TASE - Tel Aviv Stock Exchange Ltd.

04/11/2021 | Press release | Distributed by Public on 04/12/2021 00:46

Management of Foodtech Company, Flying Spark, Opens Trading in Celebration of its IPO on TASE

Management of Foodtech Company, Flying Spark, Opens Trading in Celebration of its IPO on TASE

Press Release

Tel Aviv, April 11, 2021 - Management of Flying Spark opened trading this morning in Celebration of its IPO on TASE.

Flying Spark is one of the 34 new companies that listed on TASE since the beginning of the year, raising an aggregate of NIS 3.1 billion. The company will be included in the Technology Sector, which comprises 110 companies with a total market cap of NIS 217 billion.

Flying Spark is engaged in the research and development of methodologies and processes for the production of high-quality protein powders from fruit fly larvae, which it grows and processes. The products of the company include protein powders and oil for application in food products for human consumption, animal feed and cosmetic products.

The company collaborates with global companies in the development of food, cosmetic and marine agriculture products.

The company was founded in 2015 by Eran Gronich, the CEO of the company, and in 2016 joined the Strauss Group's foodtech hub 'The Kitchen', where it enjoyed financing in cooperation with the Israel Innovation Authority.

The company raised NIS 24 million in a book building IPO of shares and warrants to institutional investors and in a Dutch auction to the public, based on a company value of NIS 83.9 million.

At the end of trading on May 6, 2021, the shares of the company are expected to join TASE's TA-Growth, TA-Global BlueTech and TA-Technology indices, under the new companies' fast-track entrance.

Eran Gronich, CEO of Flying Spark, said: 'We are delighted to open trade this morning and join TASE's growing family of companies. Since our IPO, we have been full steam ahead on setting up the company's first plant in Thailand, which we expect to complete by the end of the year. We are also pursuing the advancement of regulatory proceedings, in order to have the protein products for human consumption and the marketing and commercialization of the company's range of pet food and fish food products approved by early 2022. All these will serve as a steppingstone for generating a positive cash flow from operating activities and create a foundation for future growth. The food industries, for both humans and animals, realize the exigency and the demand for technological solutions that enable the production of healthy and sustainable protein, to ensure food security for the world's population. We are proud to meet this critical need with an advanced technological solution and are preparing to move forward from research and development to commercialization and marketing. We thank the shareholders for the participation in the IPO and are grateful to TASE and the Israel Securities Authority for the professional support and attentiveness throughout the process.'

Yana Chernyak, Economist at TASE's Listings Unit, said: 'Foodtech has become substantial momentum and growth in recent years, both locally and globally. Flying Spark is joining 7 foodtech high-tech partnerships and companies already listed on TASE. We wish the company management and employees the best of success, which will benefit both investors and the foodtech sector.'

In the picture from right to left: Haim Agiv, VP R&D at Flying Spark; Dr. Galit Levin, CTO of Flying Spark; Eran Gronich, Founder and CEO of Flying Spark; Gili Cohen, Chairman of Flying Spark; Amir Zaidman, Director at Flying Spark; and Yana Chernyak, Economist at TASE's Listings Unit.

Photography credit: Magma Photo, the photo is free of charge.

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