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Meta Materials seeks shareholder nod for share increase

EditorLina Guerrero
Published 03/06/2024, 04:12 PM
© Reuters.

HALIFAX, NS - Meta (NASDAQ:META) Materials Inc. (NASDAQ:MMAT), a developer of advanced materials and nanotechnology, is seeking shareholder approval to increase its authorized common shares, aiming to raise capital for commercialization and working capital needs. The request will be addressed in a special stockholders' meeting, as disclosed today.

The company has emphasized its commitment to judicious share issuance and outlined the necessity of additional capital for broad-scale production, which involves substantial costs for components, machinery, and unique raw materials. META has highlighted several ongoing joint developments and strategic collaborations, including a partnership with Panasonic (OTC:PCRFY) Industry for high-volume manufacturing of NANOWEB® material.

META's restructuring in 2023 focused the business on four core technologies, with the aim of commercializing its innovations. Upcoming launches include VLEPSIS flight testing, which is expected to complete in March 2024, and the adoption of META's QUANTUM™ stripe security features by international currency suppliers, necessitating increased production at its Thurso facility.

Additionally, notable global battery OEMs have been utilizing META's NPORE and NCORE products, prompting the company to scale up production to meet higher demand.

META's President and CEO, Uzi Sasson, has expressed that growth companies like META require access to capital to bring products to market and maintain business viability. The company is relying on its shareholders to support this next milestone towards success.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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