Steakholder Foods receives grant for 3D printed eel, announces public offering

Rehovot, Israel-based Steakholder Foods announced on 6 January, 2022, it is launching an underwritten public offering of 6,500,000 shares at a price of USD 1.00 (EUR 0.94), to raise gross proceeds of USD 6.5 million (EUR 6.1 million).

The warrants to be issued by the cell-cultured seafood company will have a five-year term duration. The company also granted a 45-day option to purchase up to an additional 975,000 shares. The closing of the offering is expected to be around 10 January, 2022. Steakholder Foods said it will utilize the net proceeds from this offering for general corporate purposes.

The announcement of the public offering came soon after the company received its first grant to progress toward developing its 3D-printed structured eel and grouper products, in cooperation with Singapore-based Umami Meats.

"Industry collaborations are a critical aspect of our long-term business strategy. Our partnership with Umami Meats is especially meaningful following our recent patent application for fish texture and because it is being supported by a joint Israeli/Singaporean government initiative of which we are very proud to be a part,” Steakholder Foods Vice President of Business Development Yair Ayalon.

The project will be funded by a grant from the Singapore Israel Industrial R&D Foundation (SIIRD).

Its first prototype of the product is expected by Q1 2023, and will be printed with Steakholder Foods’ proprietary 3D bio-printing technology and bio-links that will be customized for the cells.

"We are thrilled to be combining our deep knowledge and experience in cultivated seafood with Steakholder Foods' innovative 3D bio-printing technology. We believe this partnership will help us advance our vision of a new, more sustainable food system for preserving our marine ecosystems while delivering exceptional, high-quality seafood to meet growing consumer demand," Umami Meats CEO and Founder Mihir Pershad said.

Photo courtesy of Steakholder Foods