MetaOptics raises $4.85m to expand metalens production capacity
MetaOptics Ltd is raising $4.85 million through a share placement to expand its metalens production capacity. The funds will support the company's capital base and operational needs, including customer demand for its glass-based metalens products. The placement will aid applications in consumer devices, automotive systems, and industrial uses. MetaOptics will continue using its laser and lithography platforms for prototyping and production, with further updates on the placement to be provided later.
The placement supports its capital base and working-capital needs.
MetaOptics Ltd announced a proposed share placement to raise $4.85m through the issuance of more than 6 million new ordinary shares at $0.7255 each.
The funds will be used to strengthen the company’s capital base and support operational requirements related to customer demand, according to a press release.
Proceeds will be allocated to working capital and production preparation for the MetaOptics’ glass-based metalens products. The company said the placement will also assist in meeting requirements across applications in consumer devices, automotive systems and industrial uses.
MetaOptics continues to use its 4-inch Direct Laser Writer and 12-inch Deep Ultraviolet lithography platforms for customer prototyping and production processes. The company said that further updates on the placement will be provided when appropriate.
