Edible Garden, a controlled environment agriculture company that grows organic herbs and lettuces, raised $15 million by offering 2.9 million units at $5, below the downwardly revised range of $6 to $8. The company offered 0.8 million more units than anticipated. It originally planned to offer 1.4 million units at $10 to $12, before revising the terms in April. Each unit consists of one share of common stock and one warrant, exercisable at 100% of the IPO price.
Because the company offered units with warrants attached, and its market cap is less than $50 million at pricing, Edible Garden will be excluded from Renaissance Capital's 2022 IPO 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 plans to list on the Nasdaq under the symbol EDBL. Maxim Group LLC and Joseph Gunnar acted as joint bookrunners on the deal.
