Meta Materials Announces Closing of $50 Million Registered Direct Offering

HALIFAX, NS / ACCESSWIRE / June 28, 2022 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT), a developer of high-performance functional materials and nanocomposites, today announced the closing of its previously announced 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 for gross proceeds to the Company of 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.

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

The Company intends to use approximately $5 million of the proceeds from this offering for development costs associated with oil and gas activities that the Company acquired as part of an arrangement agreement with Torchlight Energy Resources, Inc., including for certain development activities related to the Orogrande Project in Hudspeth County, Texas. The Company intends to use the remainder of the proceeds for working capital and general corporate purposes, including on-going operations and capital equipment.

The securities were 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, and a related registration statement on Form S-3 (Registration No. 333-265844) filed on June 27, 2022 pursuant to Rule 462(b), which became effective automatically upon filing. 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 was filed with the SEC on June 27, 2022 and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may be obtained 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].