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 – en.globes.co.il – on February 21, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021
Nasdaq Photo: Reuters