Meta Materials Clarifies Potential Impacts Of Reverse Stock Split Proposal
Portfolio Pulse from Benzinga Newsdesk
Meta Materials Inc. (MMAT) is proposing a reverse stock split to maintain its Nasdaq listing, requiring shareholder approval. The reverse split aims to sustain the number of authorized shares for technology production and sales. The Board urges shareholders to vote, with assistance available from D.F. King. The new CEO is focusing on commercialization, sales, and business wins for organic revenue growth. META is working on several initiatives, including a $41.5 million anticounterfeiting contract with a G10 central bank, a $1.5 million agreement with a global battery manufacturer, and pre-orders for its VLEPSIS WAMI sensor system starting in 2024.
December 05, 2023 | 1:14 pm
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NEUTRAL IMPACT
Meta Materials Inc. is considering a reverse stock split to maintain its Nasdaq listing and is actively seeking shareholder approval. The company is also focusing on commercialization and has secured significant contracts and partnerships.
The reverse stock split is a significant corporate action that could affect investor perception and stock liquidity. However, the outcome depends on shareholder approval, making the short-term impact neutral until the vote results. The company's focus on commercialization and securing contracts may be viewed positively, but these are longer-term growth strategies and may not have an immediate impact on the stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100