Israeli cultivated meat co Meat-Tech files for Nasdaq IPO

Nasdaq Photo: Reuters

The TASE-traded company, which is developing laboratory cultured meat and proprietary 3D bio-printing technology, plans to raise $29 million.

Israeli cultivated meat company Meat-Tech (TASE: MEAT) has filed a prospectus with the US Securities and Exchange Commission (SEC) to raise $29 million on Nasdaq. The company's share price rose 13% on the TASE today to give a market cap of NIS 422 million ($130 million). Meat-Tech plans issuing American Depository Shares (ADS) but has yet to decide how many and at what price. Meat-Tech held its TASE IPO in late 2019 and since then its share price has more than doubled.

Meat-Tech is developing culture meat technology, which is developed in the laboratory without the need for breeding and slaughtering livestock. The meat is produced using proprietary 3D bio-printing technology.

Based in Ness Ziona near Rehovot, the company was founded by CEO Sharon Fima, who was previously founder and CTO of electronic components 3D company Nano Dimension (Nasdaq: NNDM), which has a market cap of $3.4 billion, after raising $1.5 billion over the past six months.

Meat-Tech has raised NIS 60 million to date and investors include Rami Levy.

Meat-Tech has not revenue yet and products are expected to be in the stores in 2022.

Published by Globes, Israel business news - - on February 21, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Nasdaq Photo: Reuters
Nasdaq Photo: Reuters
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