MMAT Stock Alert: The $6.2 Million Reason Meta Materials Is Up Today

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  • Meta Materials (MMAT) stock is rising on $6.2 million in new orders.
  • This comes from its confidential G10 central bank customer.
  • The two have worked together in the past and are likely to continue doing so.
MMAT Stock - MMAT Stock Alert: The $6.2 Million Reason Meta Materials Is Up Today

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Meta Materials (NASDAQ:MMAT) stock is getting a boost on Wednesday after the company announced a new $6.2 million order.

According to a press release from the advanced materials and nanotechnology company, it has reached an agreement with its “confidential G10 central bank customer.” This covers services offered by its authentication and nano-optic security business.

These Meta Materials services include “anti-counterfeiting features for currencies and government documents and authentication for brands.” While today’s news covers $6.2 million in new purchase orders, this customer has already made $22.7 million in orders for Meta Materials in the past.

What’s Next for MMAT Stock?

Meta Materials is also likely to continue its relationship with the G10 central bank customer in the coming years. The two have a multi-year frame agreement that has a maximum value of $41.5 million over five years.

Alan Newman, Chief Product Officer for Authentication, Managing Director Banknote & Authentication Division for Meta Materials, said the following about today’s news:

“META’s authentication business unit continues to make excellent progress on this strategic program to develop a unique new security feature for a future banknote […] We are very pleased to receive these new funds, which will help to accelerate our industrialization of this exclusive technology.”

MMAT stock is up 1% as of Wednesday morning. However, the company’s shares are down 80% since the start of the year.

Investors seeking out even more of the most recent stock market stories will want to stick around!

We have all of the biggest stock market news that traders need to know about on Wednesday! That includes why shares of DraftKings (NASDAQ:DKNG), Ginkgo Bioworks (NYSE:DNA) and Palantir (NYSE:PLTR) stock are in the news today. You can check out the following links for more on those matters!

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On the date of publication, William White 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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/09/mmat-stock-alert-the-6-2-million-reason-meta-materials-is-up-today/.

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