Meta Materials
Summary
- Meta Materials Inc. is a developer of high-performance functional materials and nanocomposites.
- Meta Materials Inc. Approves Spin-Off of Next Bridge Hydrocarbons Inc
- Meta Materials recently acquired Plasma App Ltd and Optodot Corporation
Meta Materials Inc. (Nasdaq: MMAT) is a developer of high-performance functional materials and nanocomposites. The Company has generated a portfolio of intellectual property and is now moving toward commercializing products. The Company’s platform technology includes holography, lithography, and medical wireless sensing. The underlying approach that powers the Company’s platform technologies comprises advanced materials, metamaterials and functional surfaces. These materials include structures that are patterned in ways that manipulate light, heat, and electromagnetic waves in unusual ways. The Company’s advanced structural design technologies and scalable manufacturing methods provide a path to broad commercial opportunities in aerospace and defense, automotive, energy, healthcare, consumer electronics, and data transmission.
Recent Developments
Meta Materials Inc. Approves Spin-Off of Next Bridge Hydrocarbons Inc1
November 23, 2022; Meta Materials Inc. announced that its board of directors has approved the distribution to the holders of META's Series A Non-Voting Preferred Stock ("Series A Preferred Stock" which is currently traded over-the-counter, or OTC, under the symbol MMTLP) of 100% of the common stock of META's wholly owned subsidiary, Next Bridge Hydrocarbons, Inc. ("Next Bridge") in accordance with the Distribution Agreement between META and Next Bridge. Upon completion of the distribution, Next Bridge will be an independent public reporting company, but the Next Bridge common stock is not and will not be publicly traded and will not be eligible for electronic transfer through the Depository Trust Company book-entry system or any other established clearing corporation.
Holders of Series A Preferred Stock who sell their shares on or before the record date will not be entitled to receive the shares of Next Bridge common stock in the distribution in respect of such shares of Series A Preferred Stock sold. Holders of Series A Preferred Stock who sell their shares after the record date but before the distribution date will be required to transfer the shares of Next Bridge common stock received in the distribution to the subsequent purchaser of Series A Preferred Stock.
Recent Acquisitions
Plasma App Ltd.
On April 1, 2022, the company completed the purchase of 100% of the issued and outstanding shares of Plasma App Ltd. ("PAL") through the issuance of 10,752,687 common shares with an estimated fair value on the closing date of $17 million. The number of shares were calculated as the sum of 9,677,419 shares, equal to $18,000,000 divided by $1.86 (the volume weighted average price for the ten trading days ending on March 31, 2022), and 1,075,268 shares, equal to $2,000,000 divided by $1.86, to be issued at a later date subject to satisfaction of certain claims and warranties.
PAL is the developer of PLASMAfusion®™, a first of its kind, proprietary manufacturing platform technology, which enables high speed coating of any solid material on any type of substrate. The PAL team is located at the Rutherford Appleton Laboratories in Oxford, UK. The company expect to apply PLASMAfusion®™ to the metallization step in its roll-to-roll production process for NANOWEB® films as well as KolourOptik® security films. This is expected to significantly accelerate line speed and increase annual capacity. PAL is also developing coated copper current collectors for lithium-ion batteries as a replacement for solid copper foils. Thin layers of copper deposited on both sides of a polyester substrate via PLASMAfusion® offer significant weight reduction, increasing energy density, while the polyester inner layer acts like a fuse, inhibiting thermal runaway to enhance battery safety.
Optodot Corporation
On June 22, 2022, the company completed an asset purchase agreement with Optodot Corporation ("Optodot") to acquire certain assets related to patents and intellectual property for the battery and other industries through the issuance of a combination of cash of $3.5 million and common stock of 26,809,234 shares with an estimated total fair value on the closing date of $53.6 million. The number of shares were calculated as the sum of 22,348,190 shares, equal to $37,500,000 divided by $1.68 (the volume weighted average price for the twenty trading days ending on June 21, 2022), and 4,461,044 shares, equal to $7,500,000 divided by $1.68, to be issued at a later date subject to certain vesting milestones as set forth in the purchase agreement.
Optodot is a leading developer and licensor of nano-composite battery separators and infrared optical coating technologies. Its NPORE® separators eliminate the use of plastic substrate and provide superior functionality and outstanding heat resistance for current and next generation lithium-ion batteries. Its NANOPORE® nanoporous membrane technology is also intended to be used to improve the performance of its medical products, in particular, its radiWISE product for signal to noise improvement in MRI scanning. Also, its Electrode Coated Separators (ECS) combine what is presently two discrete functions in the LI batteries and offer a simpler, faster, lower-cost assembly process compatible with current and future battery chemistries.
Financial Highlights
Q3 FY 2022 Results
November 9, 2022; Meta Materials Inc announced third quarter FY 2022 results.2
In Q3:22, total revenue grew 329% Y/Y, to $2,456,012, compared to $572,612 in Q3:21. For the nine months ended September 30, 2022, total revenue grew 388%, to $8,754,434, compared to $1,793,235 in the first nine months of FY 2021. The Q3:22 net loss was $24,475,320, or 7c per share on 362,260,641 weighted average shares, compared to the Q3:21 net loss of $11,425,248, or 4c per share on 280,080,786 weighted average shares. For the first nine months of FY 2022, the net loss was $63,892,619, or 20c per share on 316,661,487 weighted average shares, compared to a net loss in the first nine months of FY 2021 of $61,467,070 (which included a $40,540,091 non-cash loss on financial instruments), or 28c per share on 216,135,190 weighted average shares.
Net cash used in operating activities during the quarter ended September 30, 2022 was $19,513,100, and net cash used in operating activities during the nine months YTD was $48,516,511. In Q3:22, capital expenditures for purchases of property, plant and equipment were $3,003,699. As of September 30, 2022, cash and equivalents totaled approximately $32.2 million, including about $0.4 million in restricted cash. The Company has no debt, except for approximately $2.9 million in various interest-free, unsecured loans from ACOA (Atlantic Canada Opportunities Agency). As of November 9, 2022, common shares outstanding were 361,930,468.
Company Overview
META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, high-performance, functional materials, components and systems. The company's extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. The company's nano-optic metamaterial technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands
Technology
The company design and produce highly functional materials that master and manipulate light and other forms of energy. The company apply this technology to revolutionize everything from solar solutions to aircraft safety to wearable technology.3
- ARfusion®
- Custom Solutions
- Electro Optical & Infrared Systems (EO/IR)
- Holography
- Intellectual Property
- KolourOptik®
- Lithography
- LiveOptik™
- Metamaterials and Functional Surfaces
- PLASMAfusion®
- Wireless Sensing
Products
META is a developer of high-performance functional materials and nanocomposites. Metamaterials have the ability to manipulate light, heat, and other forms of electromagnetic waves in ways not found in nature. The company design and fabricate materials with new functionalities, delivering breakthrough performance for applications across a range of industries.4
- Brand Protection
- glucoWISE® (under development)
- Government & Banknote
- holoOPTIX®
- metaAIR®
- NANOWEB®
- NPORE®