Meta Materials (MMAT) Sells 37M Shares at $1.35 in Direct Offering

Meta Materials Inc. (NASDAQ: MMAT) entered into a securities purchase agreement with certain institutional investors for the purchase and sale in a registered direct offering of 37,037,039 shares of the Company's common stock at a purchase price of $1.35 per share and warrants to purchase 37,037,039 shares at an exercise price of $1.75 per share. The gross proceeds to the Company from the offering are expected to be approximately $50 million, before deducting placement agent fees and other estimated offering expenses. The warrants will become exercisable six months after the issuance date and expire five and a half years after the initial issuance date. The closing of the offering is expected to occur on or about June 28, 2022, subject to the satisfaction of customary closing conditions.

Roth Capital Partners and A.G.P./Alliance Global Partners are acting as co-placement agents for the offering. Cormark Securities Inc. is acting as financial advisor to the Company for this transaction.

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