Meta Materials appoints new CEO, announces restructuring cost savings of $20-30M annually

META MATERIALS INC.

CEO Jim Fusaro resigned Nov 4 due to health issues; Uzi Sasson promoted to CEO, effective immediately.
Ahmed Shebl appointed CAO and Interim CFO; base salary $200K, target bonus 50%.
Annualized cost savings from restructuring estimated at $20-30M; focus on three core business lines.
META received $6.2M in new purchase orders; G10 central bank agreement up to 5 years for $41.5M.
Launched first fully animated nano-optic banknote security product QUANTUM stripe in Sep 2023.

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Uzi Sasson

Chief Executive Officer

META MATERIALS INC.

Effective: 2023-11-05
Filed: November 8, 2023, 6:59 PM ET

On November 5, 2023, the Board promoted Uzi Sasson to CEO of the Company to replace Mr. Fusaro.

Departed

Jim Fusaro

Chief Executive Officer

META MATERIALS INC.

Effective: 2023-11-04
Successor: Uzi Sasson
Filed: November 8, 2023, 6:59 PM ET

On November 4, 2023, Jim Fusaro resigned as Chief Executive Officer (“CEO”) and as a member of the Board of Directors (the “Board”) of Meta Materials Inc.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Uzi Sasson changed role as Chief Executive Officer at META MATERIALS INC..

Action: promoted
Role: Chief Executive Officer

Exact text from the filing

On November 5, 2023, the Board promoted Uzi Sasson to CEO of the Company to replace Mr. Fusaro.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jim Fusaro resigned as Chief Executive Officer at META MATERIALS INC..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On November 4, 2023, Jim Fusaro resigned as Chief Executive Officer (“CEO”) and as a member of the Board of Directors (the “Board”) of Meta Materials Inc.

View on SEC.gov

Source: SEC EDGAR

accession 0000950170-23-060703

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