Edible Garden Regains Compliance with Nasdaq Continued Listing Requirements

Rhea-AI Summary

On February 15, 2023, Edible Garden AG Incorporated (Nasdaq: EDBL, EDBLW) announced that it has regained compliance with Nasdaq's minimum stockholders’ equity requirement and other listing criteria. This notice was received on February 10, 2023, reflecting the Company’s improved financial standing. CEO Jim Kras emphasized the importance of the Nasdaq listing for the Company’s credibility and visibility, and expressed intentions to expand its retail presence across the U.S. Edible Garden specializes in controlled environment agriculture, offering sustainable, locally grown produce through over 4,000 stores nationwide.

Positive

• Regained compliance with Nasdaq's listing requirements, enhancing credibility.
• Plans for aggressive retail expansion across the U.S.
• Strengthened balance sheet supports future growth.

Negative

• None.

BELVIDERE, NJ, Feb. 15, 2023 (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, today announced that it received notice from Nasdaq on February 10, 2023 indicating that the Company had regained compliance with the minimum stockholders’ equity requirement for continued listing on Nasdaq under Nasdaq Rule 5550(b)(1), the publicly held shares requirement under Nasdaq Rule 5550(a)(4), and the minimum bid price requirement under Nasdaq Rule 5550(a)(2).

Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are pleased to have regained compliance with the continued listing requirements of Nasdaq. Maintaining our Nasdaq listing is of the utmost importance to the Company given the credibility and visibility that it provides.  Armed with a strengthened balance sheet, we look forward to aggressively continuing to expand our retail footprint across the United States providing Zero-Waste Inspired® sustainable produce.”

ABOUT EDIBLE GARDEN®

Edible Garden AG Incorporated, is a leader in locally grown organic leafy greens and herbs backed by Zero-Waste Inspired® next generation farming. Offered at over 4,000 stores in the US, Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb software and self-watering in-store displays. The Company currently operates its own state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers, all strategically located near major markets in the U.S. Its proprietary GreenThumb software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. In addition, the Company plans to offer a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products.

Forward-Looking Statements

This press release contains forward-looking statements, including with respect to its growth strategies and performance as a public company. The words “look forward,” “objective,” “plan,” “seek,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including market and other conditions and the Company’s ability to achieve its growth objectives. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law.

Investor Contacts:
Crescendo Communications, LLC
212-671-1020

EDBL@crescendo-ir.com  

FAQ

What recent compliance status change did Edible Garden announce?

Edible Garden announced it regained compliance with Nasdaq's listing requirements on February 10, 2023.

How many stores sell Edible Garden products?

Edible Garden products are offered at over 4,000 stores in the U.S.

What is Edible Garden's focus in agriculture?

Edible Garden specializes in controlled environment agriculture, providing sustainable and locally grown produce.

What plans does Edible Garden have for future growth?

The Company plans to aggressively expand its retail footprint across the United States.

What are the stock symbols for Edible Garden?

The stock symbols for Edible Garden are EDBL and EDBLW.