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8-K: Meta Materials Receives Additional $2 Million Deposit

SEC ·  Jun 21 16:34

Summary by Moomoo AI

Meta Materials Inc., a company listed on the Nasdaq Stock Market under the symbol MMAT, has reported two significant financial events in recent filings with the SEC. On June 17, 2024, the company's subsidiary, Nanotech Security Corp. (NSC), received an additional $2.0 million deposit from a U.S.-based authentication and information services company, referred to as Authentication Buyer. This deposit is part of ongoing negotiations for the potential sale of NSC's assets used in its authentication business. The total deposits of $4.0 million will contribute to the final purchase price and may be used as working capital before the sale concludes. However, the sale is subject to due diligence, definitive agreements, and approvals, with no guarantee of completion or resolution of...Show More
Meta Materials Inc., a company listed on the Nasdaq Stock Market under the symbol MMAT, has reported two significant financial events in recent filings with the SEC. On June 17, 2024, the company's subsidiary, Nanotech Security Corp. (NSC), received an additional $2.0 million deposit from a U.S.-based authentication and information services company, referred to as Authentication Buyer. This deposit is part of ongoing negotiations for the potential sale of NSC's assets used in its authentication business. The total deposits of $4.0 million will contribute to the final purchase price and may be used as working capital before the sale concludes. However, the sale is subject to due diligence, definitive agreements, and approvals, with no guarantee of completion or resolution of Meta Materials' liquidity issues. Additionally, on June 20, 2024, Meta Materials sold certain intellectual property rights and assets from its NPORE business unit to a U.S.-based battery design and technology company, known as Battery IP Buyer, for $825,000 in cash. The sale, which is part of the company's strategic alternatives evaluation, has been finalized. The company cautions that forward-looking statements in the report are subject to risks and uncertainties, and actual events may differ materially.

This announcement is a separate document:

Doc 1

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