Meta Materials Shares Plummet After Pricing $25M Equity Offering

Meta Materials Inc MMAT has priced an underwritten public offering of ~83.33 million shares and warrants to buy up to 83.33 million shares at a combined public offering price of $0.30 per share and accompanying warrant.
The gross proceeds are expected to be ~$25 million.
The company has granted underwriters a 30-day overallotment option to purchase up to an additional ~12.5 million shares of its common stock and/or warrants to purchase up to 12.5 million shares.
Each warrant is exercisable immediately at an exercise price of $0.375 per share and will expire five years following the date of issuance.
The offering is expected to close on or about April 18, 2023
META intends to use the net proceeds from the offering for working capital and general corporate purposes.
Price Action: MMAT shares are trading lower by 42.45% at $0.2199 on the last check Friday.