Meta Materials Inc (NASDAQ:MMAT) shares are trading lower by 31.7% to $0.075 Monday afternoon after the company announced it is set to issue and sell 75 million shares of common stock along with warrants to certain institutional investors in a registered direct offering at $0.08 per share, expecting to raise $6.0 million in gross proceeds.
Meta Materials plans to utilize the net proceeds primarily for advancing its technology commercialization, boosting sales efforts in various applications like bank note and brand authentication, Li-ion battery tech (NPORE and NCORE) and VLEPSIS systems for wide area motion imagery.
The offering's closing is anticipated around December 6, pending standard closing conditions, with A.G.P./Alliance Global Partners serving as the sole placement agent for the offering.
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According to data from Benzinga Pro, MMAT has a 52-week high of $2.34 and a 52-week low of $0.072.