Meta Materials (MMAT) has released an update to notify the public and investors about corporate charter and bylaws modifications.
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Meta Materials Inc. announced the distribution of one share of Series C Preferred Stock for each outstanding share of Common Stock and Series B Preferred Stock held on record as of February 2, 2024. The Series C Preferred Stock, which is non-transferable except in conjunction with Common Stock transfers, grants holders 1,000 votes per share but is restricted to voting on proposals related to amending the Articles of Incorporation and adjourning related meetings. These shares have a preference in liquidation events and are subject to automatic redemption if not voted on specific proposals or upon the approval of such proposals. Additionally, the company executed a one-for-one hundred reverse stock split effective January 29, 2024, affecting all stockholders uniformly without altering their percentage interests and adjusted terms for outstanding stock options and awards accordingly.
For further insights into MMAT corporate activity, check out TipRanks’ Insiders Trading Activity page.
