- Nanotech Security Corp. (NTS) agrees to be acquired by Meta Materials Inc.
- META will indirectly acquire Nanotech for $1.25 per common share in an all-cash transaction valued at approximately $90.8 million
- The purchase price represents a 101 per cent premium to the 30-day volume-weighted price of Nanotech’s common shares
- Both a special committee of Nanotech and the full board of directors recommend that Nanotech security holders vote in favour of the transaction
- Nanotech Security Corp. (NTS) is up 58.67 per cent and is trading at C$1.19 at 11:43 am ET
Nanotech Security (NTS) has entered into an arrangement with Meta Materials, a developer of high-performance functional materials and nanocomposites.
META will indirectly acquire Nanotech for $1.25 per common share in an all-cash transaction valued at approximately $90.8 million on a fully diluted basis.
Nanotech shareholders will receive $1.25 per share in cash, representing a transaction value of approximately $90.8 million. The purchase price represents a 101 per cent premium to the 30-day volume-weighted price of Nanotech’s common shares.
Both a special committee comprised of independent directors and Nanotech’s board of directors unanimously recommends that Nanotech shareholders vote in favour of the transaction. The board has obtained a favourable fairness opinion from Echelon Capital Markets.
The transaction is subject to customary closing conditions, including approval by a special majority of Nanotech security holders.
D. Neil McDonnell, Chair of Nanotech’s board and special committee commented,
“We are pleased to announce this transaction with META, which offers our security holders an attractive valuation and significant premium to the recent trading price of the Company’s shares.”
“After careful consideration, the special committee and the company’s board have both unanimously concluded that the transaction is fair to Nanotech’s security holders and is in the best interests of the company and its employees,” added McDonnell.
The total cash consideration of $1.25 per share represents a premium of 101 per cent to the volume-weighted average price of the 30 trading days ended August 4, 2021.
The arrangement is subject to the approval of at least 66 2/3 per cent of Nanotech security holders and the receipt of applicable orders from the Supreme Court of British Columbia.
With billions of security features in circulation, Nanotech’s products include secure and memorable security labels, stripes, patches, and colour-shifting foils for currency authentication and brand protection.
Nanotech Security Corp. (NTS) is up 58.67 per cent and is trading at C$1.19 at 11:43 am ET.