It hasn’t been a pleasant year for Meta Materials (NASDAQ:MMAT), as shares of MMAT stock are down more than 75% so far this year. On April 14, the company announced that it had priced a $25 million underwritten public offering consisting of 83.33 million shares of common stock and warrants to purchase up to 83.33 million shares of common stock at a combined public offering price of 30 cents per share. Each of the warrants is immediately exercisable at 37.5 cents per share with an expiration date of five years after issuance.
On the other hand, shareholders of halted MMTLP stock will have to wait just a little longer before hearing back from the Financial Industry Regulatory Authority (FINRA). The regulatory agency had previously been given until May 19 to file an opposition against releasing the blue sheet information for MMAT and MMTLP. A shareholder of MMTLP had petitioned for FINRA to release the information, as it is the only party with access to the info.
Now, FINRA will have until June 2 to file its opposition, if any. FINRA’s reply is due by June 9, while its return date has been scheduled for June 13. The attorney for the petitioner, Mark R. Basile, says that the court still must approve the return date.
5 Investors Betting Big on MMAT Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the first quarter, 103 13F filers disclosed a stake in MMAT stock, an increase of eight filers from the prior quarter. In total, these filers own 34.71 million shares of MMAT, down from 39.70 million shares as of Q4. In addition, none of these filers own MMAT in their top 10 positions.
Meanwhile, the institutional put/call ratio sits at 0.17, down from 0.18. That’s equivalent to about 870,000 puts and 5.15 million calls, implying a bullish options stance. With that in mind, let’s take a look at Meta Materials’ largest 13F shareholders as of Q1:
- BlackRock (NYSE:BLK): 6.44 million shares. BlackRock acquired 471,863 shares during Q1.
- State Street (NYSE:STT): 6.19 million shares. State Street reduced its stake by 8.29 million shares during Q1
- Vanguard Group: 4.86 million shares. Vanguard sold 496 shares during Q1.
- Geode Capital Management: 3.47 million shares. Geode acquired 142,192 shares during Q1.
- Mitsubishi UFJ Kokusai Asset Management: 1.56 million shares. Mitsubishi acquired 42,450 shares during Q1.
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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.