The share price of a Canadian company has seen a jump in the last few days. Surprisingly, it has Facebook to thank for its recent fortunes. Canada was under some confusion regarding the Meta Material name as many rushed to invest in the retailer after Facebook rebranded itself to Meta. Investors misquoted shares of Nova Scotia-based Meta Materials for shares in the social media giant. As a result, just hours after Facebook announced it would be called Meta, Meta Materials gained 26 percent in after-hours trading.
Facebook announced last week that it was Change Its corporate name to Meta. The rebrand was created with the intention of aggregating its brands under the meta platform, with the idea “metaverse firTea“
according to a report of CBCOver 12 million shares were exchanged in the Canadian company in the trading session. This is more than twice the normal daily amount, the report said. NS Company Website describes its technology that enables special functions such as “transparently blocking a specific color of light, or invisibly heating a window in a car.”
While Meta Materials works with the ticker symbol MMAT, Facebook’s meta platforms will, from December 1, 2021, work with the ticker symbol MVRS.
Interestingly, on Thursday, Meta Material founder and CEO Jorge Palikaras welcomed Facebook to “Metaverse” after the rebranding. Tweeting on the occasion, Palikaras said, “On behalf of Meta Content, I would like to warmly welcome Facebook to the Metaverse.”
— George Palikaras (@palikaras) October 28, 2021
However, this is not the first time that a small firm has benefited from such cases of mistaken identity. According to the CBC, in 2013 when the microblogging site Twitter Announcing plans to go public, a defunct electronics retailer called Tweeter Home Entertainment Group saw its share rise by 1,400 percent.
Meanwhile, Palikaras shared another connection with Facebook, saying that the company will be involved in Facebook’s virtual reality (VR) division and upcoming online conversations with other companies.