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Meta Materials | 8-K: Meta Materials Announces Distribution of Series C Preferred Stock to Holders of its Common Stock and 1-for-100 Reverse Stock Split

SEC announcement ·  Jan 29 08:03
Summary by Moomoo AI
On January 23, 2024, Meta Materials Inc., a Nevada corporation, announced a significant corporate action involving a distribution of Series C Preferred Stock and a reverse stock split. The company's board of directors declared a distribution of one share of Series C Preferred Stock for each outstanding share of common stock and Series B Preferred Stock, with a record date of February 2, 2024. The Series C Preferred Stock, which is non-transferable except with common stock and carries 1,000 votes per share, will be represented in book-entry form. This stock will vote on proposals to increase authorized shares of common stock and any adjournment related to this matter. Holders of Series C Preferred Stock will not receive dividends and will have a...Show More
On January 23, 2024, Meta Materials Inc., a Nevada corporation, announced a significant corporate action involving a distribution of Series C Preferred Stock and a reverse stock split. The company's board of directors declared a distribution of one share of Series C Preferred Stock for each outstanding share of common stock and Series B Preferred Stock, with a record date of February 2, 2024. The Series C Preferred Stock, which is non-transferable except with common stock and carries 1,000 votes per share, will be represented in book-entry form. This stock will vote on proposals to increase authorized shares of common stock and any adjournment related to this matter. Holders of Series C Preferred Stock will not receive dividends and will have a liquidation preference over common and Series B Preferred Stock. Additionally, shares of Series C Preferred Stock not present at the voting meeting will be automatically redeemed. The Certificate of Designation for the Series C Preferred Stock became effective on January 26, 2024. Furthermore, Meta Materials filed a Certificate of Change to effect a one-for-one hundred reverse stock split of its common stock, which became effective on January 29, 2024. This action was taken to regain compliance with Nasdaq's minimum share price requirement for continued listing. The reverse stock split reduced the number of outstanding shares and adjusted the terms of outstanding stock options, equity awards, and warrants. No fractional shares were issued; instead, they were rounded up to the nearest whole number. The company's common stock began trading on a split-adjusted basis on January 29, 2024, under the new CUSIP number 59134N302. Meta Materials also issued press releases regarding these corporate actions.

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