Summary by Moomoo AI
Meta Materials Inc., an advanced materials and nanotechnology company, has announced a significant workforce reduction of approximately 80% of its employees, approved by the Board of Directors on May 2, 2024. This decision is part of a strategic move to preserve cash resources amid liquidity challenges and difficulties in securing additional financing. The reduction process is expected to be completed in the coming weeks, with the company retaining a number of employees to assist in exploring strategic alternatives, which may include asset divestiture, securing additional financing, or a potential sale of the company. Meta Materials estimates that it will incur about $2.3 million in charges related to severance and associated costs. The company has issued a cautionary note that the actual costs may vary...Show More