MeaTech 3D, which is developing cultured meat products using proprietary 3D bioprinting technology, announced terms for its IPO on Friday.
The Ness Ziona, Israel-based company plans to raise $25 million by offering 1.7 million ADSs at $15.10, the as-converted March 2, 2021 close of its shares on the TASE (MEAT). At the proposed price, MeaTech 3D would command a fully diluted market value of $175 million.
Meat-Tech 3D is focused on developing and out-licensing its proprietary three-dimensional printing technology, biotechnology processes, and customizable manufacturing processes to food processing and food retail companies seeking to manufacture proteins without the need for animal slaughter. It is initially focused on developing cultured meat steak technology. In the 3Q20, the company successfully printed a uniform, thin, slaughter-free meat tissue from stem cells. Meat-Tech has not generated any revenues since the inception of its cultured meat operations and does not expect to generate any revenue from its operations in the near term.
MeaTech 3D was founded in 2018 and plans to list on the Nasdaq under the symbol MITC. H.C. Wainwright is the sole bookrunner on the deal. It is expected to price during the week of March 8, 2021.
