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Steakholder Foods, an international deep-tech, cell-based meat company, has entered into a definitive agreement for the purchase and sale in a registered direct offering of $6 million of its American Depositary Shares (ADSs).

ADS refers to shares in foreign companies that are held by US depositary banks and can be traded in the US, including on major exchanges. The company has also agreed to issue in a concurrent private placement unregistered warrants to purchase up to an aggregate of $6 million ADSs.

The warrants will have an exercise price of $1.10 per ADS and will expire three and a half years from the date of issuance.

Steakholder Foods is offering and selling the ADSs in a registered direct offering pursuant to a ‘shelf’ registration statement on Form-3 that was originally filed with the Securities and Exchange Commission (SEC) on 4 April 2022 and declared effective on 13 April 2022. An SEC Form-3 filing is typically utilised when a company wants to raise capital, often as a secondary offering after an initial public offering has already occurred.

The news follows Steakholder Foods’ announcement that it had entered into a Memorandum of Agreement for Strategic Cooperation with a GCC-based governmental body to commercialise its 3D bio-printing technology.

Steakholder Foods announces $6m direct offering

Gwen Jones

7 August 2023

Steakholder Foods announces $6m direct offering

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