Meta Materials (NASDAQ:MMAT) stock is trending and climbing 15% in early trading today. This comes as the developer of chemical-based “multi-functional” materials made an important filing.
Indeed, the Canada-based company filed a document on Nov. 8 with the U.S. Securities and Exchange Commission (SEC) stating that it may sell up to $250 million of MMAT stock. Today, the agency issued a document reporting that it had accepted Meta’s filing.
Meta Materials’ products are used to enhance different offerings, including “aerospace, augmented reality … batteries and clean energy” products, as explained by CEO George Palikras during the company’s second-quarter earnings call. The CEO further reported that Meta is currently developing new materials that will enhance the safety and lower the cost of electric-vehicle (EV) batteries.
Short Squeeze Talk Is in the Air
On Nov. 15, InvestorPlace Assistant News Writer Eddie Pan reported that talk was brewing among investors about a potential “short squeeze” of MMAT stock. However, Pan pointed out that just 2.4% of its shares were sold short as of Oct. 31, making a short squeeze unlikely to occur. Additionally, he contended that the company’s application to sell up to $250 million of additional shares of its stock reduced the chance of a squeeze.
The Performance of MMAT Stock
Meta Materials’ shares have jumped 82% in the last month and 107% in the last three months. However, they are still down 32% in 2022 and 57% over the last 12 months.
On the date of publication, Larry Ramer 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.
Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.
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