Meta Materials Inc. Announces Direct Placement Financing

Meta Materials Inc. (META) (NASDAQ: MMAT), a company specializing in advanced materials and nanotechnology, announced today a definitive agreement for the sale of 850,000 shares to an institutional investor. This transaction also includes warrants for the purchase of additional shares, all at a price of $4.04 per share, aiming for gross proceeds of approximately $3.4 million. The warrants, with an exercise price of $3.91, will be immediately exercisable and valid for five years.

The completion of this offering is scheduled for February 21, 2024, subject to customary closing conditions. The net proceeds will be used to expand the commercialization of specific technologies and for general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent. The offering is based on a registration statement already authorized by the SEC.

Additionally, META also announced the modification of the terms of certain existing warrants. Forward-looking information includes, but is not limited to, details of the securities offering and the intended use of funds.