Meta Materials Cash, Cash Equivalents And Short-Term Investments As Of May 31, 2023 Is Expected To Be $15.3M; Says In Connection With Revised Operational Plan, Co Expect To Incur Non-Cash Impairment Charges Of About $282M
Portfolio Pulse from Happy Mohamed
Meta Materials (MMAT) expects to have $15.3M in cash, cash equivalents, and short-term investments as of May 31, 2023. The company also anticipates incurring non-cash impairment charges of about $282M in connection with its revised operational plan.
June 20, 2023 | 12:51 pm
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Meta Materials expects $15.3M in cash and short-term investments by May 2023, and to incur $282M in non-cash impairment charges due to its revised operational plan.
The announcement of non-cash impairment charges of $282M may negatively impact MMAT's stock price in the short term, as it indicates a potential decrease in the company's asset value. The expected cash and short-term investments of $15.3M by May 2023 may not be enough to offset the negative sentiment caused by the impairment charges.
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IMPORTANCE 80
RELEVANCE 100