04:34 PM EDT, 05/03/2024 (MT Newswires) -- Meta Materials ( MMAT ) said late Friday it received board approval to slash its workforce by about 80% to address challenges related to liquidity and securing additional financing.

The company expects to complete the workforce reduction "over the next few weeks" but it was not immediately clear how many employees will be affected.

Meta also said it is weighing "strategic alternatives" such as the sale of assets or the company itself and additional financing security.

"Without an influx of cash to support operations, the company faces financial hardship that may result in shuttering facilities and/or bankruptcy proceedings," it said.

Trading of Meta shares was halted from 4:00 p.m. Friday and was scheduled to resume at 4:35 p.m. ET.