Meta Materials Announces $50 Million Registered Direct Offering

HALIFAX, NS / ACCESSWIRE / June 24, 2022 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance functional materials and nanocomposites, today announced that it has entered into a securities purchase agreement with certain institutional investors for the purchase and sale in a registered direct offering of 37,037,039 shares of the Company's common stock at a purchase price of $1.35 per share and warrants to purchase 37,037,039 shares at an exercise price of $1.75 per share. The gross proceeds to the Company from the offering are expected to be approximately $50 million, before deducting placement agent fees and other estimated offering expenses. The warrants will become exercisable six months after the issuance date and expire five and a half years after the initial issuance date. The closing of the offering is expected to occur on or about June 28, 2022, subject to the satisfaction of customary closing conditions.

Roth Capital Partners and A.G.P./Alliance Global Partners are acting as co-placement agents for the offering. Cormark Securities Inc. is acting as financial advisor to the Company for this transaction.

The securities are being offered and sold by the Company pursuant to a prospectus supplement and an accompanying prospectus forming part of a "shelf" registration statement on Form S-3 (Registration No. 333-256632), including a base prospectus, previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on June 14, 2021. The offering is being made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, California 92660, by telephone at [phone], or by email at [e-mail] or from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, by telephone at [phone], or by email at [e-mail].