Metamaterial Inc. and Metamaterial Technologies Canada Inc., Bankruptcy

Metamaterial Inc. (“Metamaterial”) and its wholly owned subsidiary Metamaterial Technologies Canada Inc. (“MTCI”), each filed an assignment in bankruptcy on July 26.

Metamaterial was an advanced materials and nanotechnology company whose only assets were its shares in MTCI, which operated out of a leased facility in Dartmouth, Nova Scotia.

Metamaterial initially filed an NOI on May 10 after its US parent, NASDAQ-listed Meta Materials Inc., reduced its workforce by 80% in response to liquidity challenges and an inability to secure additional financing for working capital needs. The US parent also agreed to pay $1 million to the SEC for its failures in connection with an alleged market manipulation scheme perpetrated by the company’s former CEOs.

Metamaterial lodged a proposal on June 10, but filed an assignment in bankruptcy prior to a reconvened first meeting of creditors to vote on the proposal. The US parent has also filed under Chapter 7 in the US.

MTCI lists approximately $68 million in liabilities, including nearly $64 million to the US parent.

Grant Thornton is the bankruptcy trustee.

Counsel is Nijhawan McMillan & Conlon for MTCI and McInnes Cooper for the landlord.