Meta Materials Layoff 80% Workforce, Seeks New Capital or Buyer

Meta Materials, a materials and nanotechnology specialist that acquired the security features company Nanotech Security Corp in 2021, has announced an 80% workforce reduction, citing challenges with liquidity and securing additional financing. It is understood that most of the workforce of over 100 has already been let go.

Meta Materials has also announced that it is pursuing a number of strategic options for the business, including the sale of assets, additional financing or the sale of the company, stating that without an influx of cash to support operations, it faces financial hardship that may result in shuttering facilities and/or bankruptcy proceedings.

An indication that the company was in financial difficulties came last year when accompanying the announcement of its 2022 results and increasing losses, it raised ‘substantial doubt’ about its ability to continue as a going concern. It cited its main problems as being cash burn and over-reliance on one part of the business, namely Nanotech.