Edible Garden AG Inc. (EDBL), a prominent figure in the realm of controlled environment agriculture and sustainable, locally cultivated organic produce, has executed a non-binding letter of intent (LOI) with the aim of acquiring Narayan and its subsidiaries. Narayan Group is recognized for its production of organic coconut and superfood products.
According to the LOI, Edible Garden plans to issue shares of its common stock to the shareholders of Narayan in exchange for acquiring 100% of Narayan's share capital. Upon the transaction's closure, it is anticipated that the majority of Edible Garden's fully diluted outstanding shares will be allocated to Narayan's shareholders.
As this prospective transaction unfolds, Narayan's shareholders or their affiliates will appoint a majority of the members on Edible Garden's board of directors. Jim Kras will continue to serve as Chairman and CEO of Edible Garden, while Mario Brumat, currently the President of Narayan, will maintain his role in overseeing European operations and will also join the Edible Garden board of directors.
Currently, EDBL is trading on the Nasdaq at $0.24, reflecting a decrease of 20.81%, or $0.063.
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