Welcome to our dedicated page for Meta Materials news (Ticker: MMAT), a resource for investors and traders seeking the latest updates and insights on Meta Materials stock.
Meta Materials Inc. (NASDAQ: MMAT) is a forward-thinking advanced materials and nanotechnology company focused on creating sustainable, highly functional materials that transform the way we interact with light and other forms of energy.
META's proprietary portfolio includes products such as NANOWEB, a transparent conductive film, holoOPTIX, ARfusion, metaAIR, and glucoWISE. These innovations span various applications from consumer electronics and 5G communications to aerospace, automotive, and clean energy.
Recent Achievements: META announced a 1-for-100 reverse stock split effective January 29, 2024, aiming to comply with Nasdaq's $1.00 per share minimum closing price requirement.
Current Projects and Financial Condition: In Q4 2023, META reported a 55% revenue increase to $2.2 million compared to the previous year. The company is driving growth across four main business lines including authentication solutions, wide area motion imagery systems, and transparent conductive films, with partnerships like the one with Panasonic Industry for NANOWEB production.
Strategic Moves: Recently, the Board of Directors approved a workforce reduction of about 80% to address liquidity challenges and financing needs. The company is exploring strategic alternatives including asset divestitures and potential sale.
Legal and Regulatory Actions: META is actively pursuing legal action against parties involved in alleged market manipulation, supported by findings from Christian Attar and Warshaw Burstein law firms.
META's commitment to innovative sustainable science continues to drive advancements in everyday technologies, making them smarter and more efficient.
Meta Materials Inc. (NASDAQ:MMAT) announced a registered direct offering of 37,037,039 shares at $1.35 each, along with warrants exercisable at $1.75 per share. This deal is expected to generate approximately $50 million in gross proceeds before expenses. The offering closure is anticipated around June 28, 2022. Roth Capital Partners and A.G.P./Alliance Global Partners are co-placement agents for this transaction.
Meta Materials Inc. (NASDAQ: MMAT) has signed an agreement to acquire substantially all assets and intellectual property of Optodot Corporation for $48.5 million, comprising $3.5 million cash and $45 million in META shares. The acquisition includes 67 issued and 22 pending patents related to nano-composite battery technologies. Expected to close in June 2022, this deal aims to enhance META's capabilities in battery safety and performance, particularly in electric vehicles. The lithium-ion battery separator market is projected to grow from $5.1 billion in 2021 to $9 billion by 2025.
Meta Materials Inc. (NASDAQ:MMAT) announced the demonstration of the world's most transparent 5G antenna embedded in prescription lenses for Extended Reality (XR) at AWE USA 2022. This innovation utilizes the ARfusion™ platform alongside NANOWEB® technology to create multifunctional optically transparent antennas. The technology aims to significantly enhance XR applications by improving data transmission, reducing power consumption, and facilitating 5G connectivity. With estimated mobile services revenue hitting $800 billion by 2032, META positions itself for growth in the XR and 5G markets.
Meta Materials Inc. (NASDAQ:MMAT) and PPG (NYSE:PPG) have signed a memorandum of understanding to collaborate on developing ophthalmic smart devices for extended reality (XR). This partnership will focus on enhancing dynamic dimming functionality by combining META's NANOWEB film with PPG's electrochromic gels and ARfusion™ platform. The goal is to create lightweight, smart lenses that address high-brightness ambient lighting challenges in XR applications. They plan to showcase their innovations at the AWE USA show from June 1-3, 2022.
Meta Materials Inc. (NASDAQ:MMAT) announced a significant milestone with a new U.S. patent enhancing its position in medical imaging. Dr. Panos Kosmas will present at the 8th International Conference on Antennas and Electromagnetic Systems in Morocco on May 26, discussing a portable radio-wave imaging scanner aimed at improving stroke diagnosis. The technology, developed through collaboration with King's College London, promises accurate stroke detection, potentially reducing treatment response times. Meta's patented metamaterial technology supports advancements in medical diagnostics, addressing a global health issue impacting millions.
Meta Materials Inc. has appointed Dr. Raj V. Rajaram as its new Chief Marketing Officer. With over 25 years of experience in marketing and commercial operations, Dr. Rajaram aims to transform META's marketing into a revenue-generating function. His previous roles include senior marketing positions at Protective Industries and Honeywell. Dr. Rajaram’s expertise will help META strengthen its brand and support growth strategies across diverse markets, aligning with the company's focus on commercializing innovative metamaterial solutions.
Meta Materials Inc. (NASDAQ:MMAT) announced that its UK subsidiary, MediWise, has received the first U.S. patent for the glucoWISE non-invasive glucose sensing system. This foundational patent involves anti-reflection metamaterial films that enhance signal penetration through the skin, aiming to eliminate painful finger sticks for glucose monitoring. The glucoWISE system is designed to support over 30 million diabetics in the U.S. The company boasts a vast intellectual property portfolio, with 302 active patent documents, reflecting its commitment to innovation and competitive advantage.
Meta Materials Inc. (NASDAQ:MMAT) reported a remarkable 399% increase in total revenue for Q1 FY 2022, totaling $2,974,695 compared to $596,303 in Q1 FY 2021. Despite this growth, the company faced a net loss of $18,434,541, or $0.06 per share, an improvement from the $44,158,519 loss in Q1 FY 2021. Operating cash usage surged to $18,745,199, while capital expenditures reached $1,746,936. As of March 31, 2022, Meta held $30.2 million in cash, with no debt apart from interest-free loans totaling $3.3 million.
Meta Materials Inc. (NASDAQ:MMAT) will release its Q1 2022 financial results on May 10, 2022, post-market close, followed by a webcast on May 11, 2022, at 8:00 AM EDT. This webcast will allow stakeholders to gain insights into the company's financial performance and future strategies. Meta is recognized for its high-performance functional materials across various industries, including consumer electronics and clean energy. The company emphasizes innovation supported by its technology platform.
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