Steakholder Foods has secured new funding through a private placement agreement and an equity line of credit (ELOC) with Alumni Capital LP. The financing includes an immediate capital injection of approximately $1.25 million, alongside access to an additional $8 million in funding.
The private placement agreement involves the sale of 985,028 American Depositary Shares (ADSs) at $1,269 per share. Alumni Capital LP receive warrants that allow the purchase of the same number of ADSs at a price of $2.00 per share. These warrants will be valid for five years.
Financial flexibility through equity line
Through the ELOC, Steakholder Foods can sell shares to Alumni Capital over time, providing financial flexibility while managing dilution for existing shareholders. The company intends to use the funds for general operations and strategic initiatives.
CEO Arik Kaufman described the financing as “a key milestone in our growth strategy,” continuing that “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.”
The next phase of growth
Steakholder Foods, which specializes in alternative protein production and 3D food printing technology, has been advancing its research and development efforts. It recently completed a two-year collaboration with UMAMI Bioworks to develop cultivated fish fillets using 3D printing. The next phase involves preparing the product for commercial launch while ensuring compliance with food safety regulations.
Alumni Capital Portfolio Manager Ashkan Mapar stated, “We are pleased to partner with Steakholder Foods as they continue to innovate and grow. This agreement reflects our confidence in the Company’s vision and management team, and we look forward to supporting their efforts to drive sustainable value creation.”