MMAT - Meta Materials skyrockets as FINRA approves stock swap

Meta Materials ( NASDAQ: MMAT ) +23.5% pre-market Wednesday after FINRA approved the exchange of the company's Series A preferred shares for common shares of spinoff company Next Bridge Hydrocarbons.

Series A preferred shareholders with settled positions as of December 12 will receive one Next Bridge share for every preferred share.

Next Bridge is an energy resources developer, whose primary project is an oil and gas project in the Orogrande Basin in West Texas.

Meta Materials ( MMAT ) is among the most-discussed companies on Stocktwits Wednesday, and recently has been popular with retail investors, sending the stock up 14% on Tuesday.

The stock price has tripled since the end of September, when it closed at $0.65, but has still declined 31% YTD .

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