A Canadian firm has been seeing a surge in its inventory worth over the previous few days. Surprisingly, it has Fb to thank for its current fortune. Canada’s Meta Materials was on the receiving finish of some name-related confusion as many rushed to put money into the retail dealer after Fb rebranded itself to Meta. Buyers seemingly mistook the shares of the Nova Scotia-based Meta Supplies for the shares of the social media big. Because of this, simply hours after Fb introduced it might be referred to as Meta, Meta Supplies gained 26 p.c in after-hours buying and selling.
Fb final week introduced that it was altering its company title to Meta. The rebrand was made with the intent to gather its manufacturers underneath Meta Platforms, with the concept of being “metaverse first.”
In accordance with a report by CBC, the buying and selling session noticed an trade of over 12 million shares within the Canadian firm. This, the report added, is greater than twice the standard day by day quantity. The corporate’s web site describes its expertise that permits particular features comparable to “transparently blocking a particular color of sunshine, or invisibly heating a window in a automobile.”
Whereas Meta Supplies features with the ticker image MMAT, Fb’s Meta Platforms, starting December 1, 2021, will function with the ticker image MVRS.
Curiously, on Thursday, George Palikaras, Founder and CEO of Meta Materials, welcomed Fb to the “metaverse” submit the rebranding. Tweeting on the event, Palikaras stated, “On behalf of Meta Materials, I wish to cordially welcome Fb to the metaverse.”
— George Palikaras (@palikaras) October 28, 2021
This, nonetheless, is just not the primary time a smaller agency has benefited from such instances of mistaken identification. As per CBC, in 2013, when the micro-blogging web site Twitter introduced plans to go public, a dormant electronics retailer referred to as Tweeter Residence Leisure Group noticed a spike of 1,400 p.c in its share.
In the meantime, Palikaras shared one other connection to Fb by stating that the corporate would characteristic in an upcoming on-line discuss alongside Fb’s digital actuality (VR) division and different corporations.