The Securities Commission granted an order for Metamaterial Inc. to cease being a reporting issuer under applicable securities laws. This decision was based on the company meeting several conditions:
1. Metamaterial Inc. is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The company’s securities are held by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide.
3. The company’s securities are not traded on any marketplace or facility where trading data is publicly reported.
4. Metamaterial Inc. has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The company is not in default of any securities legislation in any jurisdiction.
The order was made in accordance with the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Ontario Securities Commission acted as the principal regulator, and the company indicated its intention to rely on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in Alberta, British Columbia, and Quebec. The decision was made after considering the legislative test for ceasing to be a reporting issuer.