Meta Materials Announces 1-for-100 Reverse Stock Split to Regain Nasdaq Compliance

$MMAT
Semiconductors
Technology
Get the next $MMAT alert in real time by email

HALIFAX, NS / ACCESSWIRE / January 23, 2024 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today announced that it intends to effect a 1-for-100 reverse stock split ("Reverse Stock Split") of its issued and outstanding common stock that will become effective at 12:01 AM PT on January 29, 2024. The Company's common stock is therefore expected to begin trading on a split-adjusted basis when the market opens on January 29, 2024. The Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "MMAT" but with a new CUSIP number 59134N302.

The Reverse Stock Split is part of the Company's plan to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on the Nasdaq Capital Market.

The Reverse Stock Split was approved by the Board of Directors of the Company in accordance with Nevada law. As a result of the Reverse Stock Split, every 100 shares of common stock issued and outstanding prior to the effective time will be automatically reclassified into one share of common stock with no change in the $0.001 par value per share. The exercise prices and the number of shares issuable upon exercise of outstanding stock options, equity awards and warrants, and the number of shares available for future issuance under the equity incentive plans will be adjusted in accordance with their respective terms. The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity.

No fractional shares will be issued in connection with the Reverse Stock Split. Any fractional shares of common stock resulting from the Reverse Stock Split will be rounded up to the nearest whole post-split share and no stockholders will receive cash in lieu of fractional shares.

The Reverse Stock Split will reduce the number of outstanding shares of common stock from approximately 564 million to approximately 5.64 million shares and also proportionately reduce the number of authorized shares of common stock from 1 billion to 10 million shares.

About Meta Materials Inc.

Meta Materials Inc. (META) is an advanced materials and nanotechnology company. We develop new products and technologies using innovative sustainable science. Advanced materials can improve everyday products that surround us, making them smarter and more sustainable. META® technology platforms enable global brands to develop new products to improve performance for customers in aerospace and defense, consumer electronics, 5G communications, batteries, authentication, automotive and clean energy. Learn more at www.metamaterial.com.

Media and Investor Inquiries

Rob Stone
Vice President, Corporate Development and Communications
Meta Materials Inc.
media@metamaterial.com
ir@metamaterial.com

Forward Looking Information

This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, which may include, but are not limited to, statements with respect to the business strategies, product development, restructuring plans and operational activities of the Company. Often but not always, forward-looking information can be identified by the use of words such as "pursuing", "potential", "predicts", "projects", "seeks", "plans", "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "should", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, the capabilities of our facilities, research and development projects of the Company, the total available market and market potential of the products of the Company, the market position of the Company, the need to raise more capital and the ability to do so, the scalability of the Company's production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of our employees, the technology industry, market strategic and operational activities, and management's ability to manage and operate the business. More details about these and other risks that may impact the Company's businesses are described under the heading "Forward-Looking Information" and under the heading "Risk Factors" in the Company's Form 10-K filed with the SEC on March 23, 2023, in the Company's Form 10-K/A filed with the SEC on March 24, 2023, in the Company's Form 10-Q filed with the SEC on November 13, 2023, and in subsequent filings made by Meta Materials with the SEC, which are available on SEC's website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law.

SOURCE: Meta Materials Inc.



View the original press release on accesswire.com

Get the next $MMAT alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$MMAT

DatePrice TargetRatingAnalyst
More analyst ratings

$MMAT
Press Releases

Fastest customizable press release news feed in the world

See more
  • Meta Materials Announces Update on Naked Short Selling Investigation

    HALIFAX, NS / ACCESSWIRE / May 20, 2024 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today announced an update on the short selling investigation undertaken in June of 2023.In an initial press release from late June 2023, META outlined its preliminary analysis of potential naked short selling, and retained well-known analytics firm, Shareholder Intelligence Services, LLC to review trading patterns of the Company's common stock. Based on this analysis, and with zero tolerance for illegal naked short selling and other stock manipulation, META employed the services of law firms, Christian Attar and Warshaw Burstein (collectivel

    $MMAT
    Semiconductors
    Technology
  • Meta Materials Announces Workforce Reduction

    HALIFAX, NS / ACCESSWIRE / May 3, 2024 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today announced that the Company's Board of Directors approved a workforce reduction of approximately 80% of its employees, which is expected to be completed over the next few weeks. This difficult decision is in response to challenges associated with liquidity and securing additional financing.The Company continues to evaluate all available strategic alternatives including, but not limited to, the divestiture of assets, additional financing security and/or the sale of the Company. While all efforts are being expended in this pursuit, no assu

    $MMAT
    Semiconductors
    Technology
  • Meta Materials Schedules Corporate Update Webcast

    HALIFAX, NS / ACCESSWIRE / March 28, 2024 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today announced that the Company will host a corporate update webcast on Wednesday, April 3, 2024, at 4:30 PM EDT.Webcast DetailsDate: April 3, 2024Time: 4:30 PM EDT / 1:30 PM PDTTo register, please use the link below:https://audience.mysequire.com/webinar-view?webinar_id=c1c28435-13e0-47a8-81a7-f346dfed216cAbout Meta Materials Inc.Meta Materials Inc. (META) is an advanced materials and nanotechnology company. We develop new products and technologies using innovative sustainable science. Advanced materials can improve everyday products tha

    $MMAT
    Semiconductors
    Technology

$MMAT
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$MMAT
SEC Filings

See more

$MMAT
Leadership Updates

Live Leadership Updates

See more
  • Meta Materials Appoints Ms. Jennifer Cheraso as Chief Human Resources Officer

    HALIFAX, NS / ACCESSWIRE / October 23, 2023 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), a leader in advanced materials and nanotechnology, today announced the appointment of Ms. Jennifer Cheraso as Chief Human Resources Officer. Ms. Cheraso is a human resource executive with more than 25 years of experience. She is a dynamic leader with experience overseeing all aspects of human resources including strategy, organizational effectiveness, talent management, total rewards, M&A and change management. Ms. Cheraso's expertise comes from HR and cross-functional leadership positions in multiple industries including solar, aerospace, advanced materials, and technology.Prior to joi

    $MMAT
    Semiconductors
    Technology
  • Meta Materials Appoints Seasoned Executive, Jim Fusaro, as New CEO to Drive Next Stage of Growth

    HALIFAX, NS / ACCESSWIRE / October 17, 2023 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today announced that its Board of Directors has appointed Mr. Jim Fusaro as Chief Executive Officer, effective immediately. George Palikaras has been removed as President and CEO and is no longer with the Company.Mr. Fusaro is a business leader with 35 years of experience in solar, semiconductor, advanced materials, and aerospace. He brings significant experience and success leading large change management initiatives and developing and implementing strategies to transform businesses and to drive value."On behalf of the Board of Director

    $MMAT
    Semiconductors
    Technology
  • Meta Materials Appoints Tech Industry Veteran, Philippe Morali to its Board of Directors

    HALIFAX, NS / ACCESSWIRE / October 10, 2023 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), a leader in advanced materials and nanotechnology, today announced that it has appointed Mr. Philippe Morali to its Board of Directors. Mr. Morali brings more than 30 years of experience in financial leadership from strong technology companies, startups to Fortune 15, that are focused on a variety of markets. He has had extensive international operational experience in Europe and Asia.In his last position, Mr. Morali was CFO at eSilicon, an ASIC and IP supplier that was acquired by Inphi Corporation and Synopsys. Prior to eSilicon, he served as CFO for Quantenna Communications, Inc., a

    $MMAT
    Semiconductors
    Technology

$MMAT
Financials

Live finance-specific insights

See more
  • Meta Materials Announces Preliminary Results for The Fourth Quarter 2023

    Fourth quarter 2023 revenue up 55% from the prior year comparable periodOperating expenses down 35% compared to the fourth quarter of 2022, excluding non-cash asset impairmentCash and cash equivalents totaled $10.3 million, basically in line with the September 2023 quarterFocus continued on core business lines, with ramped up sales initiatives in authentication, VLEPSIS, NANOWEB and battery materialsHALIFAX, NS / ACCESSWIRE / January 26, 2024 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today announced preliminary results for the fourth quarter ended December 31, 2023. In the fourth quarter of 2023, total revenue was approxi

    $MMAT
    Semiconductors
    Technology
  • Meta Materials Announces Financial Results for the Third Quarter 2023

    Third quarter 2023 revenue up quarter over quarter, supported by stronger product mix and partnershipsOperating expenses down 32% from the prior year comparable period$8.3 million in purchase orders in late August/September will be reflected in fourth quarter 2023 and 2024 resultsTechnologies introduced at end of third quarter (QUANTUM™ stripe, VLEPSIS® system) expected to gain traction in the fourth quarter and early 2024HALIFAX, NS / ACCESSWIRE / November 13, 2023 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today reported financial results for the third quarter ended September 30, 2023. In the third quarter of 2023, total

    $MMAT
    Semiconductors
    Technology
  • Meta Materials Announces FINRA Has Processed Corporate Action for Exchange of Series A Preferred

    HALIFAX, NS / ACCESSWIRE / December 7, 2022 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance functional materials and nanocomposites, today announced that FINRA has processed and announced the corporate action of exchanging META's Series A Preferred shares (OTC:MMTLP) for shares of common stock of Next Bridge Hydrocarbons, Inc. on its daily list. Please see https://otce.finra.org/otce/dailyList which notes the following regarding the trading of shares of MMTLP on OTC and the distribution of the Next Bridge Hydrocarbons, Inc. shares:MMTLP shareholders with settled positions as of 12/12/22 Record Date will receive one (1) share of Next B

    $MMAT
    Semiconductors
    Technology

$MMAT
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more