MetaOptics lands $10M warrant deal to build first US chip fab
What's the deal? MetaOpticsDealroom has a profile for this one. Try Dealroom → has signed a warrant deed with US-based White Lion CapitalDealroom has a profile for this one. Try Dealroom → that could raise up to $10 million (US$9.39M) to fund its expansion into the United States. The post-IPO equity facility, announced on September 21, 2026, covers 40,000,000 warrants, each convertible into one ordinary share. The deal is non-underwritten, with no fees or commissions payable.
What's the endgame? The proceeds are earmarked for an aggressive push into the US, including establishing MetaOptics' first front-end semiconductor fabrication line.
Why now? White Lion Capital, an investment company owned by Yash Thukral, Sam Yaffa, and Nathan Yee, approached MetaOptics directly at the company's technology roadshow at CES 2025 in Las Vegas. No intermediary was involved and no introducer fee is payable. The two parties are independent of each other, with the investor holding no existing shares in MetaOptics.
The numbers: MetaOptics currently has 242,648,260 ordinary shares in issue, with no treasury shares or other convertible securities. A full exercise would add 40,000,000 warrant shares, lifting the enlarged share capital to 282,648,260 shares. That equals roughly 16.48% of existing capital and 14.15% of the enlarged base.
What could go wrong? The extent of dilution depends on the timing, volume, and exercise price of each conversion. The exercise price is set at the higher of US$0.22 or 90% of the volume-weighted average price on the preceding trading day. The holder is under no obligation to exercise, so there is no certainty MetaOptics receives the full proceeds — or any.
The safeguard: A protective cap limits the holder to an interest of no more than 4.95% of shares in issue at any time. Any exercise breaching that threshold would be null and void. The warrants carry a term of up to 24 months and fall within MetaOptics' existing general mandate, so no shareholder approval is required.
The signal: The quick re-raise reflects how smaller listed chip players are tapping flexible, non-underwritten equity lines to bankroll capital-intensive fabrication ambitions. For MetaOptics, the deal ties fresh funding directly to a bid to establish a US manufacturing footprint — a strategic gamble weighed against the dilution risk facing existing shareholders.
Read more: minichart.com.sg
Image credit: IBM Research
