Meta Materials clarifies potential impacts of reverse stock split proposal

Meta Materials provided some clarification of the potential impacts of Proposal 3: Approval of a Reverse Stock Split, to be voted on at the 2023 Annual Meeting of Stockholders, to be held on December 11, 2023, at 12:00 pm Eastern Time. A reverse split may be necessary to maintain the Company’s Nasdaq listing. To maintain our Nasdaq listing, a reverse split is best achieved with shareholder approval, resulting in an increase in the number of authorized shares. The alternative not reliant on shareholder approval results in a decrease in the number of authorized shares. The Board believes that maintaining the current number of authorized shares of our common stock is necessary to facilitate technology production, manufacturing, and sales. The reverse split will affect all shareholders uniformly, including stockholders of the Company.