MeaTech 3D Shares Drop 12% After Direct Offering Prices
Dow Jones
Jun 30, 2022
By Chris Wack
MeaTech 3D Ltd. shares fell 12% to $3.20 after the company said it agreed with a U.S. institutional investor for the purchase and sale of 1.9 million American depositary shares and warrants to buy 1.9 million ADSs at a purchase price per ADS of $3.50, pursuant to a registered direct offering.
The warrants to be issued will have a five-year term, will become exercisable immediately and will have an exercise price of $3.50 an ADS. The closing of the offering is expected on or about Tuesday.
The proceeds from the offering are expected to be $6.5 million.
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