Edible Garden lowers IPO pricing, increases units

37511 edible garden lowers ipo pricing increases units

Edible Garden AG EDBL, said Friday it was increasing the number of units in its initial public offering while trimming the price. In a Friday filing with the Securities and Exchange Commission, the controlled-environment agriculture company said it is offering 2.1 million units — consisting of one share of common stock and one warrant to purchase one share at $7 a share — at $6 to $8 apiece to trade on the Nasdaq under the ticker “EDBL.” In an earlier filing, the company said it was offering 1.4 million units at $10 to $12 apiece. Maxim Group LLC is the lead book-running manager and Joseph Gunnar & Co. LLC is the joint book-running manager for the offering, Edible Garden said. The company uses traditional greenhouses, along with hydroponic and vertical greenhouses, in a “closed loop” system, along with proprietary software to grow more than 30 products in a sustainable manner.

Source: Marketwatch

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