Meta Materials Announces 1-For-100 Reverse Stock Split To Regain Nasdaq Compliance
Portfolio Pulse from Benzinga Newsdesk
Meta Materials Inc. (MMAT) announced a 1-for-100 reverse stock split effective January 29, 2024, to regain compliance with Nasdaq's minimum share price requirement. The split will reduce outstanding shares from 564 million to approximately 5.64 million and authorized shares from 1 billion to 10 million. The stock will trade under the same symbol with a new CUSIP number.
January 23, 2024 | 9:03 pm
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MMAT's reverse stock split is intended to comply with Nasdaq's minimum price requirement. This action will significantly reduce the number of shares outstanding and authorized, potentially increasing the stock price to meet compliance.
The reverse stock split is a direct action to address Nasdaq's compliance issue regarding the minimum share price. By reducing the number of shares, the price per share is expected to increase, which could attract investor interest in the short term. However, the long-term impact will depend on the company's performance and market perception of the split's effectiveness.
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