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Tag: Meta Materials

  • After-Hour Rally In Meta Materials (MMAT) Stock Driven By Business Updates

    After-Hour Rally In Meta Materials (MMAT) Stock Driven By Business Updates

    Following the market closure yesterday, Meta Materials Inc. (NASDAQ: MMAT) experienced a significant surge in its stock price. MMAT shares soared by 86.52% in after-hours trading, reaching $4.29, after a 3.14% rise during the regular session, closing at $2.30. This upward momentum is largely attributed to a recent press release concerning a business update.

    Investigation Into Short Selling Practices

    Meta Materials (MMAT) provided an update on its investigation into short selling, which commenced in June 2023. The initial press release from late June detailed the company’s preliminary analysis of potential naked short selling. To thoroughly examine trading patterns of the company’s common stock, Meta Materials engaged the services of Shareholder Intelligence Services, LLC, a reputable analytics firm.

    In response to the findings, and maintaining a zero-tolerance stance on illegal naked short selling and other forms of stock manipulation, Meta Materials retained legal counsel from Christian Attar and Warshaw Burstein (“Lawyers”) to assess the validity of these claims. Since then, the Lawyers have conducted a comprehensive investigation and extensive due diligence.

    Their findings indicate that Meta Materials has substantial claims of market manipulation against several entities. With this critical information, Meta Materials is now poised to collaborate with regulatory agencies and plans to initiate legal proceedings against culpable financial service firms in the forthcoming quarters.

    Workforce Reduction And Strategic Alternatives

    In a strategic decision to address liquidity challenges and secure additional financing, Meta Materials announced a significant workforce reduction of approximately 80% of its employees, to be completed in the next few weeks. This measure, though difficult, is deemed necessary to manage the company’s financial constraints.

    Furthermore, Meta Materials is still investigating a number of strategic options, such as possible asset sales, obtaining further funding, and/or firm acquisitions. Despite these efforts, the outcome remains uncertain. Without an adequate influx of capital to sustain operations, Meta Materials faces the possibility of closing its facilities and entering bankruptcy proceedings.

  • Meta Materials Inc. (MMAT) Recovers After Deep Dive to 52-week Low

    On January 20, Meta Materials Inc. (MMAT) took a deep dive to its new 52-week low of $1.89 in regular trading. Consequently, the stock made a come back in the after-hours session.

    MMAT stock suffered a blow of 6.90% during regular trading, as it closed the session at the 52-week low of $1.89. Soon, the stock saw a reversal as it gained 5.29% in the after-hours. Hence, MMAT stock was trading at $1.99 apiece in the after-hours on Thursday.

    The high-performance functional materials and nanocomposites developer, Meta Materials Inc. was founded in 2011. Currently, its 281.26 million outstanding shares trade at a market capitalization of $570.96 million.

    What Happened with MMAT?

    MMAT stock had been in a downtrend for almost a week if not more. The stock had been declining steadily over the course of a number of days, losing 11.27% in the past five days alone. While it was losing steadily, the stock suffered a huge blow on Thursday as it fell to a new 52-week low. Following the descent, the stock finally made a comeback in the after-hours on Thursday. Moreover, there are no official news or recent SEC filings that might explain the comeback. Therefore, the comeback might be attributed to the new low bringing a good buying opportunity for investors. Only the opening of the next market session will tell if the stock will continue the bullish path or succumb to another downtrend.

    Further, MMAT stock currently stands at a year-to-date loss of 23.17% while it lost 43.41% last year.

    Upcoming Participation

    On January 19, the company announced its upcoming participation in the SPIE Photonics West 2022, January 25-27, 2022. The company will be exhibiting a variety of photonic, electro-optical, and electro-magnetic component capabilities on the ARfusionTM platform. Furthermore, it will also be demonstrating holoOPTIXTM SLANT. Based on Bayfol® HX photopolymer chemistry, the holoOPTIX SLANT is a series of notch filters.

    In addition, the company will also recruit at the annual Job Fair at SPIE Photonics West, January 25-26, 2022.

    MMAT’s Financials

    On November 15, the company declared its financial results for the third quarter of 2021.

    In the third quarter of 2021, MMAT had total revenue of $572,612, against $198,175 in the year-ago quarter. Therefore, it shows an increase of 189% year over year.

    Moreover, the net loss in the third quarter of 2021, was $11,425,248 ($0.04/share) against $2,581,204 ($0.02/share) in the same quarter of 2020.