Meta Materials (MMAT) has released an update.
Meta Materials Inc. has initiated a direct offering to an institutional investor, comprising the sale of 600,000 common shares, pre-funded and regular warrants to purchase additional shares, amounting to a combined potential of 850,000 common shares. The deal, which included adjustments to previous warrants and a commitment to seek shareholder approval to increase authorized shares, netted the company about $3 million. Additionally, the investor received Series C Preferred Stock, equal to the common stock bought, aligning their rights with other preferred stockholders. The company’s public announcement of the offering emphasized their strategic financial maneuvering without planning to list the new warrants on major trading platforms.
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