Edible Garden Announces Closing of $5.65 Million Public Offering

Core Viewpoint - Edible Garden AG Incorporated has successfully closed a public offering of 15,700,650 shares of common stock and accompanying warrants, raising approximately $5.65 million to support growth initiatives and strengthen its balance sheet [1][2]. Group 1: Offering Details - The public offering included 15,700,650 shares of common stock and Class A and Class B warrants, priced at $0.36 per share [1]. - The gross proceeds from the offering, before deducting fees and expenses, were approximately $5.65 million [1]. - The Class A warrants will expire five years from the issuance date, while the Class B warrants will expire eighteen months from the issuance date [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for growth initiatives, general corporate purposes, and to repay approximately $3.2 million of short-term debt [2]. Group 3: Company Overview - Edible Garden is a leader in controlled environment agriculture (CEA), focusing on locally grown, organic, and sustainable produce [4]. - The company operates state-of-the-art greenhouses and processing facilities in New Jersey and Michigan, with a network of contract growers near major U.S. markets [4]. - Edible Garden utilizes patented technologies such as GreenThumb software and self-watering displays to enhance its farming and retail operations [4].