MeaTech (MITC) Stock Raised By 8% On Monday. What Drove It Higher?

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MRAI Stock
MRAI Stock

At the end of the day on March 29th, 2021, MeaTech 3D (NASDAQ: MITC) ended up with a price change of 8.21% at $9.75. After rising to $9.92 and sinking to $9.29 during the day, MeaTech stock settled in for the price of $9.75. In the long run, the MITC stock ranged from $7.84 to $11.79 in the 52-week period. New developments made by MITC might be the impetus that has driven MITC stock higher.

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What was the development?


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In 2018, MeaTech was founded to provide food processing companies and retailer companies seeking to manufacture protein without killing animal with proprietary biotech processes and 3-D printing technology. Using a proprietary 3D bioprinter, MeaTech creates a 3D structure of meat stacked with differentiated stem cells, scaffolding, and nutrients in a 3D format called clean meat or cultured meat.

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It was announced yesterday that MeaTech’s underwriter has partially exercised an option to buy additional American Depositary Shares in its previously announced initial public offering.

  • The underwriter was able to acquire an additional 294,086 ADSs at an IPO price of $10.30 by using underwriter discounts and commissions.
  • The proceeds from the partial exercise of the shares was about $3.0 million, resulting in just under $28.0 million of gross proceeds from the offering.
  • C. Wainwright & Co. was the sole bookrunner for the offering.
  • Each ADS offered in this offering was by MeaTech.
  • After deducting underwriting discounts and commissions and estimated offering expenses, MeaTech received net proceeds of approximately $24.7 million from the offering.

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Finally,

The net proceeds from this offering will be used to advance MeaTech’s (MITC) goal of developing commercial technologies to manufacture alternative foods. The MITC will be able to acquire companies whose technologies complement and synergize with its own.

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