I was accurate in my previous prediction that Meta Materials would raise money by issuing more shares in Q2 2022 or Q3 2022. These funds would be used to repay Meta Materials and maintain the leases and/or start a development program. It appears that Next Bridge Hydrocarbons will not be publicly traded initially, but I believe it will end up as a public company at some point to raise funds.
META MATERIALS SERIES
Currently, it appears that one Series A Preferred share will be exchanged for one common share in Next Bridge Hydrocarbons.
META MATERIALS REGISTRATION
The oil and gas spinoff (Next Bridge Hydrocarbons) has filed a registration statement for the registration of its common stock.
META MATERIALS FULL
The full exercise of the warrants would likely push the need for additional funds into 2024. However, if it receives repayment of the funds it has lent to OilCo (Next Bridge Hydrocarbons), that would give it another one to two quarters of runway. If Meta Materials does not substantially reduce its cash burn from Q1 2022 levels, it may need to raise additional funds in 1H 2023. This was in line with my expectation that it would need to raise money in Q2 2022 or Q3 2022 due to its significant rate of cash burn. and seek advice from a qualified investment advisor.Meta Materials ( NASDAQ: MMAT) raised $50 million in gross proceeds via an equity offering in late June.
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META MATERIALS UPDATE
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