Meta Materials (NASDAQ:MMAT) stock is on the move this morning after the company completed its merger with Torchlight Energy Resources.
Here’s everything investors interested in MMAT stock need to know after the merger.
- News that the deal was at a close came on Friday from Torchlight Energy Resources.
- The company detailed its paying of a special dividend to its shareholders, as well as a reverse stock split.
- It also announced plans for the merger of the company to close today.
- As a result, Meta Materials started trading on the Nasdaq Exchange under the MMAT stock ticker when markets opened this morning.
- The company’s focus is on the creation of metamaterials.
- These are “composite structures, consisting of conventional materials such as metals and plastics, that are engineered by META scientists to exhibit new or enhanced properties.”
- This makes it the first company to join the Nasdaq with a focus on creating these materials.
- It’s worth pointing out that this is a major shift compared to Torchlight Energy Resources’ main business.
- The company dealt with oil and gas exploration and production.
- The merger also resulted in leadership changes for the two companies.
- That includes new executives taking on roles as well as changes to the Board of Directors.
- That includes a Board expansion to include seven additional members.
- MMAT stock is seeing heavy trading today after the merger closed.
- As of this writing, more than 12 million shares of the stock have changed hands.
MMAT stock was down 19% as of Monday morning.
Investors looking for more hot stock news today should keep reading!
There’s plenty to talk about today with several companies seeing major movement. That includes stocks with short squeeze potential, Churchill Capital IV (NYSE:CCIV)’s merger plans, and gene-editing stocks on the move. You can take a look at all of these stories at the links below!
More Monday Stock Market News
- Short Squeeze Stocks: CLOV, AEI and 3 Other Stocks Experts Think Are Ready to Pop
- Dear CCIV Stock Fans, Mark Your Calendars for July 22
- Gene Editing Stocks: The Big News Lifting EDIT, BNGO, CRSP and NTLA Stocks
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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