Meta Materials Inc MMAT is currently experiencing a sharp drop in its stock, tumbling by 31.7% to $0.075 as a result of the company’s decision to issue and sell 75 million shares of common stock, along with warrants, to certain institutional investors. This decision, announced in a registered direct offering at $0.08 per share, is expected to raise $6.0 million in gross proceeds.
The company has outlined its intention to utilize the net proceeds primarily for advancing its technology commercialization, as well as for strengthening sales efforts across various applications such as bank note and brand authentication, Li-ion battery tech (NPORE® and NCORE™), and VLEPSIS® systems for wide area motion imagery.
The completion of the offering is anticipated around December 6, pending the fulfillment of standard closing conditions, with A.G.P./Alliance Global Partners serving as the sole placement agent for the offering.
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According to data from Benzinga Pro, MMAT has a 52-week high of $2.34 and a 52-week low of $0.072.