Steakholder Foods Ltd. American Depositary Shares - STKH STOCK NEWS

Steakholder Foods has achieved a major milestone by successfully 3D bio-printing the world's first ready-to-cook cultivated grouper fish fillet. This innovation, developed in collaboration with Umami Meats, utilized customized bio-inks made from grouper cells. The company aims to commercialize its 3D bioprinting technology to create sustainable seafood products and plans to expand collaborations for producing various fish species. The grouper fish product mimics the texture and flavor of traditionally caught fish, representing a significant advancement in the cultivated meat industry. The seafood market is projected to reach $110 billion, with a growth rate of 3-4% annually, highlighting the potential for sustainable alternatives.

Steakholder Foods Ltd. (Nasdaq: STKH) hosted Israeli Prime Minister Benjamin Netanyahu on April 20, 2023, showcasing innovations in cultivated meat and 3D bio-printing technology. During the visit, Netanyahu tasted 3D-printed cultivated meat and fish, marking his role as the first Prime Minister to experience such products. The event featured a demonstration of Steakholder's industrial-scale 3D printer and a roundtable discussion with industry leaders, government officials, and investors, emphasizing Israel's leadership in foodtech. Prime Minister Netanyahu praised the advancements, calling it a global revolution in food production. CEO Arik Kaufman highlighted the significance of the visit for the future of food technology.

Steakholder Foods Ltd. (Nasdaq: STKH) announced its annual business update, showcasing significant progress in 2022 marked by collaborations, funding, and technological advancements. The company raised $13 million through public offerings and received a $1 million grant, while also establishing a strategic partnership with Wilk Technologies. Major milestones included the launch of Omakase Beef Morsels and advancements in 3D bio-printing technology. However, financial results reflected challenges, with a net loss of $30.8 million and cash reserves declining to $6.4 million. The closure of its subsidiary Peace of Meat is expected to reduce annual expenses by $4.5 million.

Steakholder Foods Ltd. (NASDAQ: STKH) announced the closure of its subsidiary, Peace of Meat BV, to optimize funds and focus on its core 3D printing technology for cultivated meat. Following an autonomous management period, the decision was made to cease operations at PoM due to an unfavorable expected return on investment. This move is anticipated to reduce annual expenses by approximately $4.5 million compared to 2022. Steakholder Foods aims to enhance its market strategies and partnerships while continuing the development of cultivated avian products, though no timeline for this has been specified.

Steakholder Foods Ltd. (Nasdaq: STKH), a leading company in the cultivated meat sector, announced on April 3, 2023, its participation in a strategic investment round for Wilk Technologies Ltd. (TASE: WILK). The investment involves purchasing ordinary shares of Wilk for $450,000, allowing Steakholder to acquire a 2.5% stake at a 15% discount below the 45-day average closing price.

CEO Arik Kaufman highlighted the collaboration's potential to enhance sustainable food solutions and contribute to the Food-Tech ecosystem. Wilk develops cultured milk technologies, aligning with Steakholder's mission to innovate in food production.

Steakholder Foods Ltd. (NASDAQ: STKH) has received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement of $1.00 per share, as per Listing Rule 5550(a)(2). This notification does not affect the company's current listing or trading of its American Depositary Shares (ADSs). The company has a 180-day compliance period ending on September 18, 2023, to meet this requirement, which can be achieved by maintaining a closing bid price of at least $1.00 for ten consecutive business days. If compliance is not regained, the company may face potential delisting.

Steakholder Foods Ltd. (Nasdaq: STKH) has announced a strategic restructuring of its subsidiary, Peace of Meat (PoM), aimed at launching a cultivated avian product in Singapore. The restructuring focuses on three pillars: regulatory submissions, with an application to the Singapore Food Agency by the end of 2023; production, by engaging third parties to scale up production; and efficiency, by streamlining the team to reduce overhead costs. The initiative aims to enhance productivity and improve market penetration in Singapore, the first country to approve cultivated meat for consumption.

Steakholder Foods announced the promotion of Eitan Noah from VP Finance to CFO, effective March 23, 2023, following the resignation of Guy Hefer for personal reasons. Mr. Noah has been with Steakholder since January 2021, demonstrating a solid understanding of the company's operations and strategic goals. He has a background in finance, previously serving at Inception XR and Fluence Corp. Hefer expressed confidence in Noah's capabilities and highlighted the company's growth in the cultivated meat sector, being a leader listed on the Nasdaq under the ticker STKH. Steakholder's commitment to sustainable practices remains a core focus.

Steakholder Foods Ltd. (Nasdaq: STKH) has received a patent approval in Canada for the physical manipulation of cultured muscle tissue, enhancing its efforts in the cultivated meat industry. This technology, already patented in the US, Australia, and New Zealand, is crucial for developing high-quality, complex-structured meat products. The company's CTO, Dan Kozlovski, highlighted that this advancement mimics natural muscle development, vital for consumer preference. This patent marks a significant milestone in strengthening Steakholder Foods' intellectual property portfolio and reducing reliance on traditional farming.