Le Lézard
Classified in: Health, Science and technology
Subject: OFR

MeaTech Announces Commencement of its Proposed U.S. Initial Public Offering of American Depositary Shares and Nasdaq Listing

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

SOURCE MeaTech 3D Ltd.

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