The 3D-printed meat producer could raise $25.4 million if the underwriter exercises its options
MeaTech 3D, an Israeli company developing alternative meats using a 3D-printing manufacturing process, has entered Nasdaq, raising $22 million via an initial public offering. The company’s shares are traded under the symbol MITC. The amount could rise to $25.4 million if the underwriter exercises its options.
In detail, the IPO saw MeaTech offer 2,427,185 American Depositary Shares at $10.30 a share.
Sharon Fima and Omri Shanin co-founded MeaTech in 2018, and it’s currently traded on the Tel Aviv Stock Exchange under the ticker symbol MEAT.TA.
Fima previously founded Nano Dimension, a company that created a desktop 3D printing system for multiple layers PBCs. At MeaTech, he is leading the development of a novel, proprietary three-dimensional bioprinter to deposit layers of differentiated stem cells, scaffolding, and cell nutrients in a three-dimensional form of structured cultured meat.
MeaTech completed a trial for its new 3D-printed meat product in August last year and it has been gearing up the business at a steady pace ever since.
It acquired Belgian cell-based fat producer Peace of Meat in December, in a deal worth €15 million in a combination of cash and MeaTech ordinary shares.
The strategic acquisition was timely planned as MeaTech 3D expects the first hybrid products based on Peace of Meat technology to hit the market by 2022.
MeaTech said it will use the Nasdaq IPO’s net proceeds to support the development of its commercial technologies to manufacture alternative meats, including potential acquisitions of other companies with complementary technologies or synergistic to its own. The funds will also be used general corporate purposes, including working capital requirements.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
Date published: 15 March 2021