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Meta Materials | 8-K: Meta Materials Enters into Settlement Agreement with Gregory Mccabe and Appoints Uzi Sasson as CEO, President of the Company and CFO

SEC announcement ·  Jan 25 16:41
Summary by Moomoo AI
Meta Materials Inc., a company listed on The Nasdaq Stock Market under the trading symbol MMAT, has reported significant corporate developments in a recent Form 8-K filing with the SEC. On January 21, 2024, the company entered into a Release Agreement to terminate a prior Purchase Agreement with investor Gregory McCabe, who had committed to purchasing up to $6 million of the company's common stock. The termination relieves McCabe of further stock purchase obligations, requiring him to pay $700,000 to Meta Materials and assign all previously purchased stock under the agreement back to the company. Additionally, McCabe may have to make another payment of $700,000 if the company's stock reaches a certain target value within two years. In executive movements, Uzi Sasson has...Show More
Meta Materials Inc., a company listed on The Nasdaq Stock Market under the trading symbol MMAT, has reported significant corporate developments in a recent Form 8-K filing with the SEC. On January 21, 2024, the company entered into a Release Agreement to terminate a prior Purchase Agreement with investor Gregory McCabe, who had committed to purchasing up to $6 million of the company's common stock. The termination relieves McCabe of further stock purchase obligations, requiring him to pay $700,000 to Meta Materials and assign all previously purchased stock under the agreement back to the company. Additionally, McCabe may have to make another payment of $700,000 if the company's stock reaches a certain target value within two years. In executive movements, Uzi Sasson has been appointed as President of Meta Materials while retaining his role as CEO. On January 22, 2024, Sasson was also appointed as the principal financial officer for SEC reporting purposes until a new officer is appointed. No additional compensation will be provided to Sasson for these expanded roles. The company's filing also confirmed that there are no familial or disclosable related-person transactions between Sasson and other company executives.

This announcement is a separate document:

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