BELVIDIA, NJ, January 25, 2023 (GLOBE NEWSWIRE) — Edible Garden AG Incorporated (“Edible Garden” or “Company”) (Nasdaq: EDBL, EDBLW), Managed Environmental Agriculture (CEA), a leader in locally grown, organic and sustainable produce and products. After the split, Edible Garden shares will trade on the Nasdaq under the existing trading symbol “EDBL.” The market will open on January 26, 2023.
At the Company’s Extraordinary General Meeting of Shareholders held on January 24, 2023, the shareholders approved amendments to the Articles of Incorporation to implement a reverse stock split ranging from 25:1 to 75:1, and requested the Board of Directors to has the power to execute and determine the exact split ratio within that range, which was subsequently set at 1/30 by the Board of Directors. After the reverse stock split, his new CUSIP number for common stock will be 28059P204 and his par value per share of common stock will remain $0.0001. Proportional adjustments will be made to the number of shares issuable based on the exercise price per share and all outstanding warrants and equity awards.
Jim Kras, CEO of Edible Garden, commented: The reverse split is in place because he believes he can meet Nasdaq’s minimum bid price requirements, among other listing requirements. We also believe that the expected increase in the market price of our common stock as a result of the reverse stock split may improve the marketability of our stock. ”
When the consolidation of shares becomes effective, every 30 shares of common stock outstanding of the Company will be consolidated into 1 share of common stock. The ownership ratio of each shareholder in Edible Garden will not change after the share consolidation. Fractional shares resulting from a reverse stock split will be rounded up to the nearest whole share of common stock. Concurrently with the share consolidation, the number of authorized shares will also be proportionally reduced at the same ratio of 1 share for every 30 shares.
About Edible Garden®
Edible Garden AG Incorporated is a leader in locally grown organic leafy greens and herbs powered by Zero-Waste Inspired® Next Generation Agriculture. Available in more than 4,000 stores across the U.S., edible gardens are certified by CEA and sustainability technology through farm safety protocols, the use of sustainable packaging, patented GreenThumb software, and self-contained in-store displays. It confuses movement. The company currently operates its own state-of-the-art greenhouse and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers strategically located near key U.S. markets. We grow in vertical and conventional greenhouses while aiming to reduce food mileage causing pollution. Edible Garden is also an ingredient and protein developer, offering a line of accessible plant-based and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. In addition, it plans to offer a line of sustainable food flavor products, including pulp gourmet sauces and chili-based products.
This press release contains forward-looking statements, including, but not limited to, the timing, implementation, and success of the reverse stock split and performance as a public company. The words “believe,” “expect,” “objective,” “plan,” “seek,” “will,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including market and other conditions and our ability to achieve our growth objectives. We undertake no obligation to update any such forward-looking statements after the date hereof to reflect changes in actual results or expectations, except as required by law.
Crescendo Communications, LLC