Meta Materials (MMAT) has released an update to notify the public and investors about a termination of a material definitive agreement.
On September 8, 2023, the Company and Gregory McCabe entered into an agreement for McCabe to purchase $6 million in common stock. Later, on January 21, 2024, they terminated this agreement through a settlement that absolved McCabe from further purchases. The settlement stipulates a $700,000 payment to the Company, transfer of the already purchased stock to the Company, and another $700,000 payment if the stock reaches a target value within two years.
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