Canada’s Meta Materials sees stock jump after Facebook’s name change

Facebook could have unveiled its new id at a glitzy occasion on Thursday, however shares of a lesser-known Canadian industrial supplies firm surged in an obvious case of mistaken id.

As Fb metamorphosed into Meta, shares of Halifax, Nova Scotia-based Meta Supplies Inc jumped six per cent in opening trades on the Nasdaq on Friday, following a 26 per cent rise in after-hours buying and selling. Fb shares had been up 1.6 per cent.

Learn extra:
Meet ‘Meta’: Facebook gets a new name amid ethical firestorm

Meta Supplies’ inventory has already been a favourite amongst retail traders utilizing Reddit and social media, recording wild swings in current months. It hit an all-time excessive of almost US$22 in June.

The corporate, which makes a speciality of designing supplies utilized in quite a lot of industries together with shopper electronics and aerospace, has a market worth of US$1.3 billion, in accordance with Refinitiv.

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This isn’t the primary occasion of shares reacting due to mistaken identities — Zoom Applied sciences jumped on the top of the pandemic, when the world flocked to the equally named video conferencing service.

Click to play video: 'Facebook to change it’s name to ‘Meta’, CEO Mark Zuckerberg announces'

Fb to vary it’s title to ‘Meta’, CEO Mark Zuckerberg proclaims

Fb to vary it’s title to ‘Meta’, CEO Mark Zuckerberg proclaims

However it was unclear whether or not simply the similarity in names or a coordinated push by “meme-stock” traders — or each — was driving Meta Supplies’ shares increased.

“Is the (after-hours) value motion actual, or are individuals shopping for MMAT considering they’re getting Fb for actually low-cost?” requested one person on a Reddit neighborhood devoted to discussing Meta Supplies’ inventory, that was created this March.

Meta Supplies CEO George Palikaras additionally appeared to get in on the enjoyable on Thursday, tweeting: “On behalf of @Metamaterialtec I wish to cordially welcome @Fb to the #metaverse.”

Palikaras pointed to an organization announcement from Thursday about an upcoming on-line speak that includes executives from Meta Supplies, Fb’s digital actuality (VR) division and different firms, when Reuters emailed Meta Supplies for remark.

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Learn extra:
What is the ‘metaverse’ and what does it have to do with Facebook?

Fb’s title change was revealed at its digital and augmented actuality convention on Thursday.

Social media was abuzz with information of Fb changing into Meta, with posts poking enjoyable on the transfer receiving probably the most consideration.

“Altering title to Meat,” burger chain Wendy’s mentioned in a tweet favored by almost 250,000 customers. Twitter’s official deal with wrote: “BIG NEWS lol jk nonetheless Twitter,” garnering some 226,000 likes.

(Reporting by Sachin Ravikumar in Bengaluru; Further reporting by Subrat Patnaik and Sruthi Shankar in Bengaluru; Modifying by Saumyadeb Chakrabarty)

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