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Agronomics Ltd - Isle of Man-based investor in cellular agriculture with a focus on cultivated meat and alternative proteins - Invests USD2.0 million into SuperMeat the Essence of Meat through Simple Agreement for Future Equity.
SuperMeat is based in Israel and is focused on producing cultivated chicken products.
The SAFE agreement will convert at a price per share reflecting the lower of a valuation cap or at a 25% discount to the share price of SuperMeat's next equity round. Once completed, assuming it is done at a pre-money valuation of USD150 million, Agronomics expects to hold a 2.2% interest in Supermeat.
"In our view, SuperMeat is one of the most advanced and impressive companies in the field of cellular agriculture. SuperMeat has demonstrated leadership on many fronts, and most recently with the launch of their concept restaurant The Chicken. We look forward to working with Ido and his team to make cultivated meat a reality," says Chair Richard Reed.
Current stock price: 9.23 pence
Year-to-date change: down 0.2%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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