At last check, MeaTech 3D Ltd. (NASDAQ: MITC) shares were trading at $7.65, down -6.36%. MeaTech stock closed Monday’s session at $8.17, down -5.22%. The MITC stock volume was 49814.0 shares, which was below the average daily volume for the last 50 days of 171,471 shares.
There are 12.31 million shares outstanding of MeaTech stock with a current market value of $100.53 million. MITC stock has been receiving losses on its decision to leave the stock exchange of its native country.
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What the decision was?
In 2019, MeaTech began its activities in order to develop and scale production of cultured meat. MITC is developing proprietary bioprinting technology, biotech processes, and customized manufacturing processes to realize its vision of producing sustainable slaughter-free real meat, as well as pursuing synergistic acquisitions that will accelerate its development.
A procedure to delist MeaTechs ordinary shares is now underway, which will result in the shares being delisted from the Tel Aviv Stock Exchange Ltd., announced MITC in a statement today.
- Based on current Israeli law and the TASE’s rules, the Ordinary Shares of MITC will cease trading on the TASE on August 3, 2021, and are being de-listed on August 5, 2021.
- MITC shareholders will continue to trade Ordinary Shares in the same way they have been doing so till now, through issuing buy-or-sell orders to their banks or brokers who hold the Ordinary Shares for them.
- On the Nasdaq Capital Market, MeaTech’s American Depositary Shares will continue to be listed under the symbol “MITC,” each representing ten ordinary shares of the company.
Why delisting?
The MeaTech (MITC) board and management decided to delist from the TASE so as to position the MeaTech group of companies internationally, work on strengthening investor relations, and maximize MITC’s potential.