$Meta Materials Inc.(MMAT)$The below statement is copied from the MMAT company. @Fenger1188

META PROVIDES UPDATE ON THE SPECIAL SERIES A PREFERRED STOCK DIVIDEND

HALIFAX, NS / ACCESSWIRE / December 3, 2021 / Meta Materials Inc. (the “Company” or “META®”) (NASDAQ:MMAT, FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the special Series A Preferred Stock dividend in relationship to the oil and gas assets and the planned sale or spinout of these assets for the benefit of the Series A preferred stockholders.

In conjunction with the release of Q3 and nine-month 2021 financial results on October 15, 2021, META provided an update on the Company’s oil and gas assets and operations. We indicated that four wells must be drilled in the Orogrande project in 2021 to enable the Company to hold the lease for sale or spinout. As part of our December update, the operations are well underway, and the drilling is on track for completion later this month. The Company believes that, upon completing the work on these four wells, META will be in compliance with all aspects of its lease obligations, and the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project will be satisfied.

Completion of this work will, the Company believes, enable us to move to the next steps in the spinout process for these assets. This work includes, but is not limited to, formal transfer of the assets to OilCo Holdings, Inc. (the “OilCo”), a newly formed wholly owned subsidiary of META, ensuring that the OilCo capital structure supports a spinout and, making any necessary filings with the SEC. META is in the process of finalizing permanent arrangements with a completely new management team for OilCo who bring significant experience in oil and gas exploration as well as specific experience in the Orogrande region. This team is already consulting to OilCo and operating the Orogrande project and has been very valuable to our efforts during the drilling process.

Given the scope of the work required to ensure that we remain in compliance with the lease obligations and satisfy a range of regulatory requirements, the Company is targeting a spinout or disposition of the oil and gas assets for early Q1 2022 pending process approvals by all parties involved.

The Company’s objective has been and remains to ensure that the intrinsic value of these assets is maintained for the benefit of the Series A Preferred stockholders of META and that the assets or proceeds therefrom are transferred as rapidly as possible to the Series A Preferred stockholders. We expect to provide additional updates upon completion of the drilling operations.