MeaTech 3D, which is developing cultured meat products using proprietary 3D bioprinting technology, raised $25 million by offering 2.4 million ADSs at $10.30, below the as-converted last close of its shares on the TASE (MEAT). The company offered 0.8 million more ADSs than anticipated.
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 plans to list on the Nasdaq under the symbol MITC. H.C. Wainwright acted as a lead manager on the deal.
