Edible Garden, a controlled environment agriculture company that grows organic herbs and lettuces, lowered the proposed deal size for its upcoming IPO on Monday.
The Belvidere, NJ-based company now plans to raise $15 million by offering 2.1 million units at a price range of $6 to $8. The company had previously filed to offer 1.4 million units at a range of $10 to $12. Each unit still consists of one share of common stock and one warrant, exercisable at 100% of the IPO price. At the midpoint of the revised range, Edible Garden will raise the same amount of proceeds and command a market value of $56 million (-29% vs. original terms).
Because the company is offering units with warrants attached, Edible Garden will be excluded from Renaissance Capital's stats.
Edible Garden is a next generation controlled environment agriculture farming company, combining traditional growing techniques with technology to grow organic herbs and lettuces. The company uses the controlled environment of traditional greenhouse structures with hydroponic and vertical greenhouses. Edible Garden currently offers 31 SKUs and expects to further cross sell products across its supermarket partners. It currently sells its products to regional and national supermarkets.
Edible Garden was founded in 2015 and booked $11 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol EDBL. Maxim Group LLC and Joseph Gunnar are the joint bookrunners on the deal.
