Steakholder Foods Regains Compliance With Nasdaq Minimum Bid Price Requirement

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Steakholder Foods (Nasdaq: STKH) announced that it has regained compliance with the Nasdaq minimum bid price requirement after the closing bid price of its American Depositary Shares (ADSs) remained at $1.00 or above for 10 consecutive business days. The company had previously faced non-compliance issues due to the bid price falling below $1.00 for more than 30 consecutive days.

REHOVOT, Israel, April 19, 2024 /PRNewswire/ -- Steakholder Foods Ltd. (Nasdaq: STKH), a pioneer in 3D-printed meat and fish technology and cultivated cell innovation, announced that it has received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq"), informing the Company that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).

The Company had previously announced on October 31, 2023, that it was notified by Nasdaq that it was not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), as the closing bid price of the Company's American Depositary Shares ("ADSs") had been below $1.00 for more than 30 consecutive business days.

On April 18, 2024, Nasdaq provided confirmation to the Company that for the last 10 consecutive business days, from April 4, 2024 to April 17, 2024, the closing bid price of the ADSs was $1.00 or greater, that the Company has hence regained compliance with Listing Rule 5550(a)(2) and that the matter is now closed.

About Steakholder Foods

Steakholder Foods is building the industry-standard machinery, software and printing materials to help accelerate the plant-based and cultivated food industries and bring them to industrial capacity. The company offers its proprietary 3D printers, printing ink formulated from constituent raw materials, operating software, and ongoing services to help manufacturers of all sizes reach the execution of their offerings.

Using its variety of manufacturing technologies and services, Steakholder Foods offers manufacturers the ability to produce plant-based food that closely mimics traditional meat's taste, texture, and appearance— as an alternative to industrialized farming and fishing.

Our expertise lies in creating plant-based meat and seafood products with complex textures, like beef steaks, white fish, shrimp, eel, and more. While our initial focus is on plant-based options, we're developing cultivated cells for seamless integration with an eye on the future.

For more information, please visit: https://steakholderfoods.com

Forward-Looking Statements

This press release contains forward-looking statements concerning Steakholder Foods' business, operations and financial performance and condition as well as plans, objectives, and expectations for Steakholder Foods' business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect Steakholder Foods' current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause Steakholder Foods' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan" or words or phases of similar meaning and include, without limitation, Steakholder Foods' expectations regarding the success of the technologies which it is developing, which may require significant additional work before Steakholder Foods can potentially launch commercial sales; Steakholder Foods' research and development activities associated with printing technologies, including three-dimensional food printing, which involves a lengthy and complex process; Steakholder Foods' ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in Steakholder Foods' Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission on April 4, 2023.  New risks and uncertainties may emerge from time to time, and it is not possible for Steakholder Foods to predict their occurrence or how they will affect Steakholder Foods. If one or more of the factors affecting Steakholder Foods' forward-looking information and statements proves incorrect, then Steakholder Foods' actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, Steakholder Foods cautions you not to place undue reliance on its forward-looking information and statements. Steakholder Foods disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

 

Press Contact:	Investor Contacts:
Maissa Dauriac  Rainier Communications mdauriac@rainierco.com	Steakholder Foods  Investors@steakholderfoods.com

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SOURCE Steakholder Foods Ltd.

FAQ

What did Steakholder Foods announce regarding Nasdaq compliance?

Steakholder Foods announced that it has regained compliance with the Nasdaq minimum bid price requirement.

Why was Steakholder Foods not in compliance with Nasdaq rules previously?

Steakholder Foods was not in compliance with Nasdaq rules previously as the closing bid price of its American Depositary Shares (ADSs) had been below $1.00 for more than 30 consecutive business days.

When did Nasdaq confirm Steakholder Foods' compliance status?

Nasdaq confirmed Steakholder Foods' compliance status on April 18, 2024, after the company's ADSs closed at $1.00 or higher for 10 consecutive business days.