Meta Materials Stock Heats Up Ahead of Spinoff

Shares of Meta Materials $Meta Materials(MMAT.US)$ stock have been in full focus, as the company will soon spin off its fully-owned subsidiary Next Bridge Hydrocarbons to shareholders of Meta Materials Preferred Shares $Meta Materials Inc. Class A Preferred Stock(MMTLP.US)$ . The date of record will fall on Dec. 12, while the distribution date will be on Dec. 14.

Next Bridge engages in the acquisition, exploration, and development of oil and natural gas. The company’s primary project is an oil and gas project in the Orogrande Basin in West Texas. As of Dec. 31, Next Bridge has interests in three projects, with the remaining two projects in Texas and Central Oklahoma.

Following the distribution, shares of MMTLP will not be tradable on the over-the-counter (OTC) market and lose all of their rights. Meanwhile, Next Bridge will operate as an independent reporting company with shares that will not be tradable on public exchanges or eligible for electronic transfer through clearing corporations.