Edible Garden Stock Higher on Regained Nasdaq Compliance

Edible Garden (EDBL) shares traded 43.4% higher to $5.42 Monday morning after the company announced it has regained compliance with Nasdaq’s minimum bid price requirement.

We are pleased to have regained compliance with the bid price requirement of Nasdaq. Maintaining our Nasdaq listing is of the utmost importance to the Company given the credibility and visibility that it provides, and we view it as essential in our ongoing activities to enhance shareholder value and position the Company for long-term success. 

Mr. Jim Kras, Chief Executive Officer of Edible Garden

The minimum bid price rule states that for a company’s stock to be listed on the Nasdaq, the price of the stock must not fall below $1.00 per share. If the stock’s bid price drops below $1.00 and stays there for too long, typically 30 consecutive business days, the company risks being delisted from the Nasdaq exchange.

This rule is in place to maintain a certain standard of quality and credibility among companies listed on the exchange. To regain compliance, the stock’s bid price must close at $1.00 or higher for a minimum of ten consecutive business days.

Edible Garden effected a 1-for-20 reverse stock split on April 5, 2024 in order to meet the minimum bid price requirements.

The stock has a 52-week high of $89.59 and a 52-week low of $3.7. The stock saw a notable increase in volume following the announcement.