Meta Materials Inc (NASDAQ:MMAT) is down 15% in a week after announcing a definitive agreement for the indirect acquisition of Nanotech Security Corp (OTCMKTS: NTSFF) in a cash transaction estimated at CA$90.8 million.
The company will acquire all Nanotech common shares at CA$1.25 per share. Nanotech is a leader in visually memorable and secured nano-optic security features development offering anti-counterfeit services used in government, brand, and banknote protection markets. META’s edition of Nanotech and its experienced team to its nanophotonics research and development team will accelerate and expand its design-to-manufacture roadmap and extend its position in metamaterials.
META chairman Ram Ramkumar said that the company’s M&A strategy focuses on scale building and production costs reduction, improving metamaterials production capabilities, and expanding market reach into new industries and applications.Ram added that Nanotech’s addition and its high-volume, ultra-precision capabilities would position META in a strong position to market metamaterials. With the acquisition of Nanotech, MMAT is a stock investor should be keen on.
Market Reaction:
On Monday, MMAT stock slid 4.40% at $3.05 with more than 10.23 million shares, compared to its average volume of 24.16 million shares. The stock has moved within a range of $2.9900 – 3.1700 after opening the trade at $3.16.
