Edible Garden AG updates Series B preferred stock voting rights to comply with Nasdaq

Edible Garden AG Inc (NASDAQ:EDBL), a micro-cap company with a market capitalization of approximately $7 million and trading near $2.40, announced changes to the voting rights of its Series B Preferred Stock this week, following consultation with the Nasdaq Stock Market. According to InvestingPro data, the stock has experienced significant volatility, trading between $1.80 and $39.50 over the past 52 weeks. The company’s board of directors and Streeterville Capital, LLC—the sole holder of the Series B Preferred Stock—approved an amended and restated certificate of designation on Monday to align the voting rights with Nasdaq listing standards.

Under the updated certificate, the holder of Series B Preferred Stock is entitled to cast votes equal to the lesser of 1,305,483 shares of common stock or 9.99% of Edible Garden’s outstanding common stock, calculated on a fully diluted basis. All classes and series will vote together with the common stock at any meeting of stockholders. This change replaces the prior arrangement, which allowed the Series B Preferred Stock holder to vote up to 9.99% of the outstanding common stock, subject to confirmation with Nasdaq.

The amended certificate was filed with the Secretary of State of Delaware on Monday. The company stated that this administrative update and related conforming changes were the only reasons for the amendment. Other terms of the Series B Preferred Stock remain unchanged from those described in the company’s previous filing on May 14, 2025.

Edible Garden AG’s common stock and warrants are listed on the Nasdaq Stock Market under the symbols EDBL and EDBLW, respectively.

This information is based on a press release statement and the company’s filing with the Securities and Exchange Commission.

In other recent news, Edible Garden AG reported mixed results for the first quarter of 2025. The company saw improvements in gross profit and a reduction in net loss, despite experiencing a decline in revenue. Additionally, Edible Garden has expanded its retail presence in the Northeast, with its products now available in more stores in New York and New Jersey, including Waverly Gourmet Market and Key Food. These new retail partnerships aim to meet the growing consumer demand for sustainably sourced food.

Moreover, Edible Garden entered into an Inducement Letter Agreement with an institutional investor, involving the exercise of existing warrants for cash at a reduced price and the issuance of new five-year warrants. The exercise price for these warrants was reduced from $9.00 to $3.50 per share. These developments reflect the company’s ongoing strategic shifts and operational updates.

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