Meta Materials (NASDAQ:MMAT) has provided a new update on its latest ‘naked shorting’ lawsuit.
The company announced on Tuesday that it has retained the law firm of Christian Smith & Jewell, LLP to help investigate allegations of naked short selling of Meta Materials’ stock, MMAT.
MMAT stock is down nearly -83% this year-to-date.
“META has completed an initial trading analysis with ShareIntel Shareholder Services, LLC, as part of its continued commitment to protecting investors and maximizing shareholder value.
Through ShareIntel, META was able to obtain trading analytic metrics, and its analysis has seemingly identified trade imbalances in the trading of MMAT shares which are potentially material relative to META’s public float and average trading volume.
We have reviewed the preliminary report from ShareIntel, and as a result we have engaged the services of Christian Smith & Jewell.
In the best interest of our shareholders, we believe Wes Christian and his team will offer us the most effective solution in addressing potential instances of illegal trading, particularly by naked short sellers, either in our shares or those falsely represented as ours,” said Jack Harding Chairman of Meta Materials Inc.
Christian, Smith & Jewell has a proven track record of representing publicly traded companies facing challenges related to illegal naked short selling, counterfeit shares, and other fraudulent activities.
The firm successfully represented Overstock.com and Taser International in lawsuits against prominent Wall Street institutions, including Goldman Sachs, Merrill Lynch, and Bank of America, resulting in settlements.”
In February, GNS CEO Roger Hamilton shared a petition to end ‘naked shorting’ where nearly 6,000 investors have signed so far.
Will shareholders receive a settlement? What solution are you as a shareholder looking for? Leave your thoughts below.
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Latest MMAT Stock News
Meta Materials announced in April that it had priced an underwritten public offering of 83,333,334 shares of its common stock and warrants to purchase up to an aggregate of 83,333,334 shares of common stock at a combined public offering price of $0.30 per share and accompanying warrant.
META has granted the underwriters a 30-day overallotment option to purchase up to an additional 12,500,000 shares of its common stock and/or warrants to purchase up to an additional 12,500,000 shares of common stock at the public offering price.
Each warrant is exercisable immediately at an exercise price of $0.375 per share and will expire five years following the date of issuance.
All of the securities are to be sold by META.
The gross proceeds of the offering are expected to be approximately $25 million before deducting the underwriting discount and estimated offering expenses payable by META.
The offering was expected to close on or about April 18, 2023 subject to satisfaction of customary closing conditions, per the company’s press release.
“META intends to use the net proceeds from the offering for working capital and general corporate purposes, which include, but are not limited to: on-going development of our existing and future products, (such as our advanced materials NPORE® and NCORE™ for Li-ion battery applications, electro-optical devices, the expansion of our manufacturing facilities and capital equipment purchases), as well as general and administrative expenses.”
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