Israeli cell-based meat company, Meat-Tech 3D, is a relative newcomer to the industry but is making up for lost time with a flurry of activity. Most recently, the company filed its paperwork with the U.S. Securities and Exchange Commission to begin the process of an initial public offering.

While the paperwork is filed, the company has not finalized the price nor the number of shares. The SEC is currently reviewing the company’s registration. Meat-Tech 3D is already traded publicly on the Tel Aviv Stock Exchange, and it is the only cell-based meat company listed. When it appears on the Nasdaq, it will also be the first cell-based meat company to be traded publicly in the U.S.

A week after the company filed its paperwork for an IPO, it announced that it raised $7 million in a funding round led by Psagot. The company said it will use the funds to work toward the full acquisition of the cultured fat product developer Peace of Meat, an R&D facility which it plans to fully acquire for $17.5 million

Despite the popularity of cell-based meat as an idea, there have yet to be substantial quantities of lab-made protein available to the public. Due to continued regulatory hurdles from the U.S. Department of Agriculture and the Food and Drug Administration as well as the high price of producing meat in a lab, cell-based meat produced on an industrial scale remains a goal rather than a reality.

However, there are plenty of companies, including Memphis Meats, Finless Foods, Aleph Farms, Mosa Meat and Hampton Creek, working toward that goal. Still, manufacturer and investor enthusiasm does not always reflect consumer demand. A poll conducted last year by the marketing firm Charleston|Orwig revealed that four in 10 U.S. consumers found cell-based meat production to be “scary.” Without consumer support to generate demand for these products, it is unlikely that they will become widespread in retail and foodservice, even if these companies are traded publicly.

Nevertheless, recent IPOs like Beyond Meat have shown that companies do not necessarily need to generate profits and can even operate at a loss and still have a successful IPO.

Meat-Tech 3D’s filing is not the only move the company has made recently. The company recently succeeded in printing thin slices of “carpaccio” beef and plans to work up to a quarter-pound patty in 2021. Food Dive also reported that the company is reaching into other segments, including creating cell-based fish lines under a subsidiary known as Labofish and is working on establishing a protein factory with a focus on producing protein from plant-based cells.