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MeaTech 3D Ltd. (NASDAQ: MITC) has filed a provisional patent application for a novel bioprinting method aimed at producing cultured meat. This method offers advanced control over bioink printing, enhancing resolutions for premium meat products. The technology allows faster printing and accommodates a variety of inks, crucial for the company’s goal of large-scale meat production. Currently, MeaTech holds six patent applications related to its innovative manufacturing technologies, positioning itself as a leader in the cultured meat industry.
MeaTech 3D Ltd. (Nasdaq: MITC) plans to establish a pilot plant aimed at scaling up cultured chicken fat production in 2022. This initiative aligns with its goal of producing sustainable cultured foods and enhancing plant-based alternatives. The company acquired technology from its Belgian subsidiary, Peace of Meat, to facilitate this process. The pilot facility will serve as a demonstration site for potential B2B customers, showcasing MeaTech's capabilities in cultured ingredients. Ultimately, the goal is to also develop 3D bioprinting technologies for real meat products.
MeaTech 3D Ltd. (Nasdaq: MITC) announced its decision to voluntarily delist from the Tel Aviv Stock Exchange (TASE), with trading ending on August 3, 2021. The delisting is aimed at enhancing the company's international positioning and focusing investor relations efforts. Shareholders can convert their Ordinary Shares into American Depositary Shares (ADSs), with ten Ordinary Shares equating to one ADS. MeaTech reassures that this transition won't affect the value or tradability of shares. The company initiated operations in 2019, specializing in cultured meat production.
MeaTech 3D Ltd. (Nasdaq: MITC) has reported its financial results for the year ended December 31, 2020. The company's R&D expenses surged to $2.5 million, up from $0.2 million in 2019, with total operating expenses reaching $18.5 million. MeaTech incurred a net loss of $18.5 million, or $0.30 per share, primarily due to public listing expenses. The company completed a $28 million public offering in March 2021 and successfully acquired Belgian firm Peace of Meat for $17.7 million, aiming to diversify its product offerings in cultured meat technologies.
MeaTech 3D Ltd. (Nasdaq: MITC) has announced that its subsidiary, MeaTech Europe, has begun food technology development focused on hybrid foods combining plant and cultured ingredients. This initiative aims to enhance cultured chicken products from its subsidiary, Peace of Meat. Initial efforts will optimize taste, texture, and nutrition, leveraging the potential of cultured chicken fat to improve plant-based offerings. With 2020 plant-based sales in the U.S. reaching $7 billion, the company sees hybrid products as the next evolution in alternative proteins.
Frost & Sullivan has initiated equity research coverage on Enlight, RoboGroup, and MeaTech, providing insights into their market valuations. Enlight reported a 16% revenue increase to NIS 349 million in 2020 and expanded its mature facilities to 2 GW. RoboGroup focuses on STEM education, setting a price target of NIS 7.9. MeaTech, with a recent NASDAQ dual listing, aims to grow in the alternative protein sector with a price target of NIS 3.9 (ADS $11.7).
MeaTech 3D Ltd. (NASDAQ: MITC) announced the partial exercise of an underwriter's option to purchase additional American Depositary Shares (ADSs), resulting in the sale of 294,086 ADSs at $10.30 each. This transaction raised approximately $3 million, increasing total gross proceeds to around $28 million. The net proceeds of approximately $24.7 million will be used to advance technologies for alternative food production and for general corporate purposes. The exercise adds to the company's ongoing development of 3D bioprinting for cultured meat.
MeaTech 3D Ltd. (NasdaqCM: MITC) has successfully closed its initial public offering, raising approximately $25.0 million from the sale of 2,427,185 American Depositary Shares at a price of $10.30 per ADS. The net proceeds amount to about $21.9 million, which will be utilized to advance technologies for alternative food manufacturing and potential acquisitions. The offering was conducted by H.C. Wainwright & Co., and the ADSs commenced trading on March 12, 2021. This capital aims to support MeaTech's innovative process in producing 'clean meat' without animal slaughter.
MeaTech has priced its initial public offering of 2,427,185 American Depositary Shares (ADSs) at $10.30 each, aiming for gross proceeds of approximately $25.0 million. The company plans to use net proceeds, expected to be around $21.9 million, to advance its technology for manufacturing alternative proteins and for general corporate purposes. The shares are set to list on the Nasdaq Capital Market under the ticker symbol 'MITC'. The closing of the offering is anticipated on or about March 16, 2021.