Shares of high-performance functional materials and nanocomposites provider Meta Materials (NASDAQ:MMAT) are soaring higher today after the company announced a nod from FINRA for the exchange of MMAT Series A preferred shares with common shares of Next Bridge Hydrocarbons.
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Consequently, MMAT shareholders as of December 14 will receive a share of Next Bridge for each MMAT preferred share they hold.
MMAT shares have now gained 25% over the past month and are already up a further 22% in the pre-market session today. At the same time, short interest in the stock remains elevated at nearly 12% at present.
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