Meta Materials plunges to 18-month low on 37M-share offering

Jun. 24, 2022 4:24 PM ETMeta Materials Inc. (MMAT)By: Carl Surran, SA News Editor3 Comments

Businessman holds a red down arrow. The concept of reducing profits and income. Recession and the financial crisis. Capital outflow. Forecast

Andrii Yalanskyi/iStock via Getty Images

  • Meta Materials (NASDAQ:MMAT) -38.7% in Friday's trading to $1.17, equal to its lowest closing price since December 2020, after saying it entered into a registered direct offering expected to raise $50M in gross proceeds.
  • The offering includes more than 37M common shares at $1.35 each and warrants to purchase an equal number of shares at an exercise price of $1.75/share.
  • Meta Materials (MMAT) is "very likely to issue shares under its at-the-market equity program during 2022 in order to fund continuing operations," Elephant Analytics predicted in an analysis posted in May on Seeking Alpha.

Recommended For You

Comments (3)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.