Mr. Rob Stone reports

METAMATERIAL EXCHANGECO INC. ANNOUNCES SHARE CONSOLIDATION

Metamaterial Exchangeco Inc. will be effecting a share consolidation of its issued and outstanding exchangeable shares on the basis of one postconsolidation exchangeable share for every 100 preconsolidation exchangeable shares on Jan. 29, 2024. The consolidation is being implemented in connection with a consolidation of the common shares of Meta Materials Inc. (MMAT), the parent company of the company, which is being effected on the basis of one postconsolidation common share for every 100 preconsolidation common shares of MMAT, since the exchangeable shares are exchangeable for common shares of MMAT on a one-for-one basis. The consolidation will affect all holders of exchangeable shares uniformly and will not affect any holder's ownership percentage of the company's exchangeable shares.

In relation to the consolidation, the company has obtained a new Cusip number (59134L207) and ISIN (international securities identification number) (CA59134L2075). There is no name change or stock symbol change in connection with the consolidation.

The consolidation is subject to the approval of the Canadian Securities Exchange. The company's exchangeable shares are expected to commence trading on the CSE on a postconsolidation basis on or about market open on Jan. 29, 2024, under the company's existing symbol MMAX.

The consolidation will reduce the number of outstanding exchangeable shares from 36,811,834 to approximately 368,118. No fractional exchangeable shares shall be issued pursuant to the consolidation and the number of postconsolidation exchangeable shares to be received by a registered holder shall be rounded up, in the case of a fractional interest that is 0.5 or greater, or rounded down, in the case of a fractional interest that is less than 0.5, to the nearest whole number of exchangeable shares that such registered holder would otherwise be entitled to receive upon implementation of the consolidation. No holder of exchangeable shares will receive cash in lieu of fractional shares.

No letters of transmittal will be mailed with respect to the consolidation. Rather, a registered shareholder of the company who holds exchangeable shares either in the form of a share certificate or through a direct registration system (DRS) statement will, following the effective date, receive a new share certificate or DRS statement reflecting the applicable number of exchangeable shares on a postconsolidation basis to which the registered shareholder is entitled, and all share certificates and DRS statements reflecting the exchangeable shares preconsolidation will no longer be valid. Shareholders who hold their exchangeable shares through a broker, investment dealer, bank, or trust company or other intermediary should contact that nominee or intermediary for assistance in depositing their exchangeable shares in connection with the consolidation.

About Metamaterial Exchangeco Inc.

Metamaterial Exchangeco is a wholly owned subsidiary of Meta Materials (MMAT). MMAT is an advanced materials and nanotechnology company. It develops new products and technologies using innovative sustainable science. Advanced materials can improve everyday products that surround people, making them smarter and more sustainable. MMAT technology platforms enable global brands to develop new products to improve performance for customers in aerospace and defence, consumer electronics, 5G communications, batteries, authentication, automotive, and clean energy.

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