Meta Materials to lay off roughly 80% of its workforce

Meta Materials announced that the company’s Board of Directors approved a workforce reduction of approximately 80% of its employees, which is expected to be completed over the next few weeks. This difficult decision is in response to challenges associated with liquidity and securing additional financing. The company continues to evaluate all available strategic alternatives including, but not limited to, the divestiture of assets, additional financing security and/or the sale of the company. While all efforts are being expended in this pursuit, no assurances can be made currently regarding the outcome. Without an influx of cash to support operations, the company faces financial hardship that may result in shuttering facilities and/or bankruptcy proceedings.