Why Meta Materials (MMAT) Stock Is Down Over 40%

Meta Materials Inc MMAT shares are trading lower by 41.9% to $0.22 Friday morning after the company announced pricing of a $25 million underwritten public offering.

The company on Friday says it has priced 83,333,334 shares of common stock at a combined public offering price of $0.30 per share and accompanying warrant.

Meta Materials says the company intends to use the net proceeds from the offering for working capital and general corporate purposes, which include, but are not limited to on-going development of existing and future products, as well as general and administrative expenses.

The offering is expected to close on or about April 18, subject to satisfaction of customary closing conditions.

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According to data from Benzinga Pro, MMAT has a 52-week high of $2.34 and a 52-week low of $0.22.