Shares of Meta Materials (NASDAQ:MMAT) stock are in full focus today after the company announced it had appointed Uzi Sasson as Chief Financial Officer and Chief Operating Officer, replacing Ken Rice. Sasson is a Certified Public Accountant ( ) with over 30 years of experience in operating business for multinational manufacturers and semiconductor companies.
Sasson previously held the position of CFO at Katena Computing Technologies. Before that, he also served as Executive Vice President and CFO at Eat Just and CFO and COO at IXYS, which used to trade on the Nasdaq.
Meta Materials President and CEO George Palikaras had the following to say about the executive change:
“After a rigorous search, we are excited to welcome Uzi to the executive leadership team […] He has extensive experience providing strategic financial and operational leadership to companies at various stages, which will prove instrumental in helping us execute on our growth strategy and financial objectives while creating sustainable, long-term value for our shareholders.”
MMAT Stock: Meta Materials Appoints Uzi Sasson as CFO, COO
The news of Sasson’s appointment followed another announcement that Meta had appointed Eugenia Corrales and Vyomesh “VJ” Joshi to serve on its Board of Directors. In addition, Maurice Guitton will retire from the board. Both Corrales and Joshi have seasoned industry backgrounds.
Corrales is currently the CEO of Nefali Networks, which provides cloud networking solutions. She has more than 25 years of experience in the tech industry. Corrales also served in past roles at Cisco’s (NASDAQ:CSCO) computing systems group.
Likewise, Joshi has over 40 years of experience as a tech executive. He previously served as the President and CEO of 3D Systems (NYSE:DDD). Besides Meta Materials, Joshi is also a board member for Releviate Therapeutics and Energy Internet Corporation. He previously served on the boards of Yahoo and Harris Corporation as well.
Meanwhile, MMAT stock has plummeted more than 50% lower in the past month. This decline is mainly due to a $25 million underwritten public offering. The offering will be for 83.33 million shares of common stock priced at 30 cents and warrants to purchase up to 83.33 million shares. On top of that, Meta granted underwriters a 30-day option to purchase an additional 12.5 million shares of MMAT stock and/or warrants to purchase up to an additional 12.5 million shares.
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, Eddie Pan did not hold (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.