Benzinga | Jun 28, 2021 07:34AM EDT

Meta Materials Inc. Closes Transaction With Torchlight Energy Resources

Meta Materials Inc. (the "Company" or "META(r)") (NASDAQ:MMAT) a developer of high-performance functional materials and nanocomposites, today announced closing of the business combination with Torchlight Energy Resources ("Torchlight"), which was effective at 12:01 AM EDT. Please visit the investors section of our website to view the Shareholder Letter for more details about our technology, markets, and applications.

"After ten years of scientific discovery and application development, META is now the first NASDAQ-listed metamaterials company, joining the world's premier exchange for technology companies," noted George Palikaras, META's founding President and CEO. "We are very excited to showcase how metamaterials 'go beyond' conventional materials and chemistry, to offer new and highly sustainable solutions with semiconductor precision, at kilometer scale."

"As a result of the transaction and our recent ATM offerings, META now has over $160 million in cash and a virtually debt free balance sheet with approximately 285 million shares issued and outstanding after the 2 to 1 reverse split. From here, we believe we can now comfortably support our near and long-term growth initiatives," said Ken Rice, CFO and EVP of META.

Upon closing, the following operational changes were effected. The executives of the combined company, Meta Materials Inc., include George Palikaras, President and CEO, and Ken Rice, Chief Financial Officer and Executive Vice President. Torchlight's CEO, John Brda, will remain as an advisor to manage the disposal of the Company's oil and gas assets. The board of directors was expanded to seven members, including Ram Ramkumar, Chairman, George Palikaras, Allison Christilaw, Maurice Guitton, Ken Hannah, Steen Karsbo, and Eric Leslie. The corporate headquarters are located at the META facility in Nova Scotia, Canada. The Company has additional facilities in Pleasanton, CA, London, UK, and Z?rich, Switzerland.

In connection with the transaction, Roth Capital Partners acted as financial advisor for Torchlight and Stikeman Elliott LLP, K&L Gates LLP, and Axelrod & Smith as legal advisors; Meta Materials engaged Hamilton Clark and Cormark Securities as financial advisors and Fasken Martineau DuMoulin LLP and Wilson Sonsini Goodrich & Rosati P.C. as legal advisors.

META management will hold a webcast on Tuesday, July 6th, at 1PM EDT, to discuss recent events and future growth initiatives of Meta Materials Inc. To register click here.