Edible Garden (NASDAQ:EDBL) Enters Equity Distribution Agreement with Maxim Group LLC

On January 31, 2025, Edible Garden AG Incorporated (NASDAQ:EDBL) announced that it has entered into an Equity Distribution Agreement with Maxim Group LLC. This agreement allows the company to issue and sell shares of its common stock, with a par value of $0.0001 per share, through Maxim Group LLC in an at-the-market offering with a total aggregate offering price of up to $2,516,470.

The Equity Distribution Agreement permits the sale of shares at market prices by any method deemed suitable for an “at-the-market offering” as defined in Rule 415 under the Securities Act of 1933. The offering will come to a close upon the earliest of January 31, 2026, the sale of all shares outlined in the prospectus supplement related to this offering, or the termination of the agreement by written notice from the company or the agent.

Sales under this agreement will be conducted under the company’s shelf registration statement on Form S-3 (File No. 333-273209), which became effective on July 19, 2023, along with a prospectus supplement specific to the offering of these shares. The agent, Maxim Group LLC, will use commercially reasonable efforts to sell the shares based on the company’s instructions. The company, however, is not obligated to sell any shares and retains the right to suspend or terminate sales as per the agreement terms.

Maxim Group LLC is entitled to a fixed commission of 3.5% of the aggregate gross proceeds from the sold shares, along with customary indemnification rights. Additionally, the company has agreed to cover certain fees and disbursements of the agent’s counsel, not exceeding $30,000, along with ongoing legal counsel fees.

The legal opinion concerning the shares from Harter Secrest & Emery LLP, the company’s counsel, is filed as Exhibit 5.1 in the report. While this description offers a summary of the agreement, the full text is available as Exhibit 1.1 to the Current Report on Form 8-K.

It’s important to note that this Current Report on Form 8-K does not serve as a solicitation or offer to buy the shares, and any sale is subject to registration or qualification under the securities laws of the respective states. For further details on this agreement, the financial statements, and associated exhibits, interested parties can refer to the official filing with the Security and Exchange Commission.

This news reflects the strategic move by Edible Garden AG Incorporated in managing its equity distribution and engaging with Maxim Group LLC for this offering.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Edible Garden’s 8K filing here.

Edible Garden Company Profile

Edible Garden AG Incorporated, together with its subsidiaries, operate as a controlled environment agriculture farming company. It offers various packaged products, including cilantro, rosemary, mint, thyme, oregano, bay leaves, chives, poultry mix, sage, dill, buttercrunch living lettuce, basil, living butterhead lettuce, basil, parsley, arugula spring mix, baby arugula blend, baby romaine, and crisp ranch and Caesar salad kits.