Functional Materials Developer to Lay off 80% of Workforce
The board of advanced materials and nanotechnology company Meta Materials has approved a workforce reduction of approximately 80% of its employees, the company said in a statement. The Halifax, Nova Scotia-based company expects to enact the plan over the next few weeks. Meta Materials cited challenges with liquidity and securement of additional financing.
As a functional materials and nanocomposites developer, Meta Materials' offerings support applications in holography, banknote security, medical, sensing, lithography, augmented reality, and other technologies that manipulate light and other forms of energy. The company's solutions include laser glare protection for the aerospace and defense sector, antireflection for automotive uses, and solar films.
Meta Materials said that it is continuing to evaluate alternatives including divestiture of assets, additional financing, and/or the sale of the company. “Without an influx of cash to support operations, the company faces financial hardship that may result in shuttering facilities and/or bankruptcy proceedings,” the company said.
Last year, Meta Materials announced a strategic restructuring to narrow the company’s focus and reduce costs. It previously acquired Plasma App, for ~$16 million in 2022, and Nanotech Security Corp., for ~$73 million in 2021.
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