Thu, Aug 1, 8:33 PM (127 days ago)
Meta Materials Inc. reported significant disruptions to its IT systems on July 25, 2024, caused by a former executive officer who deactivated and canceled the renewal of the company's website. This action impacted email communications and other IT functionalities. The company, with the help of internal and external cybersecurity experts and legal counsel, restored the website and email systems by July 29, 2024, and continues to address ongoing issues. The incident does not appear to have compromised the protection of intellectual property or unauthorized access to proprietary information. The financial impact is still being assessed. Additionally, Metamaterial Technologies Canada Inc. (MTCI) filed for bankruptcy on July 26, 2024, in the District Court of Ontario. Grant Thornton Limited was appointed as trustee to wind down MTCI's business and manage creditor distributions. The impact on Meta Materials Inc.'s financial condition or operations from these events remains undetermined.