- Meta Materials Inc (NASDAQ:MMAT) has priced an underwritten public offering of ~83.33 million shares and warrants to buy up to 83.33 million shares at a combined public offering price of $0.30 per share and accompanying warrant.
- The gross proceeds are expected to be ~$25 million.
- The company has granted underwriters a 30-day overallotment option to purchase up to an additional ~12.5 million shares of its common stock and/or warrants to purchase up to 12.5 million shares.
- Each warrant is exercisable immediately at an exercise price of $0.375 per share and will expire five years following the date of issuance.
- The offering is expected to close on or about April 18, 2023
- META intends to use the net proceeds from the offering for working capital and general corporate purposes.
- Price Action: MMAT shares are trading lower by 42.45% at $0.2199 on the last check Friday.
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