On December 14, 2020, Meta Materials Inc. (formerly known as Torchlight Energy Resources Inc.) (the Company") and its subsidiaries, Metamaterial Exchangeco Inc. (formerly named 2798832 Ontario Inc., Canco") and 2798831 Ontario Inc. (Callco"), both Ontario corporations, entered into an Arrangement Agreement (the Arrangement Agreement") with Metamaterial Inc., (Meta" and, together with the Company, Callco and Canco, the Parties"), to acquire all of the outstanding common shares of Meta by way of a statutory plan of arrangement (the Arrangement") under the Business Corporations Act (Ontario), on and subject to the terms and conditions of the Arrangement Agreement. On June 28, 2021, the Company completed the Arrangement pursuant to the terms of the Arrangement Agreement. In accordance with the Arrangement Agreement, on June 24, 2021, effective as of the Effective Time Effective Time, Gregory McCabe, John A. Brda, Alexandre Zyngier, Michael J. Graves, and Robert L. Cook, resigned from the Board and any respective committees of the Board to which they belonged and George Palikaras, Kenneth Hannah, Maurice Guitton, Eric Leslie, Ram Ramkumar, Allison Christilaw and Steen Karsbo were each appointed to the Board, to serve until the next annual meeting of stockholders at which the members of the Board stand for election (subject to the Company's amended and restated bylaws) or until such director's earlier death, resignation or removal or until such director's successor is duly elected and qualified. As of the Effective Time, the Board appointed Kenneth Rice as the Company's Executive Vice President, and Jonathan Waldern as the Company's Chief Technical Officer. As of the Effective Time, the Board appointed George Palikaras as the Company's President. George Palikaras, Ph.D. is the President and CEO of the Company, a position he has held since June 2021. Mr. Palikaras has held this role at Meta from the beginning of 2011 to June 2021. Mr. Palikaras presently holds no other directorships in publicly traded companies. Mr. Palikaras has received Executive Education at Harvard, INSEAD, UCL and Stanford Business Schools. Mr. Rice has served as the Company's Chief Financial Officer and Executive Vice President since June 2021 and served as Meta's Chief Financial Officer and Executive Vice President from December 2020 to June 2021. From April 2016 to March 2019, Mr. Rice held the position of Senior Vice President of LikeMInds Inc. From April 2019 through November 2020. Mr. Waldern has served as the Chief Technology Officer of the Company since June 2021 and served as the Chief Technology of Meta from December 2020 to June 2021. From 2003 through November 2020 Jonathan was founder, chairman, Chief Executive Officer and Chief Financial Officer of SBG Labs (DBA DigiLens) in Sunnyvale.