Meta Materials (NASDAQ:MMAT) stock is taking a beating on Monday after the functional materials and nanocomposites company filed for Chapter 7 bankruptcy.
Meta Materials notes that it only filed for Chapter 7 bankruptcy after exhausting all strategic alternatives. As a result of this filing, the company has completely ceased operations as it seeks relief from this move.
The Chapter 7 bankruptcy filing also has Meta Materials being appointed a trustee to operate the company during the process. As a result, all current employees, executives and members of the board of directors have been fired or resigned.
This change leaves Meta Materials in the complete control of the trustee. This individual will work with the court and creditors to resolve the company’s bankruptcy filing.
How This Affects MMAT Stock
MMAT stock is falling on this news, and that makes sense. The company likely won’t be around for much longer, and that’s expected to result in MMAT’s shares being delisted.
MMAT stock is down 13.7% as of Monday morning, following a 54.7% drop during normal trading hours on Friday.
There are even more stock market stories traders are going to want to read about today!
Fortunately, we have all of them ready to go with our latest stock market news on Monday! A few examples include what’s happening with shares of Ainos (NASDAQ:AIMD) and PS International Group (NASDAQ:PSIG) stock, as well as the biggest pre-market stock movers this morning. All of this news is ready to go at the links below!
More Monday Stock Market News
- Why Is Ainos (AIMD) Stock Up 38% Today?
- Why Is PS International (PSIG) Stock Up 64% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
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.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
