Edible Garden AG Inc (NASDAQ:EDBL), a crop production company, announced on Monday that its stockholders have approved an amendment to its equity incentive plan, increasing the number of shares reserved for issuance and extending the plan's term. At the annual meeting held on August 21, 2024, shareholders voted to increase the share reserve by 650,000 and update the plan's recoupment provisions, aligning them with the company's compensation recovery policy.
Additionally, during the annual meeting, Edible Garden's stockholders elected four directors to serve a one-year term. The directors include James E. Kras, Pamela DonAroma, Mathew McConnell, and Ryan Rogers (NYSE:ROG). The company also received approval from its shareholders to ratify Marcum LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2024.
The approval of the equity plan amendment reflects the company's aim to incentivize and retain its key employees by offering them a stake in the company's future growth. The increase in the number of shares available for issuance under the equity incentive plan suggests a focus on long-term employee compensation strategies.
The company, which is incorporated in Delaware, specializes in agriculture production and operates under the name 08 Industrial Applications and Services. Edible Garden AG Inc's common stock and warrants are traded on The Nasdaq Stock Market under the symbols EDBL and EDBLW respectively.
Edible Gardens reported a robust Q2 in 2024, marked by a significant increase in gross profit and an expansion of distribution channels. Despite a net loss for the quarter, the company is making strategic shifts towards higher-margin businesses and improving its gross margin, which has reached 36.7%.
These shifts include a move away from third-party growers and a focus on expanding their product mix in vitamins and supplements.
New partnerships with major retailers and product launches are setting the stage for expected growth in the latter half of the year.
Edible Gardens' gross profit increased by 157%, driven by a 61% increase in cut herbs and a 30% increase in vitamins and supplements. The company reported a net loss of $1.21 per share for Q2, but showed an improved loss from operations year-over-year by $645,000. Edible Gardens expects significant growth in the second half of the year, particularly in shelf-stable products.
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