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A company called Meta Materials is enjoying a stock market boost thanks to Facebook's recent announcement it will be changing its corporate name to Meta.
Canadian-based Meta Materials is unrelated to the social media giant, but has its shares rise more than 30 percent on the Nasdaq following the announcement.
The stock was up five percent, at $4.79 (£3.48), in premarket trading on Friday, with nearly one million shares changing hands, CNBC reports.
Meta Materials is a material science based company, which, according to its website, creates technology that is used for things such as 'transparently blocking a specific colour of light, or invisibly heating a window in a car'.
It's not known if the boost to its shares are a case of mistaken identity or if it's being snapped by 'meme stock investors'.
On Reddit investors seem to be unsure, with one person asking: "Is the AH price action real, or are people buying MMAT thinking they are getting Facebook for really cheap?"
While another said: "I'd love for the price action to be for real - but have seen this before with zoom where people buy the wrong stock..."
Either way it seems as though George Palikaras, the chief executive of Meta Materials, is enjoying the fuss.
He took to Twitter to say:
On behalf of @Metamaterialtec I would like to cordially welcome @Facebook to the #metaverse. #GoBeyond $MMAT #AR #VR Meta, meet META:registered: :-) https://t.co/8gOgkYTvSl pic.twitter.com/2i2PMKwzFA
- George Palikaras (@palikaras) October 28, 2021
In an interesting twist to an already pretty weird tale, Meta Materials shared a press release on Thursday that it will be joining augmented reality experts from Facebook Reality Labs to take part in a panel discussion on 'AR Eyewear Engineering Challenges and the Role Advanced Optical Materials Could Play'.
In an email to CNBC, Palikaras said: "We love the AR VR and metaverse space and bring the best meta materials to enable its commercial success. Software and Hardware innovations will be important."
This isn't the first time an unrelated company has seen a boost to its value thanks to a similar named company performing well.
Back in the early days of the coronavirus pandemic, a Chinese company called Zoom Technologies saw a similar rise, with people either genuinely mistaking it for Zoom or 'meme investing'.
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