible Garden AG Inc received a nasdaq deficiency notice notice regarding other (rules 5550(a)(4)).
“January 27, 2023, Edible Garden AG Incorporated (the “Company”) received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) regarding compliance with Nasdaq Listing Rule 5550(a)(4) (the “Rule”) which requires the Company to have a minimum of 500,000 publicly held shares. The letter from Nasdaq indicated that according to its calculations, as of January 26, 2023, the date that the Company effected a 30-for-1 reverse split of its common stock, the Company no longer meets the requirements of the Rule. This notice of noncompliance has no immediate impact on th”
Governance Changes
Edible Garden AG Inc: Reverse stock split at a ratio of 1-for-30, effective January 26, 2023, reducing authorized shares from 200,000,000 to 6,666,667 (effective 2023-01-26).
“As of January 24, 2023, the board of directors of Edible Garden AG Incorporated (the “Company”) approved a reverse stock split of the Company’s issued and outstanding common stock at a ratio of 1-for-30 shares, effective at 12:01 a.m. Eastern Time on January 26, 2023 (the “Reverse Stock Split”).”
Shareholder Votes
Edible Garden AG Inc shareholders approved An amendment to the Company's Certificate of Incorporation to effect a reverse stock split of the Company's common stock in a range of 1-for-25 to 1-for-75, at the discretion of the board of directors at the 2023-01-24 meeting.
“1. The Company’s stockholders voted to approve an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the Company’s common stock in a range of 1-for-25 to 1-for-75, at the discretion of the board of directors. The number of shares that voted for, against, and abstained from voting for this proposal is summarized in the table below: FOR AGAINST ABSTAIN 6,203,776 358,386 1,391”
Earnings Releases
Edible Garden AG Inc reported the nine months ended September 30, 2022 results: revenue $8.5 million, net income Net loss was $9.5 million, EPS $1.36 per share.
“Financial results for the nine months ended September 30, 2022 For the nine months ended September 30, 2022, revenues totaled $8.5 million, an increase of 10.0%, compared to $7.7 million for the nine months ended September 30, 2021. The increase represents growth from the existing customer base. Cost of goods sold were $8.2 million for the nine months ended September 30, 2022, compared to $7.1 million for the nine months ended September 30, 2021. The increase was due to higher packaging costs due to inflation, higher labor costs due to COVID-19 and higher costs charged by contract farmers. Selling, general and administrative expenses were $6.3 million for the nine months ended September 30, 2022, compared to $3.9 million for the nine months ended September 30, 2021. The increase was primarily driven by higher payroll and compensation expense, which included one-time expenses related to the completion of our IPO, as well as other public company expenses that were not incurred in 2021.”
Earnings Releases
Edible Garden AG Inc reported the three months ended September 30, 2022 results: revenue $2.8 million, net income Net loss was $2.1 million, EPS $0.24 per share.
“Financial results for the three months ended September 30, 2022 For the third quarter ended September 30, 2022, revenues totaled $2.8 million, an increase of 12.5%, compared to $2.4 million for the three months ended September 30, 2021. The increase represents growth from the existing customer base. Cost of goods sold were $2.6 million for the three months ended September 30, 2022, compared to $2.3 million for the three months ended September 30, 2021. The increase was due to the increase in revenue. Selling, general and administrative expenses were $1.9 million for the three months ended September 30, 2022, compared to $1.2 million for the three months ended September 30, 2021. The increase was primarily driven by higher payroll and compensation expense, as well as other public company expenses that were not incurred in 2021. Net loss was $2.1 million, or $0.24 per share, for the three months ended September 30, 2022, compared to a net loss of $1.1 million, or $0.28 per share, for”
Material Agreements
Edible Garden AG Inc entered into Exchange Agreement with Evergreen Capital Management LLC valued at approximately $962,000 (effective 2022-10-26).
“On October 26, 2022, Edible Garden AG Incorporated (the “Company”), entered into an exchange agreement (the “Exchange Agreement”) with Evergreen Capital Management LLC (“Evergreen”), pursuant to which a portion of the principal and accrued interest of the Amended and Restated Consolidated Senior Secured Promissory Note dated as of June 30, 2022 (the “Note”) held by Evergreen was converted into shares of a newly created series of preferred stock of the Company, the Series A Convertible Preferred Stock, par value $0.0001 per share (“Preferred Stock”).”
Deborah K. Pawlowski was appointed as Director at Edible Garden AG Inc.
“On October 14, 2022, the board of directors (the “Board”) of Edible Garden AG Incorporated (the “Company”) appointed Deborah K. Pawlowski to the Board, effective immediately.”
Ryan Rogers was appointed as member of the Board of Directors at Edible Garden AG Inc.
“on May 4, 2022, the Company’s Board of Directors appointed Mathew McConnell, Tracy Nazzaro and Ryan Rogers as members of the Board of Directors”
Tracy Nazzaro was appointed as member of the Board of Directors at Edible Garden AG Inc.
“on May 4, 2022, the Company’s Board of Directors appointed Mathew McConnell, Tracy Nazzaro and Ryan Rogers as members of the Board of Directors”
Mathew McConnell was appointed as member of the Board of Directors at Edible Garden AG Inc.
“on May 4, 2022, the Company’s Board of Directors appointed Mathew McConnell, Tracy Nazzaro and Ryan Rogers as members of the Board of Directors”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.