Meta Materials Releases Board Letter to Shareholders

HALIFAX, NS / ACCESSWIRE / December 8, 2023 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today released the following message to shareholders.

From: META Board of Directors

To: META Shareholders

MEMO: Candid Answers to Our Shareholders' Most Pressing Concerns

As a META shareholder, you are among the strongest advocates for the success of the Company and have made your voice heard via the recent outpouring of letters, social media and other correspondence. As members of the Board, we have a fiduciary duty to you and to the company; we recognize the grave responsibilities from both a regulatory and relationship standpoint. It is within this context that we are pointedly addressing outstanding shareholder concerns.

You have rightfully asked for updates on the short-selling/FINRA concerns with respect to shares that previously traded under the ticker MMTLP, while expressing displeasure about management changes and financing options necessary for long-term viability. In the process, any number of unsubstantiated theories have cropped up on social media and elsewhere. As such, we want to set the record straight here, backed by concrete facts, datelines and Board minutes that dispel unfounded rumors that have been circulating.

MMTLP:
You deserve clarity not only on the reverse merger, but on the suspected short sellers and dark pools that circulated in December 2022 as suggested in various media outlets. The timeline indicates that these claims were made during the leadership of George Palikaris, as he was CEO from inception to October 2023. Our current management and Board (almost all of whom were not with the company at the time of the reverse merger) are in the unenviable position of addressing these complaints, while seeking to recoup shareholder monies. We have some positive news on that front, and we refer you to an AllNovaScotia ("ANS") article from December 6, 2023, "Meta Aims To Expose ‘Naked' Short Sellers".

CEO TRANSITION:
At the inception of META, George brought creative heft to an exciting technology that remains the fabric of META's identity. George also brought the company public. But, as with many companies, founding a fledgling tech company differs dramatically from effectively leading the operational, financial and regulatory demands of a public company with shareholders. Essentially, George's founding creativity that began this company clashed with the fiscal health of META.