Summary by Moomoo AI
On July 25, 2024, Meta Materials Inc. reported a significant disruption to its IT systems, including its website and email services, due to actions taken by a former executive officer. The company's IT systems were taken offline, which affected communications with customers, investors, and other stakeholders. Meta Materials Inc. worked with cybersecurity experts and legal counsel to restore services, successfully reactivating the website and email systems by July 29, 2024. The company is continuing to investigate the incident and assess its impact on security and operations, but preliminary findings suggest that there was no material impact on intellectual property or unauthorized access to sensitive information. In a separate event, on July 26, 2024, Metamaterial Technologies Canada Inc., a related entity, filed for bankruptcy in the District Court of Ontario, with Grant Thornton Limited appointed as the trustee to oversee the process.