Summary by Moomoo AI
Meta Materials Inc. (MMAT) has announced a reverse stock split that is scheduled to take effect before the market opens on January 29, 2024. The reverse split will be conducted at a ratio of 1-for-100, meaning that each existing MMAT Common Share will be converted into 0.01 new Meta Materials Inc. Common Shares. Concurrent with the reverse split, the option symbol for Meta Materials will change from MMAT to MMAT1. The new CUSIP number for the post-split shares will be 59134N302. The adjustments to the options contracts are set to occur on the same date as the reverse split, with the new multiplier being set at 100. This means that for options and futures pricing, premiums, and strike dollar extensions, a value of 1.00 will now be equivalent to $100. The Options Clearing Corporation (OCC) has made it clear that the information provided in the memo is for convenience and should not be solely relied upon for investment decisions, advising investors to independently verify all information related to the corporate event.