Why Edible Garden (EDBL) Shares Are Nosediving

Edible Garden AG Inc (NASDAQ:EDBL) shares are trading lower by 28% to $0.93 Thursday morning after the company priced its $3.0 million underwritten public offering.

Edible Garden has also granted the underwriters an option to purchase an additional 405,108 shares of common stock and/or additional warrants to purchase up to 405,108 shares of common stock, to cover over-allotments, if any.

The offering is expected to close on or about September 8, subject to customary closing conditions.

According to data from Benzinga Pro, EDBL has a 52-week high of $29.70 and a 52-week low of $0.77.