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
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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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