Edible Garden AG (EDBL) Prices 2.93M Share IPO at $5/sh

Edible Garden AG Incorporated (Nasdaq: EDBL, EDBLW), a controlled environment agriculture (“CEA”) farming company that uses traditional agricultural growing techniques together with technology to grow fresh, organic food, announced today the pricing of its initial public offering of 2,930,000 shares of its common stock and accompanying warrants to purchase up to 2,930,000 shares of common stock. Each share of common stock is being sold together with one warrant to purchase one share of common stock with an exercise price of $5.00 per share at a combined offering price of $5.00, for gross proceeds of approximately $14.7 million, before deducting underwriting discounts and offering expenses. In addition, Edible Garden has granted the underwriters a 45-day option to purchase up to an additional 439,500 shares of common stock and/or warrants to purchase 439,500 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount.

The shares of common stock and warrants are expected to begin trading on The Nasdaq Capital Market on May 5, 2022, under the symbols “EDBL” and “EDBLW,” respectively. The offering is expected to close on May 9, 2022, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the offering for working capital, debt repayment, the construction and/or acquisition of existing greenhouses, organizational build out, transaction bonuses for its executive officers, completion of a packhouse at its New Jersey facility, and general corporate purposes.

Maxim Group LLC is acting as the lead book-running manager and Joseph Gunnar & Co. is acting as the joint book-running manager in connection with the offering.

A registration statement on Form S-1 (File No. 333-260655) was filed with the Securities and Exchange Commission (“SEC”), which became effective on May 4, 2022. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. The offering is being made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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