NESS ZIONA, Israel, March 7,
2021 /PRNewswire/ -- MeaTech 3D Ltd. ("MeaTech"), a
technology company 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, today announced
that it has commenced the marketing of its proposed U.S. initial
public offering of 1,655,630 American Depositary Shares ("ADSs"),
each representing 10 of its ordinary shares, to the
public, at an assumed initial public offering price of $15.10 per ADS, which is based on the last
reported sale price of MeaTech's ordinary shares on the Tel Aviv
Stock Exchange of NIS 4.965, or
$1.51, per share on March 2, 2021. MeaTech also
intends to grant the underwriter a 30-day
option to purchase up to additional 248,345 ADSs.
MeaTech has applied to list its ADSs on the Nasdaq Capital
Market under the symbol "MITC." MeaTech's ordinary shares are
listed on the Tel Aviv Stock Exchange under the symbol "MEAT."
H.C. Wainwright & Co. is acting as the sole book-running
manager for the initial public offering.
MeaTech expects to receive net proceeds from this offering of
approximately $21.9 million, or
approximately $25.4 million if the
underwriter exercises its option to purchase additional ADSs in
full, after deducting underwriting discounts and commissions and
estimated offering expenses payable by MeaTech. MeaTech intends to
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.
The proposed initial public offering is subject to market and
other conditions, and there can be no assurance as to whether or
when the offering may be completed. The final initial public
offering price and the final number of ADSs to be sold in the
proposed initial public offering, will be determined through
negotiations between the Company and H.C. Wainwright & Co.
The proposed initial
public offering will be made only by means of a prospectus,
forming a part of an effective registration
statement. Copies of the preliminary prospectus
relating to the offering may be obtained for free by visiting the SEC's website
at www.sec.gov. Alternatively, electronic copies of the preliminary
prospectus, when available, may be obtained from H.C. Wainwright
& Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646)
975-6996, or by email to placements@hcwco.com.
A registration statement relating to these securities has been filed with the SEC but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities law of any
such state or jurisdiction.
About MeaTech
MeaTech (TASE: MEAT) was founded in 2018 with the aim of
developing 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. MeaTech is
developing 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,
often called "clean meat" or "cultured meat."
Forward-Looking Statements
This press release contains forward-looking statements,
including with respect to the expected closing of MeaTech's
proposed U.S. initial public offering. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions, including market and other conditions and that the
conditions to the closing of the initial public offering may not be
satisfied. MeaTech undertakes no obligation to update any such
forward-looking statements after the date hereof to conform to
actual results or changes in expectations, except as required by
law.
For more information, please contact:
Rainier Communications
Alan Ryan
Email: alanryan@rainierco.com
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SOURCE MeaTech 3D Ltd.