HomeMarket NewsShareholders Slam Meta Materials for Direct Offering Plan, Stock Plummets

Shareholders Slam Meta Materials for Direct Offering Plan, Stock Plummets

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Investors in Meta Materials (NASDAQ:MMAT) are furious after the company’s decision to sell 75 million common shares at $0.08/share in a direct offering, causing the stock to plummet by 20.1% pre-market on Monday. The offering also includes warrants to purchase 75 million common shares at an exercise price of $0.095/share.

Furthermore, Meta Materials (MMAT) disclosed that the funds raised from the offering will be used to expand its technology commercialization and sales efforts, specifically in banknote and brand authentication, Npore and Ncore for Li-ion battery applications, and Vlepsis systems for wide area motion imagery, as well as for general corporate purposes.

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