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Meta Materials | 8-K: Entry into a Definitive Securities Purchase Agreement

SEC announcement ·  Feb 21 16:33
Summary by Moomoo AI
On February 19, 2024, Meta Materials Inc., a Nevada-incorporated advanced materials and nanotechnology company, announced the entry into a securities purchase agreement with an institutional investor. The agreement, part of a registered direct offering, involved the sale of 600,000 shares of common stock and the issuance of pre-funded and regular warrants to purchase additional shares, with the offering closing on February 21, 2024. The company secured approximately $3.0 million in net proceeds after fees and expenses. Concurrently, Meta Materials entered into a placement agency agreement with A.G.P./Alliance Global Partners, who will receive a cash fee for their services. Additionally, the company amended certain warrants issued in 2022 and 2023, reducing their exercise price to the minimum price set for June 6, 2024. The company also...Show More
On February 19, 2024, Meta Materials Inc., a Nevada-incorporated advanced materials and nanotechnology company, announced the entry into a securities purchase agreement with an institutional investor. The agreement, part of a registered direct offering, involved the sale of 600,000 shares of common stock and the issuance of pre-funded and regular warrants to purchase additional shares, with the offering closing on February 21, 2024. The company secured approximately $3.0 million in net proceeds after fees and expenses. Concurrently, Meta Materials entered into a placement agency agreement with A.G.P./Alliance Global Partners, who will receive a cash fee for their services. Additionally, the company amended certain warrants issued in 2022 and 2023, reducing their exercise price to the minimum price set for June 6, 2024. The company also plans to seek shareholder approval to increase the number of authorized shares of common stock to 250 million. The offering was made under a prospectus supplement and a base prospectus part of a registration statement effective November 18, 2022. The securities were offered by means of a written prospectus and accompanying prospectus supplement filed with the SEC.

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