Mitech 3D Ltd. (NYSE: MITK), an international food manufacturing company producing edible meat products that develops the next generation of food products based on three-dimensional digital printing technology, reports the completion of a public offering (IPO) pricing on the NASDAQ at $ 1.3. US per share.
As part of the offering, the Company will issue to the public 2,427,185 American Depositary Shares (ADS) securities at a price of US $ 10.30 per ADS, which constitutes ten ordinary shares of the Company, without options. The expected consideration in the issue is approximately $ 25 million. And other expenses related to the offering, is expected to total about $ 21.9 million.
Mitech won the support of the American investing public by completing the total planned raising and in addition the company granted the underwriter, HC Wainwright & Co., the right to over-allocate up to an additional 364,077 ADS for 30 days. Assuming the exercise of this right in full, the scope of the raising will amount to approximately $ 28.75 million gross and approximately $ 25.4 million net.
Trading on ADS began on NASDAQ on March 12, 2021 under the symbol “MITC”, and as a result, MITEC became the first company in the field of cultured meat whose securities are listed for trading on NASDAQ. The company sees the success of the IPO and listing on NASDAQ as an opportunity to advance its operations worldwide, and in the United States in particular. As is customary in the US, the completion of the offering is expected to take place on or before March 16, 2021.
It should be noted that on the eve of the completion of the pricing, the warrants for the shares were exercised, including by the Chairman of the Company’s Board of Directors, Mr. Stephen Van, who exercised one million warrants for a total consideration of approximately NIS 3.4 million. In addition, the conditions for the completion of an additional investment of approximately NIS 4.1 million by a group of investors led by Rami Levy Sycamore Marketing Ltd. have matured.
Mitech is gaining increasing resonance and significant demand in light of the fact that the company operates in three growing sectors: food-tech, 3D printing, and renewable and clean energy (cleantech). Mitech works to create synergy between the various sectors and to create added value for the food market in the advanced production of cultured meat, while improving animal welfare and meeting the growing global demand for meat.
Mitech intends to continue its activities in the field of research and development, integrating the subsidiary after the completion of the acquisition process – the first of its kind to take place in the civilized meat world and continuing to characterize advanced synergistic companies for future acquisitions.
Sharon Pima CEO of the company:
“The completion of the IPO process gives the company additional capabilities to fulfill the strategic plan to become a world leader in civilized meat. The recruitment gives Mitech the ability to accelerate technological development as well as target companies for possible future acquisitions.”