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MeaTech 3D Shares Slide On $6.5M Equity Offering

Author: Shivani Kumaresan | June 30, 2022 11:42am

MeaTech 3D Ltd (NASDAQ:MITC) has entered into a definitive agreement with a single U.S. institutional investor for an offering of 1.9 million ADSs and warrants to purchase the shares at a purchase price of $3.50 per ADS.
The warrants to be issued will have a five-year term and become exercisable immediately.
The company expects the gross proceeds from the offering to be approximately $6.5 million. It intends to use the net proceeds for general corporate purposes.
The closing of the offering is expected to occur on or about July 5, 2022
Price Action: MITC shares are trading lower by 8.59% at $3.30 on the last check Thursday.

Posted In: MITC