Meta Materials announces 1-for-100 reverse stock split and Series C Preferred distribution

META MATERIALS INC.

1-for-100 reverse stock split effective Jan 29, 2024 to regain Nasdaq $1 bid compliance.
Shares outstanding drop from ~564M to ~5.64M; authorized shares cut from 1B to 10M.
Series C Preferred distributed 1 per common share, record Feb 2, 2024; each carries 1,000 votes.
Series C votes only on proposal to increase authorized shares to at least 250M shares.
Unvoted Series C shares auto-redeemed at $0.001/share; transferable only with common stock.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

META MATERIALS INC.: The Board adopted resolutions creating a new Series C Preferred Stock with specific voting, dividend, liquidation, and redemption rights, and filed a Certificate of Designation with the Nevada Secretary of State on January 26, 2024 (effective 2024-01-26).

Change: charter amendment
Effective: 2024-01-26

Exact text from the filing

The Certificate of Designation was filed with the Nevada Secretary of State and became effective on January 26, 2024.

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Source: SEC EDGAR

accession 0000950170-24-008133

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