Israeli cultured meat co MeaTech raises $22m on Nasdaq

Nasdaq Photo: Reuters

MeaTech has become the first lab-grown meat company listed on Wall Street.

Israeli cultured meat company MeaTech 3D Ltd. (Nasdaq: MITC; TASE: MITC) has priced its initial public offering on Nasdaq and is raising $22 million. The amount will rise to $25.4 million if the underwriter exercises its options. MeaTech is offering of 2,427,185 American Depositary Shares at $10.30 per share for net proceeds of $21.9 million.

MeaTech, which will become the first lab grown meat company traded on Nasdaq, is developing proprietary 3D printing technology, biotechnology processes and customizable manufacturing processes for food processing and food retail companies seeking to manufacture proteins without the need for animal slaughter.

H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.

MeaTech will use the net proceeds from this offering to advance its program to develop commercial technologies to manufacture alternative foods, including potential acquisitions of other companies, whose technologies are complementary or synergistic to its own, and for general corporate purposes, including working capital requirements.

Published by Globes, Israel business news - en.globes.co.il - on March 14, 2021

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

Nasdaq Photo: Reuters
Nasdaq Photo: Reuters
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