MeaTech's shares down as offers $6.5m worth of ADS

Shares in MeaTech were down 8.9 per cent to $3.26; shares in Oatly were down 8.9 per cent to $3.64 while shares in DoorDash were down nine per cent to $67.95.

Shares in MeaTech were down 8.9 per cent to $3.26 in the week ending July 1, according to the Future Food Finance

MeaTech’s share price fall came in the week it offered $6.5m worth of American Depositary Shares (ADS).

The Israel-based cultured meat firm announced an offering of 1,857,143 ADS and warrants to purchase 1,857,143 ADSs at $3.50.

The warrants, which will have a five-year term, will become exercisable straight away and the offering is expected to close around July 5.

Proceeds from the offering are expected to generate $6.5m and will be used for “general corporate purposes”.

MeaTech's shares, listed on Nasdaq, have lost nearly three times their value since December this year, when they were priced at $8.30.

In December last year, MeaTech unveiled the largest cell-based steak, weighing 104 grams, to be made using bioprinting techniques.

The company’s first venture into the market will be to sell the cultured fat as an ingredient for other products.

Elsewhere, shares in Oatly were down 8.9 per cent to $3.64 while shares in DoorDash were down nine per cent to $67.95.