Edible Garden stockholders approve amendment to implement reverse stock split

Edible Garden announced a planned reverse stock split of its shares of common stock at a ratio of 1-for-30. The reverse stock split will take effect as of 12:01 a.m. ET, on Thursday, January 26, 2023, and shares of Edible Garden will trade on a post-split basis on Nasdaq under the existing trading symbol, "EDBL," at the market open on January 26, 2023. At the Company’s special meeting of stockholders held January 24, 2023, stockholders approved an amendment to the Company’s certificate of incorporation to implement a reverse stock split in a range of 1-for-25 to 1-for-75, and granted the board of directors the authority to implement and determine the exact split ratio within such range, which was subsequently set by the board at 1-for-30. Following the reverse stock split, the new CUSIP number of the common stock will be 28059P204, with the par value per share of common stock remaining at $0.0001. A proportionate adjustment will be made to the per-share exercise prices and number of shares issuable under all outstanding warrants and equity awards. When the reverse stock split becomes effective, every thirty shares of the Company’s issued and outstanding common stock will be combined into one share of common stock. Each stockholder’s percentage ownership interest in Edible Garden will remain unchanged after the reverse stock split. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share of common stock. Concurrent with the reverse stock split, the authorized shares will also be proportionately reduced at the same reverse split ratio of 1-for-30.