Newly public Edible Garden (EDBL) stock fell 14% Thursday afternoon, with shares trading 63% below their initial public offering price.
Shares of the vertical hydroponic farming company opened at $2.05, later hitting a high of $2.14 in mid-morning and then a low of $1.81 in early afternoon. The stock recently changed hands at $1.85, down 14%, at around 3:25 p.m. ET.
Edible Garden held its initial public offering on May 5, offering 2.93M shares plus accompanying warrants for $5 per combination. Each combination consisted of one share plus one warrant to buy one share at the public price. The deal raised around $14.7M.
The company grows herbs and vegetables using traditional, vertical and hydroponic greenhouses. Produce is sold under the Edible Garden brand at grocery stores such as Walmart, Kroger and Target.
Edible Garden is a successor to a wholly-owned subsidiary of cannabis grower Unrivaled Brands (OTCQX:UNRV), formerly known as Terra Tech.