Edible Garden Signs LOI To Acquire Narayan

(RTTNews) - Edible Garden AG Incorporated (EDBL), a leader in controlled environment agriculture and sustainable, locally grown organic produce, has signed a non-binding letter of intent (LOI) to acquire Narayan and its subsidiaries.

Narayan Group is a well-known producer of organic coconut and superfood products.

Under the terms of the LOI, Edible Garden will issue shares of its common stock to the shareholders of Narayan in exchange for 100% of the share capital of the company. Once the transaction closes, it is expected that a majority of Edible Garden's fully diluted outstanding shares will be issued to the Narayan shareholders.

As part of the proposed deal, the Narayan shareholders or their affiliates will designate a majority of Edible Garden's board of directors. Jim Kras will remain Chairman and CEO of Edible Garden, while Mario Brumat, the current President of Narayan, will continue overseeing European operations and will also join the Edible Garden board of directors.

EDBL is currently trading at $0.24 down 20.81 percent or $0.063 on the Nasdaq.