MMAT - Meta Materials stock sheds 43% after pricing $25M equity offering
2023-04-14 09:26:50 ET
- Meta Materials ( NASDAQ: MMAT ) shares fell 43% premarket on Friday after the company priced a $25M securities offering .
- The offering includes 83.33M shares of common stock and warrants to purchase up to 83.33M of common stock, issued at a price of $0.30 per share and accompanying warrant.
- Underwriters have been granted a 30-day overallotment option to purchase up to an additional 12.5M shares of common stock and/or warrants to purchase up to an additional 12.5M shares at the public offering price, less the underwriting discount.
- Each warrant is exercisable immediately at an exercise price of $0.375 per share and will expire five years following the date of issuance.
- Gross proceeds are expected to be approximately $25M; net proceeds will be used for working capital and general corporate purposes.
- The offering is expected to close on or about April 18, 2023.
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Meta Materials stock sheds 43% after pricing $25M equity offering