The Edible Garden AG Incorporated (NASD: EDBL) stock is experiencing a significant surge today, climbing 16.02% to reach a trading price of $12.53 at the latest check. The remarkable rise can be attributed to the recent stock split that the company underwent, boosting investor confidence and driving up demand for the stock.
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EDBL’s stock split: how did it work?
The common stock of Edible Garden (EDBL) was split 1-for-30 last week in a reverse stock split. Stockholders of Edible Garden approved a reverse stock split at a special meeting held on January 24, 2023 that had a range of 1-for-25 to 1-for-75 shares. The reverse stock split was effective on Thursday, January 26, 2023.
Additionally, EDBL stockholders gave the board of directors authority to determine a split ratio within such a range, which was later set at one-for-30. Based on exercise prices and the number of shares being issued, all outstanding warrants and equity awards were adjusted proportionately.
An expansion move by EDBL:
Edible Garden will be able to sell its produce and products at all of Morton Williams Supermarkets’ locations throughout the New York Metropolitan area as part of its initial agreement with Morton Williams Supermarkets. EDBL has expanded its distribution network in the region by partnering with Morton Williams Supermarkets and their 16 locations as a result of this collaboration.
In the New York Metropolitan area, Edible Garden has forged strong relationships with many leading retailers. Additionally, EDBL will leverage its extensive knowledge of the region to optimize the product mix for each of Morton Williams’ retail outlets.
EDBL had a successful holiday season:
Last month, Edible Garden (EDBL) announced that its order fulfillment rates exceeded industry averages, which contributed to a smooth holiday season. EDBL reported that they had a successful holiday season in 2022 thanks to the order fulfillment rate (“fill rate”) across all their retailers and distribution partners. Overall, EDBL’s fill rate exceeded industry averages. At one of the nation’s largest supercenter operators, EDBL achieved a fill rate of more than 100%, further strengthening its relationship with that operator.
