MeaTech 3D Initiates Process to Voluntarily Delist its Ordinary Shares from the Tel Aviv Stock Exchange
MeaTech 3D Ltd. (Nasdaq: MITC) announced its decision to voluntarily delist from the Tel Aviv Stock Exchange (TASE), with trading ending on August 3, 2021. The delisting is aimed at enhancing the company's international positioning and focusing investor relations efforts. Shareholders can convert their Ordinary Shares into American Depositary Shares (ADSs), with ten Ordinary Shares equating to one ADS. MeaTech reassures that this transition won't affect the value or tradability of shares. The company initiated operations in 2019, specializing in cultured meat production.
- Voluntary delisting from TASE positions company for international growth.
- Shareholders can convert shares with no conversion fees for 90 days.
- No anticipated negative impact on share value or tradability.
- Delisting may lead to decreased local market visibility among investors.
NESS ZIONA, Israel, May 3, 2021 /PRNewswire/ -- MeaTech 3D Ltd. ("MeaTech") (Nasdaq: MITC) (TASE: MITC), a technology company focused on developing cultured meat production capabilities including its proprietary three-dimensional printing technology, biotechnology processes, and customizable manufacturing processes for slaughter-free real meat manufacturing, today announced that it is initiating a process to voluntarily delist its ordinary shares, no par value (the "Ordinary Shares"), from the Tel Aviv Stock Exchange Ltd. (the "TASE").
In accordance with applicable Israeli law and the rules of the TASE, the last day the Ordinary Shares will trade on the TASE will be August 3, 2021, and the Ordinary Shares will be delisted from the TASE on August 5, 2021. Until the last day of trading on the TASE, shareholders will be able to continue to buy and sell Ordinary Shares in the same manner as has been the case to date, by issuing buy or sell orders to the banks or brokers that hold the Ordinary Shares for the shareholders. Meat-Tech's American Depositary Shares (the "ADSs"), each representing ten Ordinary Shares, will continue to be traded on the Nasdaq Capital Market ("Nasdaq") under the symbol "MITC."
The decision to delist from the TASE was taken as MeaTech's board of directors and management believe it will help position the MeaTech group of companies internationally, allow MeaTech to focus its investor and public relations efforts, and maximize MeaTech's potential.
MeaTech does not anticipate any change or damage to the value of holdings or tradeability of the Ordinary Shares as a result of the conversion into ADSs or from the transfer of the value into U.S. dollars. Every ten Ordinary Shares shall be converted into one ADS.
MeaTech urges all holders of Ordinary Shares that are traded on the TASE to convert their Ordinary Shares by the date of delisting from the TASE, and to contact their banks or brokers with any questions about the conversion process. MeaTech will pay directly to the Israeli banks and brokers their fees for all shareholders who convert Ordinary Shares into ADSs on the date of delisting from the TASE. In addition, until 90 days from the date of this announcement, shareholders who convert their Ordinary Shares into ADSs will not be required to pay any conversion fees to the depositary, the Bank of New York Mellon.
About MeaTech
MeaTech 3D commenced activities in 2019, with the aim of developing and scaling cultured meat production capabilities. To realize its vision of sustainably producing slaughter-free real meat, MeaTech 3D is developing proprietary three-dimensional bioprinting technology, biotechnology processes, and customizable manufacturing processes as well as pursuing synergistic acquisitions to accelerate development. The Company's ADSs are listed on the Nasdaq Capital Market under the ticker symbol "MITC". Its ordinary shares are traded on the Tel Aviv Stock Exchange under the ticker symbol "MITC."
For more information, please visit https://meatech3d.com/.
Forward-Looking Statements
This press release contains forward-looking statements, including with respect to the delisting of MeaTech's ordinary shares from the Tel Aviv Stock Exchange. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including market and other conditions. MeaTech undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law.
MeaTech Press Contact: | MeaTech Investor Contacts: | |
Alan Rainier
| Megan Paul
| Ehud Helft
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SOURCE MeaTech 3D Ltd.
FAQ
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