Edible Garden cuts IPO prices and increases units

Edible Garden AG EDBL announced on Friday that it is increasing the number of units in its IPO while lowering the price. In a filing Friday with the Securities and Exchange Commission, the controlled environment farming company said it is offering 2.1 million units — consisting of one common share and a warrant to purchase one share at $7 per share — at $6 to $8 apiece to be traded on the Nasdaq under the ticker “EDBL”. In a previous filing, the company said it was offering 1.4 million units at a price of $10 to $12 each. Maxim Group LLC is the lead book-running manager and Joseph Gunnar & Co. LLC is the joint book-running manager for the offering, Edible Garden said. The company uses traditional greenhouses along with hydroponic and vertical greenhouses in a “closed loop” system along with proprietary software to grow more than 30 products in a sustainable way.