Nanotech Security Corp (OTCMKTS:NTSFF) soared 57% after announcing a definitive agreement with Meta Materials Inc. (NASDAQ: MMAT). According to the agreement, META will indirectly purchase Nanotech common shares at 41.25 per share in a cash transaction estimated to be around $90.8 million on a diluted basis.
The acquisition price represents a premium of 101% of Nanotech’s 30-day volume-weighted price of around $0.62 per share. The transaction has received approval from both Nanotech independent directors and the board of directors with a favorable fairness perspective from Echelon Capital markets. The acquisition is subject to approval by the majority of Nanotech shareholders and customary closing conditions.
Board Chair D Neil McDonnell stated that they are delighted to announce the transaction with META, which provided shareholders with a huge valuation and considerable premium to the stock’s latest trading price. McDonnell added that the transaction would give the company greater access to capital to expedite its commercial growth strategies. Therefore, NTFFS is a stock worth keeping an eye on.
