Belvidere-based Edible Garden said it acquired some assets of a sustainable aquaculture company from NaturalShrimp Farms in exchange for $12 million of a new class of preferred stock.
The deal will also see an affiliate of NaturalShrimp purchase $3.5 million of Edible Garden’s preferred stock for cash, with $3 million being funded immediately.
As part of the acquisition, Edible Garden will gain two patents for environmentally friendly water-treatment technologies and a fully operational shrimp-farming facility, the company said.
“This acquisition marks another exciting milestone in Edible Garden’s evolution as a leader in sustainable agriculture,” Jim Kras, chief executive officer of Edible Garden said. “By purchasing the assets of NaturalShrimp, we are not only gaining a highly innovative, sustainable aquaculture facility, but also acquiring patented water treatment technologies that can be deployed across our greenhouse operations. These innovations have the potential to optimize water use and reduce environmental impact—benefiting both our operations and the planet. It is a strategic fit that builds on everything we have been doing, from nanobubble research to our work with the EPA and FDA and now positions us to expand our R&D capabilities and potentially enhance our nutraceutical product development.”
Edible Garden also said the deal is expected to support multiple strategic initiatives, including expanded research and development and warehousing. In addition, the company said it intends to integrate the patented water-treatment technology across existing controlled environment agriculture operations.
