Leader in the development of secure and visually memorable nano-optic security features, Nanotech Security Corp (OTCMKTS:NTSFF), on September 28, 2021, announced that the firm had approved a plan of arrangement with Meta Materials. This will enable META to indirectly take over all issued as well as outstanding common shares of Nanotech for $1.25 in cash in exchange for each Common Share held.
The arrangement needs approval by no less than 2/3% of the votes of common shareholders as well as 2/3% of votes cast by holders of Nanotech options besides its restricted units converted to Common shares. Furthermore, it needed the approval of 50% votes cast by the Nanotech Shareholders, just excluding votes attached to Common Shares being held by interested parties.
The shareholder approval was met, with 98.4% of votes cast by Nanotech Shareholders virtually present and 98.6% votes by Nanotech Securityholders voting as a single class present virtually besides 96.4% majority of the minority of Nanotech Shareholders. Close to 72.2% of common shares were a part of the meeting. The company is looking to get a final order from British Columbia Supreme Court for approving the Arrangement at a hearing on September 29, 2021. This closing is expected to be done on October 5, 2021, or around the date.