Meta Materials Announces Results from Strategic Restructuring, Focus on Growth Priorities - Seite 2

META today announced that Mr. Jim Fusaro has resigned as Chief Executive Officer and as a member of the Board of Directors due to unexpected health issues. The board has appointed its Chief Financial Officer and Chief Operating Officer, Mr. Uzi Sasson, as CEO, effective immediately. "On behalf of the Board of Directors, I would like to thank Jim and we wish him all the best during this time," said Jack Harding, META Board Chair. "We are pleased that Uzi has taken up the helm, as he has been leading the financial restructuring of META since April 2023; he is well-positioned and intimately involved in the day-to-day operational and financial needs of the organization."

Mr. Sasson has served as META's CFO and Chief Operating Officer since April 2023. Prior to joining META, Mr. Sasson served as CFO for two high technology companies. Previously, Mr. Sasson was the CEO of IXYS Corporation (Nasdaq:IXYS), an $800 million market cap semiconductor company, where he engineered the 46% premium-priced acquisition by Littelfuse.

META Vice President of Finance Mr. Ahmed Shebl, CPA/CMA, has been appointed Chief Accounting Officer and Interim Chief Financial Officer. Prior to joining META in 2021, he worked with Loblaw Companies Ltd. and with PricewaterhouseCoopers.

Business Updates, Restructuring Results

"Throughout the history of META, the company has produced cutting-edge technologies, R&D and intellectual property that stands ready for broad adoption in many industries. However, an overdiversified business platform has clouded the path to broader success," noted newly appointed CEO Uzi Sasson. "By focusing on our three core business lines, we can expand our partnerships and bring products to market expeditiously."

In this effort, META plans to spin-off a number of other business lines in order to capture and preserve additional capital for expenses and R&D focused on core products. The company also intends to eliminate redundancies, including overhead and limited non-essential workforce. The expected annualized cost savings will be approximately $20 to 30 million, with additional savings possible as the company continues to right-size facilities and spending.

About Meta Materials Inc.

Meta Materials Inc. (META) is an advanced materials and nanotechnology company. We develop new products and technologies using innovative sustainable science. Advanced materials can improve everyday products that surround us, making them smarter and more sustainable. META technology platforms enable global brands to develop new products to improve performance for customers in aerospace and defense, consumer electronics, 5G communications, batteries, authentication, automotive and clean energy. Learn more at www.metamaterial.com.