Filed Pursuant to Rule 424(b)(5)
Registration No. 333-268282
PROSPECTUS SUPPLEMENT
(To Prospectus
dated November 18, 2022)
83,333,334 Shares of Common Stock
Warrants to Purchase up to 83,333,334 Shares of Common Stock
We are offering 83,333,334 shares of our common stock, par value $0.001 per share, together with warrants to purchase up to 83,333,334 shares
of our common stock (each, a Warrant and collectively, the Warrants). Each share of our common stock is being sold together with a Warrant to purchase one share of common stock. Each Warrant will have an exercise price of
$0.375 per share, will be exercisable immediately and will expire on the fifth anniversary of the date of issuance. The shares of our common stock and the Warrants are immediately separable and will be issued separately but will be purchased
together in this offering. This prospectus supplement and the accompanying prospectus also relate to the offering of the shares of common stock issuable upon exercise of the Warrants. We collectively refer to the shares of common stock and Warrants
offered hereby and the shares of common stock underlying the Warrants as the securities.
Our common stock is listed on The
Nasdaq Capital Market under the symbol MMAT. The closing price of our common stock on April 13, 2023, as reported by Nasdaq, was $0.38 per share. There is no established public trading market for the Warrants, and we do not
expect such a market to develop. We do not intend to apply to list the Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Warrants will be limited.
Investing in our securities involves a high degree of risk. Before making an investment decision, please read the information under the
heading Risk Factors beginning on page S-6 of this prospectus supplement and in the documents incorporated by reference into this prospectus supplement and the
accompanying prospectus.
Neither the Securities and Exchange Commission, or SEC, nor any state securities commission has approved
or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
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Per Share and
Accompanying
Warrant |
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Total |
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Public offering price |
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$ |
0.300 |
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$ |
25,000,00 |
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Underwriting discount(1) |
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$ |
0.021 |
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$ |
1,750,000 |
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Proceeds to us, before expenses |
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$ |
0.279 |
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$ |
23,250,000 |
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(1) |
Excludes a corporate finance fee of 1.0% of the gross proceeds payable to each of the underwriters. See
Underwriting beginning on page S-16 of this prospectus supplement for additional information regarding the compensation payable to the underwriters. |
We have granted the underwriters the option to purchase up to 12,500,000 additional shares of our common stock and/or Warrants to purchase up
to an additional 12,500,000 shares of common stock, in any combination thereof, to cover over-allotments, if any, of the securities offered by this prospectus supplement and the accompanying prospectus. The purchase price to be paid by the
underwriters per additional share of common stock will be $0.29, less the underwriting discount, and the purchase price to be paid by the underwriters will be $0.01 per additional Warrant to purchase one share of common stock, less the underwriting
discount. The underwriters may exercise this option in whole or in part, at any time and from time to time within 30 days from the date of this prospectus supplement. If the underwriters exercise their option to purchase additional securities in
full, we estimate that our net proceeds from this offering will be approximately $25,492,500, after deducting the underwriting discount and estimated offering expenses payable by us.
The underwriters expect to deliver the shares and the accompanying Warrants to investors on or about April 18, 2023.
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Ladenburg Thalmann |
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A.G.P. |
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The date of this prospectus supplement is April 14, 2023