MTEN (NASDAQ: MTEN) ends ATM sales; sold 222.6M shares for $20.6M

Rhea-AI Filing Summary

MTEN ended its at-the-market (ATM) Sales Agreement and reports aggregate ATM sales. The company states it sold 222,568,877 Class A Ordinary Shares under the program for gross proceeds of $20.6 million and net proceeds of $18.0 million. The Sales Agreement was terminated effective June 8, 2026. The prospectus supplement updates the prior prospectus and notes a 1-for-200 reverse share split that is not reflected in the reported share counts. Shares trade on Nasdaq under the symbol MTEN; the last reported sale price on June 8, 2026 was $1.94 per share.

Insights

Capital Markets Analyst

ATM program closed after modest liquidity raised; proceeds were roughly $20.6M gross.

The filing confirms termination of the Sales Agreement effective June 8, 2026 and discloses aggregate ATM sales of 222,568,877 shares for gross proceeds of $20.6 million and net proceeds of $18.0 million. The figures are presented without giving effect to a 1-for-200 reverse share split that became effective on January 26, 2026.

Cash‑flow treatment is explicit as gross and net proceeds; the filing does not state uses of proceeds or future capital plans. Subsequent filings or disclosures would be needed to understand how the net proceeds were deployed and any remaining financing capacity.

Key Figures

Shares sold under ATM: 222,568,877 shares Gross proceeds: $20.6 million Net proceeds: $18.0 million +2 more

5 metrics

Shares sold under ATM 222,568,877 shares Aggregate sold under ATM program (not giving effect to 1-for-200 reverse split)

Gross proceeds $20.6 million Aggregate gross proceeds from ATM sales

Net proceeds $18.0 million Aggregate net proceeds from ATM sales pursuant to the Sales Agreement

Last reported sale price $1.94 Last sale price on Nasdaq as reported on <date>June 8, 2026</date>

Sales Agreement termination Effective June 8, 2026 Sales Agreement with AC Sunshine Securities LLC terminated

Key Terms

at-the-market (ATM), Sales Agreement, 1-for-200 reverse share split

3 terms

at-the-market (ATM) financial

"relating to the offer and sale of up to $100,000,000 of our Class A ordinary shares"

Sales Agreement regulatory

"the Sales Agreement, that we entered into with AC Sunshine Securities LLC on December 4, 2025"

A sales agreement is a written contract that sets out the terms for selling goods, services, or assets, specifying price, delivery, payment schedule and responsibilities of each side. For investors it matters because it creates a predictable stream of revenue or cash obligations, clarifies timing and risk, and can change a company’s value or forecasts much like a signed order turns a customer’s verbal intent into a firm commitment.

1-for-200 reverse share split financial

"does not give effect to the 1-for-200 reverse share split that became effective on January 26, 2026"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 06/08/2026 - 05:23 PM Accepted by SEC EDGAR 06/08/2026 - 05:19 PM Learn about SEC filing dates

FAQ

How much did MTEN raise through its ATM program?

MTEN raised gross proceeds of $20.6 million and netted approximately $18.0 million. The prospectus supplement states these amounts were generated from ATM sales under the Sales Agreement that was terminated effective June 8, 2026.

How many shares did MTEN sell under the ATM program?

MTEN sold 222,568,877 Class A Ordinary Shares under the ATM program. The filing notes this share count does not give effect to the 1-for-200 reverse share split that became effective on January 26, 2026.

When did MTEN terminate its Sales Agreement for the ATM?

MTEN terminated the Sales Agreement effective June 8, 2026. The prospectus supplement dated June 8, 2026 updates the prior prospectus and reports aggregate ATM sales and proceeds through termination.

What is MTEN's Nasdaq symbol and last reported sale price in this filing?

MTEN trades on Nasdaq under the symbol MTEN; the last reported sale price was $1.94 per share. That price is reported in the supplement as of June 8, 2026.

Does the filing include the reverse share split in the reported share counts?

The reported share counts do not give effect to the 1-for-200 reverse share split. The supplement explicitly states the 1-for-200 reverse split became effective on January 26, 2026 and is not reflected in the stated ATM share totals.

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-287843

PROSPECTUS SUPPLEMENT NO. 1

(TO PROSPECTUS SUPPLEMENT DATED DECEMBER 8, 2025)

This prospectus supplement amends and supplements the information in the prospectus supplement, dated December 8, 2025 (the “Prior Prospectus”), filed with the U.S. Securities and Exchange Commission pursuant to our registration statement on Form F-3 (File No. 333-287843), relating to the offer and sale of up to $100,000,000 of our Class A ordinary shares, par value $0.00001 per share (which amount does not give effect to the 1-for-200 reverse share split that became effective on January 26, 2026) (“Class A Ordinary Shares”) pursuant to the Sales Agreement, that we entered into with AC Sunshine Securities LLC (the “Sales Agent”) on December 4, 2025. The Sales Agreement related to the sale of our Class A Ordinary Shares from time to time with the Sales Agent acting as agent or principal. This prospectus supplement should be read in conjunction with the Prior Prospectus, and is qualified by reference thereto, except to the extent that the information herein amends or supersedes the information contained in the Prior Prospectus. This prospectus supplement is not complete without, and may only be delivered or utilized in connection with, the Prior Prospectus and any future amendments or supplements thereto.

The Sales Agreement was terminated effective June 8, 2026. In the aggregate, we sold 222,568,877 Class A Ordinary Shares (this amount does not give effect to the 1-for-200 reverse share split that became effective on January 26, 2026) under the ATM program for gross proceeds of approximately $20.6 million, resulting in net proceeds of approximately $18.0 million pursuant to the Sales Agreement.

We are an “emerging growth company” and “foreign private issuer” as defined under U.S. federal securities laws and are consequently subject to reduced public company reporting requirements. Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol “MTEN.” The last sale price of our Class A Ordinary Shares, as reported on Nasdaq on June 8, 2026 was $1.94 per share.

The purpose of this prospectus supplement is to update investors on the status of our continuous offering under the prior prospectus.

Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of the Prior Prospectus or this Prospectus Supplement. Any representation to the contrary is a criminal offense.

The date of this Prospectus Supplement is June 8, 2026.