Meta Materials Inc. (the “Company” or “META”) (NASDAQ:MMAT), an advanced materials and nanotechnology company, today provided some clarification of the potential impacts of Proposal 3: Approval of a Reverse Stock Split, to be voted on at the 2023 Annual Meeting of Stockholders, to be held on December 11, 2023, at 12:00 pm Eastern Time.
“We have received a lot of feedback from investors with respect to the reverse split proposal,” noted Jack Harding, META’s Chairman of the Board. “We have sought to address shareholder concerns and queries, hereby clarifying the necessity for the reverse stock split. We hope that you will join us in approving this proposal, which is intended to place the Company on a more sustainable path forward.”
- A reverse split may be necessary to maintain the Company’s Nasdaq listing.
- To maintain our Nasdaq listing, a reverse split is best achieved with shareholder approval, resulting in an increase in the number of authorized shares. The alternative not reliant on shareholder approval results in a decrease in the number of authorized shares.
- The Board believes that maintaining the current number of authorized shares of our common stock is necessary to facilitate technology production, manufacturing, and sales.
- The reverse split will affect all shareholders uniformly, including stockholders of the Company (all officers, directors, and employees).
The reasoning for the reverse split is outlined above; shareholder support is critical to the success of this proposal. The team at META encourages those shareholders who have not yet voted to do so as soon as possible. Those who have voted may change their vote. Shareholders requiring assistance with voting may contact D.F. King toll-free at (800) 864-1460. For more detailed information about all of the proposals to be considered at the Annual Meeting, investors are urged to review the full set of proxy materials at: https://www.astproxyportal.com/ast/24438/
NOTES FROM THE NEW CEO ON CURRENT BUSINESS OPERATIONS:
“My mandate as the new CEO is to identify opportunities for the company that extend beyond our technology to commercialization, turning the culture on its head from my tech-driven predecessors. Now, every focus has turned to sales and business wins, determined to achieve organic revenue growth. We are also considering other avenues to monetize our assets via partnerships, patent portfolio licensing and divisional spin-offs,” continued Mr. Sasson. “META continues to make progress with a more focused business strategy, concentrating our sales/marketing efforts around our core businesses lines, while streamlining expenses. This is not an overnight process, but we are working round the clock to make strides. We appreciate shareholders’ patience and support, as we gear the business toward profitability.”
A few of the initiatives that the Company is currently working on are as follows:
- In authentication, META has designed a new anticounterfeiting security feature for a confidential G10 central bank under a multi-year frame agreement with a maximum value of $41.5 million over a period of up to five years. New purchase orders totaling $8.3 million in August and September 2023 bring total orders under this agreement to $22.7 million to date. In November 2023, META received two awards from the International Hologram Manufacturers Association for QUANTUM™ stripe, its recently launched authentication product for banknotes, combining movement, 3D stereoscopic depth, and multi-color effects in an ultrathin form factor. Additional launches are planned for brand protection and ID.
- In battery materials, broadscale commercialization efforts continue under a $1.5 million agreement with a top-10 global battery manufacturer for NPORE battery separator materials. NPORE is a free standing, flexible separator which is made with a ceramic nanomaterial that provides best-in-class dimensional stability with less than 1% heat shrinkage up to 220° C, to help inhibit thermal runaway. NCORE polymer-metal composite current collectors eliminate more than 90% of the copper compared to solid metal foils, reducing weight, enhancing efficiency and safety. META is in advanced sales and licensing discussions with a number of other global battery OEMs and electric vehicle manufacturers.
- In wide area motion imagery, META showcased its VLEPSIS technology, expected to be the world’s first commercially available multi-gigapixel WAMI system, at the Dubai Air Show in November 2023. Offering 10x the resolution of competing platforms, the VLEPSIS system provides large area video coverage of tens to a hundred square kilometers, with sufficient resolution to discern vehicles and people-sized objects. Weighing less than 20 kilograms, the sensor system payload is small, light, and sufficiently low-powered to be deployed on helicopters, fixed wing aircraft, and Group 3 UAS platforms. With a strong response from the Dubai show, META will be taking pre-orders for the VLEPSIS WAMI sensor system, starting in 2024.
