Meta Materials' Nanotech Security Corp. Entered Into An Agreement On July 3, 2024, To Sell Most Assets Of Its Authentication Business To Authentix For $10M, Excluding Certain Assets Like Cash And Real Property, With $3M Withheld For Specific Obligations
Portfolio Pulse from Benzinga Newsdesk
Meta Materials' subsidiary, Nanotech Security Corp., has entered into an agreement to sell most of its authentication business assets to Authentix for $10 million. The deal excludes certain assets like cash and real property, with $3 million withheld for specific obligations. The transaction is subject to customary closing conditions and covenants.

July 05, 2024 | 3:18 pm
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Meta Materials' subsidiary, Nanotech Security Corp., is selling most of its authentication business assets to Authentix for $10 million. The transaction excludes certain assets and includes a $3 million withholding for specific obligations.
The sale of the authentication business assets is a strategic move for Meta Materials, potentially improving its financial position and allowing it to focus on other core areas. The $10 million deal, with $3 million withheld for obligations, indicates a significant transaction that could positively impact the company's stock price in the short term.
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