Meta Materials Announces FINRA Has Processed Corporate Action for Exchange of Series A Preferred

Rhea-AI Summary

Meta Materials Inc. (NASDAQ:MMAT) announced that FINRA has processed the exchange of its Series A Preferred shares (MMTLP) for common stock of Next Bridge Hydrocarbons, Inc. Shareholders with settled positions by 12/12/22 will receive one share of Next Bridge for each MMTLP share held as of the Pay Date on 12/14/22. Purchases of MMTLP after 12/8/22 will not qualify for the distribution. The announcement supersedes all previous disclosures regarding MMTLP trading logistics. Shareholders should contact their brokers for assistance regarding ownership or trading of MMTLP shares.

Positive

• The action allows MMTLP shareholders to receive shares of Next Bridge Hydrocarbons, enhancing potential future value.

Negative

• Purchases of MMTLP after 12/8/22 will not be eligible for the distribution, limiting access for late investors.
• MMTLP shares will be canceled effective 12/13/22, potentially causing confusion among shareholders.

HALIFAX, NS / ACCESSWIRE / December 7, 2022 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance functional materials and nanocomposites, today announced that FINRA has processed and announced the corporate action of exchanging META's Series A Preferred shares (OTC: MMTLP) for shares of common stock of Next Bridge Hydrocarbons, Inc. on its daily list. Please see https://otce.finra.org/otce/dailyList which notes the following regarding the trading of shares of MMTLP on OTC and the distribution of the Next Bridge Hydrocarbons, Inc. shares:

MMTLP shareholders with settled positions as of 12/12/22 Record Date will receive one (1) share of Next Bridge Hydrocarbons, Inc. for every one (1) share of MMTLP held on Pay Date of 12/14/22. Purchases of MMTLP executed after 12/8/22 will not receive the distribution. Will not be quoted Ex. [NO EX-DIVIDEND DATE] MMTLP shares will be canceled effective 12/13/22.

Please note that this disclosure and dates from FINRA regarding the trading of MMTLP in connection with the distribution of the shares of Next Bridge Hydrocarbons, Inc. supersedes and replaces all of META's prior disclosure regarding the logistics and timing of the trading of MMTLP in connection with the distribution.

Please contact your broker, bank or other nominee for assistance with any questions concerning ownership or trading of META's Series A Preferred shares.

About Meta Materials Inc.

META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, high-performance, functional materials, components and systems. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic metamaterial technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.

Media Inquiries

Rob Stone
Vice President, Corporate Development and Communications
Meta Materials Inc.

media@metamaterial.com

Investor Contact

Mark Komonoski
Senior Vice President
Integrous Communications
Phone: 1-877-255-8483
Email: ir@metamaterial.com

Cautionary Statements

Certain statements contained in this communication may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the expected timing of the completion of the spin-off transaction, the benefits of the spin-off transaction to either META^® or Next Bridge and other events and statements that are not historical facts and are subject to significant risks and uncertainties. There can be no assurance that the proposed transaction or other future events will occur as anticipated, if at all, or that actual results will be as expected. Actual future events or results may differ materially from these statements. Such differences may result from a number of factors, including but not limited to: the timing and completion of the proposed transaction; a failure to obtain necessary regulatory approvals; a failure to obtain assurances of anticipated tax treatment; or a deterioration in the business or prospects of META^® or Next Bridge.

SOURCE: Meta Materials Inc.

View source version on accesswire.com:
https://www.accesswire.com/730639/Meta-Materials-Announces-FINRA-Has-Processed-Corporate-Action-for-Exchange-of-Series-A-Preferred

FAQ

What is the corporate action announced by Meta Materials Inc. on December 7, 2022?

Meta Materials announced that FINRA processed the exchange of its Series A Preferred shares (MMTLP) for common stock of Next Bridge Hydrocarbons, Inc.

When will MMTLP shareholders receive their shares in Next Bridge Hydrocarbons, Inc.?

MMTLP shareholders with settled positions by 12/12/22 will receive their shares on the Pay Date of 12/14/22.

What happens to MMTLP shares after December 13, 2022?

MMTLP shares will be canceled effective 12/13/22.

Are MMTLP shares still tradable after December 8, 2022?

No, purchases of MMTLP executed after 12/8/22 will not receive the distribution of Next Bridge shares.