Meta Materials (NASDAQ:MMAT) stock is in the spotlight after the company was charged with violating "the antifraud, reporting, internal accounting controls, and books and records provisions of the federal securities laws." Meta has agreed to settle the charges with a $1 million fine without admitting or denying the wrongdoings. In addition, the U.S. Securities and Exchange Commission (SEC) also charged former Meta Materials CEOs John Brda and Georgios Palikaras with market manipulation, fraud and other char ...

. June 25, 2024 9:20 AM EDT | Source: Newsfile SEC Press Digest The SEC's complaint, filed in U.S. District Court for the Southern District of New York, alleges that Brda and Palikaras planned and conducted the manipulative scheme that included, among other things, issuing a preferred stock dividend immediately before the merger. The complaint alleges that Brda and Palikaras told certain investors and consultants—and hinted via social media—that the dividend would force short sellers to exit their positions ...

But what that also means is plenty of other high-growth companies are flying under the radar. The relative valuation discounts these companies are generally seeing are attractive from this point of view. Source: ArtemisDiana / Shutterstock.com However, Meta Materials anticipates earning $50 million from the issue, scheduled to close on June 28. This follows Meta Materials' acquisition of Optodot for $48.5 million, a combination of cash and stock. Thus, this deal will bolster Meta Materials' balance sheet, a ...

As for MMAT stock, the underlying company stated in a press release that in late June 2023, management "outlined its preliminary analysis of potential naked short selling, and retained well-known analytics firm, Shareholder Intelligence Services, LLC, to review trading patterns of the Company's common stock." Short squeezes risk sparking a positive feedback loop because in order for bearish traders to exit their positions, they must buy to close. Whoever exits quickly in an upsurge suffers the least amount ...

Revenue Performance - Revenue for the first quarter ended March 31, 2024, increased by $0.9 million, or 40.9%, compared to the fourth quarter ended December 31, 2023, and increased by $1.9 million, or 131.7%, compared to the first quarter ended March 31, 2023[131]. - Product sales for Q1 2024 reached $85.2 million, a 45% increase from $58.7 million in Q1 2023[163]. - Development revenue surged to $3.1 million in Q1 2024, up 150% from $1.3 million in Q1 2023, primarily driven by lithography revenue[163][165]. - Total revenue for Q1 2024 was $3.3 million, reflecting a 132% increase from $1.4 million in Q1 2023[163]. Operating Expenses - Operating expenses during the first quarter ended March 31, 2024, decreased by $73.4 million, or 89.4%, compared to the fourth quarter ended December 31, 2023, primarily due to a $65.6 million impairment of long-term assets recorded in the previous quarter[132]. - Operating expenses decreased by 56% to $8.5 million in Q1 2024 from $19.2 million in Q1 2023[171]. - For the three months ended March 31, 2024, approximately 48.1% of operating expenses were recorded in entities with a functional currency other than the US Dollar[153]. - Restructuring expenses of $0.3 million were recorded in Q1 2024 related to the Realignment and Consolidation Plan[177]. Financial Position - Cash and cash equivalents as of March 31, 2024, were approximately $7.0 million, down from $10.3 million at the end of 2023[184]. - The company reported a decrease in cash, cash equivalents, and restricted cash of $3.2 million for the three months ended March 31, 2024, compared to a decrease of $5.3 million in the same period of 2023[193]. - The company experienced a net cash inflow from investing activities of $32,096 in the three months ended March 31, 2024, compared to a net cash outflow of $437,528 in the same period of 2023[193][198][199]. - Cash provided by financing activities was $2.7 million for the three months ended March 31, 2024, primarily from the issuance of common stock and warrants, compared to $10.7 million in the same period of 2023[200][201]. Net Loss and Cash Flow - The net loss for the three months ended March 31, 2024, was $7.5 million, down from a net loss of $18.7 million in the same period of 2023[194][195]. - The company reported a net cash used in operating activities of $5.9 million for the three months ended March 31, 2024, compared to $15.5 million for the same period in 2023, indicating a significant improvement[193][194][195]. - There was a $1.3 million cash used by working capital during the three months ended March 31, 2024, primarily due to a $3.6 million decrease in trade payables[194]. Strategic Initiatives - The company is exploring strategic alternatives, including asset divestiture and additional financing, to address financial hardships and avoid potential bankruptcy[134]. - A workforce reduction of approximately 80% of employees was approved on May 2, 2024, to preserve cash resources[133]. - The company is shifting capital toward core business units expected to contribute to near-term cash flow while scaling back investments in non-core areas[146]. - The company engaged in a strategic partnership with Panasonic Industry to enhance the production volume of NANOWEB® films during the year ended December 31, 2023[152]. Compliance and Future Outlook - A reverse stock split at a rate of 1-for-100 was executed on January 29, 2024, to regain compliance with Nasdaq listing standards[135]. - The company has substantial doubt about its ability to continue as a going concern for at least 12 months due to expected operating losses and negative cash flows[191][192]. - Future capital requirements will depend on various factors, including the timing and extent of spending on research and development efforts[189]. - The company plans to alleviate financial concerns through reduced spending and the pursuit of additional capital[191]. Intellectual Property - The company has over 455 active patent documents, with 346 patents issued and 124 patent families, of which 73 include at least one issued patent[128]. Foreign Exchange Impact - The company recorded a net unrealized foreign exchange loss of $1.5 million in Q1 2024, compared to a gain of $325.6 million in Q1 2023[178][181]. Off-Balance Sheet Arrangements - Off-balance sheet firm commitments related to an outstanding letter of credit amounted to approximately $0.5 million as of December 31, 2023[203]. - The company does not maintain any other off-balance sheet arrangements[203].

Another unstable meme stock may be on its way out the door. Meta Materials (NASDAQ:MMAT) has been struggling for well over a year and hasn’t reported a positive catalyst in months. Granted, the functional materials company did manage to regain Nasdaq compliance in February 2024. However, that hasn’t done much for MMAT stock since. Today, shares are sinking quickly on news that Meta Materials is reducing its staff by 80% over the coming weeks, per a company statement released last week.Naturally, news of the ...

Financial Results - Meta Materials Inc. hosted a webcast on April 3, 2024, to discuss its financial results for Q4 and the year ended December 31, 2023[4]. - The press release dated April 3, 2024, is included as Exhibit 99.1, detailing the financial performance[8]. - The company referenced certain non-GAAP financial information during the webcast, with reconciliations provided in the accompanying script[5]. Regulatory Compliance - The report is filed under the Securities Exchange Act of 1934, indicating compliance with regulatory requirements[6]. - The report does not classify Meta Materials Inc. as an emerging growth company[3]. - The financial results discussed in the webcast are not deemed "filed" under the Securities Exchange Act[6]. Company Information - The company is listed on The Nasdaq Stock Market LLC under the symbol MMAT[3]. - The company’s principal executive office is located in Dartmouth, Nova Scotia, Canada[1]. - Uzi Sasson serves as the President and Chief Executive Officer of Meta Materials Inc.[12]. Additional Information - The report includes a cover page interactive data file as Exhibit 104[8].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K WASHINGTON, DC 20549 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-36247 Meta Materials Inc. (Exact Name of Registrant as Specified in its Charter) Nevada 74-3237581 (State or other jurisdiction of inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to___________ Commission File Number: 001-36247 Meta Materials Inc. (Exact Name of Registrant as Specified in its Charter) Nevada 74-3237581 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to___________ Commission File Number: 001-36247 Meta Materials Inc. (Exact Name of Registrant as Specified in its Charter) Nevada 74-3237581 (State or other juri ...