MJP –
Following the bankruptcy rules outlined in Chapter 7, Meta Materials has confirmed in a filing that it is currently liquidating all of its assets.
“According to the Bankruptcy Code, the Company’s assets will be liquidated by a Chapter 7 trustee who is appointed by the Bankruptcy Court as a result of the Bankruptcy Filing,” the statement stated.
Creditors will be notified of the filing of the Chapter 7 bankruptcy case and an initial hearing will be scheduled once the trustee has been appointed.
Many shareholders have taken to social media to vent their frustration with the board of directors.
Image – Yahoo
“Not surprising. Intriguingly, their sole attempt was a 1:100 dilution. Concerns have not been communicated with investors.
All they want is a free and easy ATM. Good grief. How ridiculous. “Once Palikaris was booted, there was no communication; it was all risk vs. reward,” one investor on X remarked.
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The deceit and manipulation that led to the demise of this company are quite repulsive. “What a CROOKS—what a disgraceful board of directors!” exclaimed someone else.
On August 7, 2024, Meta Materials fired all of its executive officers and staff, including Uzi Sasson, the president and chief executive officer, and Dan Eaton, the chief legal officer. The firings of Sasson and Eaton occurred simultaneously with the bankruptcy filing.
At this time, no executives nor employees are on staff with the Company.
John R. Harding, Allison Christilaw, Steen Karsbo, Kenneth Hannah, Vyomesh Joshi, and Philippe Morali all resigned as board members upon the bankruptcy filing.
The SEC filing states that the directors’ resignations were not caused by conflicts with the company over its operations, policies, or procedures; rather, they were all prompted by the bankruptcy filing.
“The Board of Directors’ authority is effectively diminished as a result of the directors’ resignations, and since the directors have departed, the Company has been without a director serving on the Board of Directors.”
The MMTLP fraud happened, and the investors were anticipating the firm would lead them in pursuing justice.
