Meta Materials Inc. - MMAT STOCK NEWS

Meta Materials Inc. (Nasdaq: MMAT) has appointed Uzi Sasson as the new Chief Financial Officer (CFO) and Chief Operating Officer (COO), effective from April 20, 2023. He replaces Ken Rice, who is retiring. With over 30 years of experience in finance and operations across multiple sectors, Mr. Sasson aims to support the company's growth strategy and drive long-term value for shareholders. Previously, he served as CFO at several firms, including IXYS Corporation, where he managed a revenue increase of over 800%. George Palikaras, CEO of Meta, expressed confidence that Mr. Sasson's extensive experience will be beneficial in executing the company's objectives. This executive reshuffling is part of a broader strategy to enhance operational leadership.

Meta Materials Inc. (Nasdaq:MMAT) announced the appointment of Eugenia Corrales and Vyomesh "VJ" Joshi to its Board of Directors as of April 25, 2023. This follows the retirement of Maurice Guitton, who was recognized for his long service, including as former Chairman. Corrales brings over 25 years of experience in tech, previously serving at Cisco and ShoreTel. Joshi, with 40 years in technology leadership, has held positions at 3D Systems and Hewlett Packard. The board aims to enhance its strategic direction and growth capacity, increasing its size to eight members.

META specializes in functional materials and nanocomposites, targeting various sectors such as consumer electronics, 5G communications, and aerospace, aiming for sustainable innovation.

Meta Materials (NASDAQ:MMAT) announced an underwritten public offering of 83,333,334 shares of common stock and warrants at a combined price of $0.30 per share. The total expected gross proceeds amount to $25 million, before expenses. Each warrant is immediately exercisable at $0.375 per share and expires in five years. An additional 12,500,000 shares may be purchased by underwriters within 30 days. The offering is expected to close around April 18, 2023. Proceeds will be allocated toward working capital, general corporate purposes, and product development, including advanced materials for Li-ion batteries and electro-optical devices. The offering follows a shelf registration filed with the SEC on November 10, 2022.

Meta Materials Inc. (NASDAQ:MMAT) has announced its intention to conduct an underwritten public offering of its common stock and warrants to purchase shares. The offering includes a potential 30-day option for underwriters to acquire an additional 15% of shares and/or warrants at the public offering price, minus underwriting discounts. The proceeds from the offering will primarily be allocated towards working capital and general corporate purposes, specifically for the development of advanced materials such as NPORE® and NCORE™ for Li-ion batteries and other applications. Ladenburg Thalmann & Co. Inc. and A.G.P./Alliance Global Partners are acting as joint bookrunning managers. The offering is subject to market conditions, and details are available in the preliminary prospectus filed with the SEC.

Meta Materials Inc. (NASDAQ:MMAT) announced its Q4 and FY 2022 results, highlighting a total revenue drop to $1.4MM in Q4:22 from $2.3MM in Q4:21, despite a 150% year-over-year increase in FY 2022 revenue to $10.2MM.

Q4:22 recorded a net loss of $15.2MM, an improvement from $29.5MM in Q4:21, while FY 2022 saw a net loss of $79.1MM, a decrease from $91.0MM in FY 2021. Operating expenses rose to $24.8MM in Q4:22 from $18.9MM in Q4:21. The company raised concerns about its ability to operate as a going concern, necessitating immediate capital-raising efforts.

Meta Materials Inc. (NASDAQ:MMAT) has entered a joint development agreement for its NPORE® battery separator materials with a leading global battery OEM. NPORE® offers superior stability with minimal heat shrinkage, addressing thermal runaway issues common in conventional separators. The battery materials market is expected to grow from $16.7 billion in 2022 to $31.7 billion by 2026, indicating a CAGR of 17%. In addition to NPORE®, META is also developing NCORE™ current collectors to enhance battery safety and efficiency. The growth potential in this sector reflects substantial interest in META's innovative solutions for sustainable battery production.