Israeli producer of meat substitute goes live on Nasdaq

Israeli cultured meat company MeaTech 3D Ltd. (Nasdaq: MITC; TASE: MITC) has set the price for its initial public offering on Nasdaq and raises $ 22 million. The amount will rise to $ 25.4 million if the underwriter exercises his options. MeaTech is offering 2,427,185 American Depositary Shares at a price of $ 10.30 per share for net proceeds of $ 21.9 million. MeaTech, the first laboratory-raised meat company listed on the Nasdaq, is developing proprietary 3D printing technology, biotechnology, and customizable manufacturing processes for food processing and grocery retailers who want to make proteins without the need to slaughter animals. H.C. Wainwright & Co. is acting as the sole book-running manager for the offering. MeaTech will use the net proceeds from this issue to advance its program to develop commercial alternative food technologies, including possible acquisitions of other companies whose technologies are complementary or synergistic, and for general corporate purposes, including working capital requirements.