Edible Garden closes upsized $10.2M underwritten public offering

Edible Garden announced the closing of its upsized underwritten public offering of 1,619,000 units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock. Each unit was sold at a public offering price of $6.30 per unit. The warrants in the units are immediately exercisable at a price of $6.30 per share and expire five years from the date of issuance. The shares of common stock and accompanying warrants can only be purchased together in this offering, but were issued separately and were immediately separable upon issuance. Gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, are approximately $10.2 million. Edible Garden has also granted the underwriters an option to purchase an additional 242,850 shares of common stock and/or additional warrants to purchase up to 242,850 shares of common stock, to cover over-allotments, of which Maxim Group LLC has exercised its option to purchase additional warrants to purchase 242,850 shares of common stock. Maxim Group LLC acted as lead book-running manager and Joseph Gunnar and Co. acted as joint book-running manager in connection with this offering.