META Materials Inc. (MMAT) announces its purchase of Nanotech (NTS) Security Corporation in an all-cash transaction.
The offer is $1.25 per Nanotech share with a total value of approximately $90.9 million.
Following this purchase, META acquired 69,854,986 Nanotech shares and is now the holder of all Nanotech shares. Prior to this META did not own any shares in the company.
All directors of Nanotech have resigned from the board.
Nanotech shares will be delisted from the TSX Venture Exchange today.
Nanotech’s team brings decades of experience in nano-optics research and development, fabricate devices for electrical, optical, photonic, and biological applications as well as ceramic coating production.
META plans to double the capacity at Nanotech’s Quebec production facility over the next one to two years.
George Palikaras, President and CEO of META, talks about what this purchase means for META.
“META and Nanotech will together develop and manufacture intelligent surfaces and solutions for our customers that are expected to add a new dimension to industries such as automotive, security, healthcare, aerospace, energy and consumer electronics. We look forward to working with industry leaders to bring them the power and benefits of nanotechnology, which will enable their products to achieve industry leading performance,” says Palikaras.
META Materials Inc. is an extensive technology platform that enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy.
META is down 57 per cent today and is trading at C$6.39 per share as of 12:47 p.m. ET.
Nanotech Security Corporation supplies currency, document and brand protection products trusted by governments and corporations worldwide.
Nanotech is unchanged trading at C$1.25 per share as of yesterday at 4 p.m. ET.