Meta Materials Seeks Shareholder Approval for Share Increase to Fuel Growth

Meta Materials Inc., a leading company in advanced materials and nanotechnology, has announced plans to request shareholder approval for an increase in the total number of common shares authorized for issuance. This strategic move aims to secure the necessary capital for commercialization and working capital needs. The company emphasizes its commitment to judiciously issuing future shares, underlining the importance of capital in the commercialization process.

The company has highlighted several ongoing joint developments and collaborations, notably with Panasonic Industry for the high-volume manufacturing of NANOWEB® material. Despite not disclosing all partners due to confidentiality agreements, Meta Materials is on the brink of launching several products following a restructuring focused on four core technologies. The capital-intensive nature of broad-scale production, long lead time for components, and unique raw material sourcing requirements underscore the need for increased share authorization to meet demand.

Specific projects like VLEPSIS flight testing, adoption of META's QUANTUM™ stripe security features by international currency suppliers, and scaling up production for battery OEMs using NPORE and NCORE products depict the company's potential market impact. These initiatives demonstrate positive demand metrics, currently limited by production capabilities.

With shareholder support critical to overcoming these production limitations, Meta Materials plans to clarify its strategy in a Q&A session and discuss the share increase proposal at a special meeting. A webcast in early April will further provide a business update and discuss the 2023 results, emphasizing the necessity of capital access for growth and market success.