on Meta Materials Inc. (NASDAQ:MMAT)
Meta Materials Announces Major Workforce Reduction
Meta Materials Inc., a NASDAQ-listed advanced materials and nanotechnology company, announced a significant reduction of its workforce. The decision, approved by the company's Board of Directors, will see approximately 80% of its employees laid off in the coming weeks. This move is in response to liquidity challenges and difficulties in securing additional financing.
The company is exploring various strategic options, including asset divestiture, securing further financing, or possibly selling the company. Despite these efforts, there is no certainty about the outcomes. The lack of additional funding may lead to shutting down facilities or even bankruptcy proceedings.
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