Meta Materials Inc., a company listed on the US stock exchange under the ticker MMAT.US, has filed definitive additional materials with the SEC, indicating its intention to seek shareholder approval for an increase in authorized shares by up to 240 million. The company has issued nearly all of its currently authorized shares to both institutional and retail shareholders. Meta Materials cites the need for additional capital to support its growth, particularly for the commercialization of products, manufacturing facilities, and other related costs. The company aims to use the capital raised from the potential issuance of new shares for these purposes, as outlined in their March 6, 2024 press release. While acknowledging that issuing additional shares could dilute existing shareholder value, Meta Materials...Show More

Meta Materials Inc., a company listed on the US stock exchange under the ticker MMAT.US, has filed definitive additional materials with the SEC, indicating its intention to seek shareholder approval for an increase in authorized shares by up to 240 million. The company has issued nearly all of its currently authorized shares to both institutional and retail shareholders. Meta Materials cites the need for additional capital to support its growth, particularly for the commercialization of products, manufacturing facilities, and other related costs. The company aims to use the capital raised from the potential issuance of new shares for these purposes, as outlined in their March 6, 2024 press release. While acknowledging that issuing additional shares could dilute existing shareholder value, Meta Materials argues that alternative capital-raising methods could be more detrimental. The company emphasizes a disciplined approach to share issuance, aiming to minimize dilution by issuing the smallest number of shares necessary over a measured timeline. The additional capital is deemed crucial for the company's viability and to support broadscale product commercialization, with projected sales in their focus product lines. The announcement also contains forward-looking statements regarding the company's business strategies, product development, and operational activities, which are subject to various risks and uncertainties.