Hydroponic farming company Edible Garden AG Inc. in Belvidere priced its initial public offering of 2.93 million shares on May 5 at $14.7 million.
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 per share.
Edible Garden also granted the underwriters a 45-day option to purchase an additional 439,500 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount.
Shares of common stock and warrants began trading on The Nasdaq Capital Market on May 5 under symbols “EDBL” and “EDBLW,” respectively. The offering is expected to close on May 9 subject to satisfaction of customary closing conditions.
Edible Garden plans to use proceeds from the offering for working capital, debt repayment, the construction 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.