REHOVOT, Israel, March 27,
2023 /PRNewswire/ -- Steakholder Foods Ltd. (NASDAQ:
STKH), an international deep-tech food company at the forefront of
the cultivated meat industry, today announced that it has received
a letter from the Nasdaq Listing Qualifications, indicating that
the Company is not in compliance with the minimum bid price
requirement for continued listing set forth in Listing Rule
5550(a)(2), which requires listed securities to maintain a minimum
bid price of $1.00 per share.
The letter, which has no immediate effect on the Company's
Nasdaq listing or the trading of its American Depositary Shares
(ADSs), states that the Company has a compliance period of 180
calendar days (until September 18,
2023) to regain compliance with the minimum bid price
requirement. The Company can regain compliance if, at any time
during this 180-day period, the closing bid price of its ordinary
shares is at least $1.00 for a minimum of ten consecutive
business days, in which case the Company will be provided with a
written confirmation of compliance and this matter will be
closed.
The Company intends to monitor the closing bid price of its ADSs
to allow a reasonable period for the price to rebound from its
recent decline, while also considering its available options to
regain compliance, including changing the ratio between its ADSs
and ordinary shares.
In the event the Company does not regain compliance after the
initial 180-day period, the Company may then be eligible for an
additional time if it meets the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market, with the exception of the
bid price requirement, and will need to provide written notice of
its intention to cure the deficiency during the second compliance
period. If the Company cannot demonstrate compliance by the end of
the 180-day period, the Nasdaq's staff will notify the Company that
its ordinary shares are subject to delisting.
During the grace period, as may be extended, the ADS will
continue to trade on the Nasdaq Capital Market under the symbol
"STKH".
About Steakholder Foods
Steakholder Foods Ltd., formerly MeaTech 3D Ltd., is an
international deep-tech food company at the forefront of the
cultured meat revolution. The company initiated activities in 2019
and is listed on the Nasdaq Capital Market under the ticker "STKH"
(formerly MITC). Steakholder Foods maintains facilities in Rehovot,
Israel and Antwerp, Belgium and has recently expanded
activities to the US.
The company is developing a slaughter-free solution for
producing a variety of beef, chicken, pork, and seafood products —
both as raw materials and whole cuts — as an alternative to
industrialized farming and fishing. With its membership in the UN
Global Compact, Steakholder Foods is committed to act in support of
issues embodied in the United Nations Sustainable Development Goals
(SDGs) which include strengthening food security, decreasing carbon
footprint, and conserving water and land resources.
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 its cultured meat manufacturing technologies it is developing,
which will require significant additional work before Steakholder
Foods can potentially launch commercial sales; Steakholder Foods'
research and development activities associated with technologies
for cultured meat manufacturing, including three-dimensional meat
production, 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, 2021, filed with the Securities and
Exchange Commission on March 24,
2022. 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:
Maissa Dauriac
Rainier Communications
mdauriac@rainierco.com
Investor Contacts:
Mor Glotter-Nov
Steakholder Foods
Investors@steakholderfoods.com
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SOURCE Steakholder Foods Ltd.