The CEO responsible for the reverse merger with Torchlight Energy and the MMTLP dividend was removed as CEO.
Here’s some news I don’t think many people expected.
First tweeted by Trading Secrets, a form 8-K was released and shows that Palikaras is no longer the CEO.
The full document is available here.
On October 10, 2023, the Board of Directors (the “Board”) of Meta Materials Inc. (also referred to herein as the “Company”, “we”, “us”, or “our”) removed George Palikaras as President and Chief Executive Officer (“CEO”) of the Company, effective immediately.
This information raises more questions than answers. Since it says Palikaras was “removed” rather than “resigned” might suggest this was not of his choosing.
George Palikaras has been the brainchild and face of Meta Materials since prior to the merger. We’ve personally met with him at the Consumer Electronics Show and loved his passion and knowledge for his product offerings and he always engaged with shareholders.
George was more of a “tech” guy, so it’s possible he could be switching roles to more of a tech position, such as the current vacant CTO position available at Meta Materials.
Palikaras recently went on record to hire Wes Christian and his lawfirm to help get to the bottom of the abusive short sales and counterfeit shares in both MMTLP and MMAT. His removal could cast doubt on how this will move forward, but nothing is known for sure.
The company’s stock (MMAT) is in danger of delisting from the NASDAQ due to the current share price being under $1. They are currently on extension until March 2024.
The board has appointed Jim Fusaro as the new CEO. Fusaro has a myriad of top executive positions and had recently moved into retirement, but appears to be back to work with this appointment.
We’ll have to wait and see how all this shakes out for both Meta Materials and MMTLP.