Today, investors in Meta Materials (NASDAQ:MMAT) are seeing rather impressive gains. Currently, MMAT stock is trading approximately 16% higher at the time of writing on very heavy volume.
Today’s move is a sharp reversal of some rather bearish momentum with this stock. Indeed, this innovative materials and photonics company has a range of products it’s currently working on. Among these, a non-invasive glucose monitoring system is what investors have had their eye on for some time. A 27-month U.K.-funded project was completed earlier this month, signaling a working prototype of a non-invasive glucose-sensing system. Since this announcement, shares have been on one heck of a rollercoaster ride.
Indeed, shares of MMAT stock hit a split-adjusted high of more than $10 per share on this news. However, since then, shares have dwindled ahead of the merger between Meta Materials and Torchlight Energy (NASDAQ:TRCH).
With that said, let’s discuss a few of the things investors may want to know about this merger.
MMAT Stock Boosts Higher on Closing of Reverse Merger
- Today, the Meta Materials-Torchlight merger officially closed.
- The combined entity now trades on the Nasdaq exchange under the ticker ‘MMAT.’
- As per the agreed split, MMAT shareholders received 3.69 shares of Torchlight common stock.
- The resulting ownership split means Meta Materials control 75% of the combined entity.
- The combined entity has a market capitalization just north of $1 billion.
On the date of publication, Chris MacDonald 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.