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 latest fortune. Canada’s Meta Materials was on the receiving finish of some name-related confusion as many rushed to spend money on the retail dealer after Fb rebranded itself to Meta. Traders 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 will be known as Meta, Meta Supplies gained 26 p.c in after-hours buying and selling.
Fb final week introduced that it was altering its company identify to Meta. The rebrand was made with the intent to gather its manufacturers underneath Meta Platforms, with the concept of being “metaverse first.”
In line with a report by CBC, the buying and selling session noticed an change of over 12 million shares within the Canadian firm. This, the report added, is greater than twice the same old every day quantity. The firm’s web site describes its expertise that permits particular capabilities comparable to “transparently blocking a selected color of sunshine, or invisibly heating a window in a automobile.”
Whereas Meta Supplies capabilities with the ticker image MMAT, Fb’s Meta Platforms, starting December 1, 2021, will function with the ticker image MVRS.
Apparently, on Thursday, George Palikaras, Founder and CEO of Meta Materials, welcomed Fb to the “metaverse” publish the rebranding. Tweeting on the event, Palikaras stated, “On behalf of Meta Materials, I want to cordially welcome Fb to the metaverse.”
— George Palikaras (@palikaras) October 28, 2021
This, nevertheless, shouldn’t be the primary time a smaller agency has benefited from such instances of mistaken identification. As per CBC, in 2013, when the micro-blogging website Twitter introduced plans to go public, a dormant electronics retailer known as Tweeter Dwelling 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 speak alongside Fb’s digital actuality (VR) division and different corporations.