Steakholder Foods® Announces $1.25 Million Private Placement and $8 Million Equity Line of Credit Funding Mechanism

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STEAKHOLDER FOODS LTD.
STEAKHOLDER FOODS LTD.

Rehovot, Israel, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Steakholder Foods Ltd. (Nasdaq: STKH), a leading innovator in alternative proteins and 3D printing technologies, today announced the entry into definitive agreements for a private placement to technology investor Alumni Capital LP, of 985,028 of the Company’s American Depositary Shares (“ADSs”) (or pre-funded warrants in lieu thereof), each ADS representing 100 ordinary shares of the Company, at a purchase price of $1.269 per ADS (or pre-funded warrants in lieu thereof) and warrants to purchase up to an aggregate of 985,028 ADSs. The warrants will have an exercise price of $2.00 per ADS, will be immediately exercisable upon issuance, and will expire five years from the date of issuance.

The closing of the offering is expected to occur on or about February 28, 2025, subject to satisfaction of customary closing conditions.

The gross proceeds to Steakholder Foods from the sale of ADSs are expected to be approximately $1.25 million, prior to deducting offering expenses. The Company intends to use the net proceeds as working capital for general corporate purposes.

The ADSs representing ordinary shares and ADSs issuable upon exercise of the warrants were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended (the “1933 Act”), and, along with the ADSs issuable upon exercise, have not been registered under the 1933 Act, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. Steakholder Foods has agreed to file a registration statement with the SEC covering the resale of the ADSs and ADSs issuable upon exercise of the warrants.

Steakholder Foods further announced that it had simultaneously entered a definitive agreement establishing an equity line of credit (ELOC) with Alumni Capital LP. This agreement provides the Company with a flexible funding mechanism to support its strategic growth initiatives while flexibly minimizing dilution to existing shareholders.

The structure of the ELOC ensures that the Company retains full control over the timing and amount of any equity sales, thereby providing financial stability and strategic flexibility.

Arik Kaufman, Chief Executive Officer of Steakholder Foods, commented, “Today’s agreements with Alumni Capital represent a key milestone in our growth strategy. They are designed with the best interests of our shareholders in mind, offering immediate funds for our continued strategic growth, as well as offering us the ability to access capital efficiently while mitigating dilution. We are grateful for the strong support and confidence from Alumni Capital and welcome them to the Steakholder Foods family.”