REHOVOT, Israel - Steakholder Foods Ltd. (NASDAQ:STKH), a company specializing in 3D-printed meat and fish technology, has announced its return to compliance with Nasdaq's minimum bid price requirement. After receiving a notification on October 31, 2023, about its non-compliance due to its American Depositary Shares (ADSs) closing bid price falling below $1.00 for over 30 consecutive business days, the company has now rectified the situation.
As of April 18, 2024, Nasdaq confirmed that Steakholder Foods' closing bid price had been at $1.00 or above for 10 consecutive business days from April 4 to April 17, 2024. This development effectively closes the matter regarding the company's adherence to the Listing Rule 5550(a)(2).
Steakholder Foods is known for developing machinery, software, and materials aimed at advancing the plant-based and cultivated food industries to industrial capacity. The company's proprietary 3D printers and inks play a significant role in enabling manufacturers to produce plant-based foods that closely replicate the taste, texture, and appearance of traditional meat and seafood.
Additionally, Steakholder Foods is working on cultivated cells for future integration into its products.
The company's efforts to create alternatives to industrialized farming and fishing have led to the development of products with complex textures, such as beef steaks, white fish, shrimp, eel, and more. While focusing on plant-based options, the company is also eyeing future developments in cultivated cells.
This news article is based on a press release statement from Steakholder Foods Ltd.
InvestingPro Insights
Steakholder Foods Ltd. (NASDAQ:STKH) has made strides in regaining compliance with Nasdaq's minimum bid price requirement, a positive signal for investors monitoring the company's stock. The following insights from InvestingPro provide a deeper look into the company's financial health and stock performance.
InvestingPro Data:
- Market Cap (Adjusted): 27.21M USD
- Price / Book (last twelve months as of Q2 2023): 39.1
- Price, Previous Close: 4.43 USD
InvestingPro Tips:
1. Despite a challenging market environment, Steakholder Foods holds more cash than debt on its balance sheet, which can provide a cushion against financial stress.
2. The company's stock price movements have been quite volatile, which could be a point of consideration for investors with a lower risk tolerance.
For investors looking to delve deeper into Steakholder Foods' financials and stock performance, additional InvestingPro Tips are available at: https://www.investing.com/pro/STKH. There are a total of 13 tips to explore, offering a comprehensive analysis of the company's position. To access these insights and more, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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