Meta Materials Announces Pricing of $25 Million Underwritten Public Offering

Apr 14, 2023

HALIFAX, NS / ACCESSWIRE / April 14, 2023 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance functional materials and nanocomposites, today announced that it has priced an underwritten public offering of 83,333,334 shares of its common stock and warrants to purchase up to an aggregate of 83,333,334 shares of common stock at a combined public offering price of $0.30 per share and accompanying warrant. META has granted the underwriters a 30-day overallotment option to purchase up to an additional 12,500,000 shares of its common stock and/or warrants to purchase up to an additional 12,500,000 shares of common stock at the public offering price, less the underwriting discount. Each warrant is exercisable immediately at an exercise price of $0.375 per share and will expire five years following the date of issuance. All of the securities are to be sold by META. The gross proceeds of the offering are expected to be approximately $25 million before deducting the underwriting discount and estimated offering expenses payable by META, assuming no exercise of the underwriters' overallotment option. The offering is expected to close on or about April 18, 2023 subject to satisfaction of customary closing conditions.

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