Meta Materials Inc. (MMAT) entered the pre-market trading scene with considerable activity today, as evidenced by a trading volume of 793.186K. The company’s shares witnessed a downturn, closing the pre-market at $0.0695, which reflects a decrease of $0.0068 or 8.91% from the previous close.
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Despite the decline, the pre-market session ended with a positive gap of 2.10%, hinting at a nuanced investor sentiment. This pre-market activity sets a contrasting backdrop for MMAT as the market anticipates the opening bell, balancing the initial drop with a slight upward adjustment in the gap percentage.
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On January 11, 2024, Meta Materials Inc. (Nasdaq: MMAT), a company at the forefront of advanced materials and nanotechnologies, made public its intentions to settle with the SEC.
The company has been under the microscope of the Securities and Exchange Commission, chiefly due to the merger with Torchlight Energy Resources, Inc., a matter that was previously reported in a regulatory filing last July.
At that time, it was revealed that Meta Materials and two executive members had been issued Wells Notices.
Recently, Meta Materials extended an olive branch to the SEC’s enforcement division, proposing a settlement that awaits the SEC Commissioners’ nod of approval. The outcome remains uncertain, with the timing of any agreement yet to be determined.
Should the SEC green-light the proposal, it would entail the issuance of an order enjoining the company from future violations of certain securities laws without admitting any wrongdoing. Furthermore, Meta Materials has agreed to a financial penalty of $1 million, to be paid in quarterly installments over the next year.
The company’s leadership considers this proposed resolution a positive step for its shareholders, as it would dispel the haze of ambiguity cast by the investigation and allow the firm to refocus on its strategic goals.
