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Edible Garden Enters Into Warrant Exercise Transaction for $3.0 Million in Gross Proceeds
Monday, 23rd December at 3:20 pm
BELVIDERE, N.J., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ: EDBL, EDBLW)), a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products, announced today that it has entered into an agreement with a single institutional investor that is an existing holder of its warrants wherein the investor agreed to exercise 8,330,000 outstanding Class B Warrants (the "Existing Warrants") to purchase an aggregate of 8,330,000 shares of common stock for cash at the exercise price of $0.36 per share. These warrants were previously issued in a public offering which closed in September 2024.
The net proceeds of the exercise of the Existing Warrants to the Company, after deducting estimated expenses and fees, are expected to be approximately $2.8 million.
Maxim Group LLC acted as warrant inducement agent and financial advisor in connection with the transaction.
Monday, 23rd December at 3:20 pm
BELVIDERE, N.J., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ: EDBL, EDBLW)), a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products, announced today that it has entered into an agreement with a single institutional investor that is an existing holder of its warrants wherein the investor agreed to exercise 8,330,000 outstanding Class B Warrants (the "Existing Warrants") to purchase an aggregate of 8,330,000 shares of common stock for cash at the exercise price of $0.36 per share. These warrants were previously issued in a public offering which closed in September 2024.
The net proceeds of the exercise of the Existing Warrants to the Company, after deducting estimated expenses and fees, are expected to be approximately $2.8 million.
Maxim Group LLC acted as warrant inducement agent and financial advisor in connection with the transaction.
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105446086 : Is it bad news?
Jaguar8 OP 105446086 : The warrant holders are now allowed to sell at 0.36
105446086 Jaguar8 OP : So it just suddenly dropped sharply.
Jaguar8 OP 105446086 : Because when company allows warrant holders to exercise their warrants, they had to issue shares for them which consequently increases the outstanding shares which is dilutive