Meta Materials terminates $6M stock purchase deal; CEO Sasson adds President and interim CFO roles

On January 25, 2024, the Board of Directors (the “Board”) of the Company appointed Uzi Sasson to serve as President of the Company, in addition to his role as Chief Executive Officer of the Company.

on January 22, 2024, the Board appointed Mr. Sasson to act as the principal financial officer of the Company for SEC reporting purposes, and he will serve in such role until a new principal financial officer is appointed by the Company.

Item 1.02 Termination of a Material Definitive Agreement. As previously reported, on September 8, 2023, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Gregory McCabe (the “Purchaser”), pursuant to which Mr. McCabe agreed to purchase up to an aggregate amount of $6,000,000 of the Company’s common stock. On January 21, 2024, the Company entered into a settlement agreement (the “Release Agreement”) with Purchaser, pursuant to which the Company and the Purchaser agreed to terminate the Purchase Agreement. Under the terms of the Release Agreement, Purchaser was relieved of any obligation to make additional stock purchases under the Purchase Agreement. The terms of the Release Agreement require (i) a payment of $700,000 by Purchaser to the Company, (ii) assignment to the Company of all stock purchases made by Purchaser under the Purchase Agreement and (iii) an additional payment of $700,000 by Purchaser to the Company if the Company’s common stock