Meta Materials Announces $6.0 Million Registered Direct Offering

HALIFAX, NS / ACCESSWIRE / December 4, 2023 / Meta Materials Inc. (the "Company" or "META") (Nasdaq:MMAT), an advanced materials and nanotechnology company, today announced that it has entered into definitive agreements with certain institutional investors for the issuance and sale in a registered direct offering of 75.0 million shares of common stock at an offering price of $0.08 per share and accompanying warrants to purchase 75.0 million shares of common stock at an exercise price of $0.095 per share, exercisable six months after the issuance date and expiring five and a half years after the issuance date.

Gross proceeds to the Company are expected to be $6.0 million, before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds from the offering for the expansion of its technology commercialization and sales efforts (specifically in bank note and brand authentication, NPORE and NCORE for Li-ion battery applications and VLEPSIS systems for wide area motion imagery), as well as for general corporate purposes.

The closing of the offering is expected to occur on or about December 6, 2023, subject to the satisfaction of customary closing conditions. A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

The securities described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-268282), originally filed with the Securities and Exchange Commission (the "SEC") on November 10, 2022, which was declared effective by the SEC on November 18, 2022. The offering is being made only by means of a written prospectus and accompanying prospectus supplement, forming a part of the effective registration statement to be filed with the SEC and available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained 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].

The Company also has agreed that certain existing warrants issued in June 2022 to purchase up to an aggregate of 25,925,927 shares of common stock at an exercise price of $1.75 per share will be amended, effective upon the closing of the offering, so that (i) warrants to purchase up to 23.0 million shares of common stock will have a reduced exercise price of $0.095 per share, exercisable immediately and expiring five years from the amendment date, and (ii) warrants to purchase up to 2,925,927 shares of common stock will have a reduced exercise price of $0.095 per share, exercisable six months after the amendment date and expiring five and a half years after the amendment date.