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By Colin Kellaher
Edible Garden shares plummeted Thursday after the controlled-environment-agriculture produce grower said it was raising $3 million in a dilutive public offering.
The Belvidere, N.J., company said it is selling more than 2.7 million equity units, each consisting of one share and one warrant to buy another share, at $1.10 each, below Wednesday’s closing price of $1.30.
Edible Garden shares were recently changing hands at 84 cents, down more than 35%, after hitting an all-time low of 76.8 cents early in the session. The shares are now roughly 99% below their all-time high of $90 reached in May 2022, adjusted for a 1-for-30 stock split effected in January.
Edible Garden, which had nearly 2.83 million shares outstanding before the offering, said the five-year warrants are immediately exercisable at $1.10 a share.
Write to Colin Kellaher at [email protected]
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