Edible Garden Shares Plunge 58% on Significantly Discounted Public Offering

Dow Jones05-22

By Sabela Ojea

Shares of Edible Garden on Wednesday dropped 58% to $1.84 in pre-market trading after the company priced a public offering of shares at a significant discount.

The controlled environment agriculture company said it is offering 2.7 million shares of its common shares at a combined public offering price of $2.26. The company's latest share price stood at $5.59.

Edible Garden expects gross proceeds before deducting placement agent fees and offering expenses of about %6 million.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

May 22, 2024 09:39 ET (13:39 GMT)

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