Metamaterial Inc., the company that grew out of Metamaterial Technologies Inc., expects its shares to begin trading this week, now that it has completed its merger with Continental Precious Minerals Inc.
The Halifax-area company said Friday it has completed the merger (which also included a subsidiary of Continental) that was the final step to its listing on the Canadian Securities Exchange. Metamaterial announced its plans to list on the Toronto-based alternative stock exchange last year. The shares are expected to begin trading as early as Monday under the trading symbol MMAT.
Company Co-Founder and CEO George Palikaras told Entrevestor last year that the company, which he abbreviates as Meta, was in the process of raising more than $10 million in fresh capital through the listing.
"Today marks a significant milestone for our company,” said Palikaras in the statement Friday. “Over the years, MTI has been fortunate to grow its business in the international market and forge global partnerships. This transaction will allow Meta to meet increasing customer demand. The potential applications for nanotechnology are endless, and over the next decade it will be transformative for many industries."
Meta is a specialist in producing metamaterials – materials comprising compounds not found in nature – that alter light, either by enhancing, absorbing or blocking it. The company is best known for co-developing metaAIR with Airbus. The partnership is producing a transparent covering for airplane cockpit windows and eyewear that can filter out laser attacks.
Meta is now concentrating on four market segments in which its materials can improve performance: aerospace and defence; medical products; automotive (where Palikaras says there is increasing interest); and clean technology.
The statement Friday also announced a new board structure, which will be chaired by Ram Ramkumar, a former director of Continental Precious Minerals, as well as senior management.
Mark Lerohl, William Lambert and Charles Baxter resigned from the board, said the statement. The board until the next annual general meeting will comprise Ramkumar, Palikaras, Allison Christilaw, Maurice Guitton, Eric Leslie, and Steen Karsbo.
Palikaras is retaining his title as CEO and Mayank Mahajan has been appointed as Chief Financial Officer and Secretary. Themos Kallos – who co-founded the company with Palikaras and heads its London office -- has been appointed Chief Science Officer and Andrew Gardner Wade has been appointed Chief Product Officer.
Ramkumar, whose previous company invested several million dollars into META as part of the transaction, said Continental looked at several companies but felt Metamaterial Technologies offered unique product offerings and IP portfolio.
“I have never seen, in my 40 years in business, a company with such an extensive range of applications,” he said in the statement. “That was the primary driver for our decision to pursue the [merger and listing]. The businesses that are interested in MTI's applications are some of the top companies in the world."