by Meta Materials (NASDAQ: MMAT) which was named 50 fastest-growing sustainable companies in Canada has resurrected from a new 52-week low ($0.63) just a week prior. MMAT has surged from the graveyard of penny stocks to an incredible $1.18 at the time of this writing, up over 71% on the weekly chart.
What is causing MMAT to surge?
Meta Materials recently announced a $4.3 Million purchase order from a confidential G10 central bank to develop anti-counterfeiting features for its nano-optic called KolourOptik®
The agreement has a maximum value of $41.5M over the course of up to five years. This purchase order dates back to April of 2022 when MMAT received an additional $2.2M from the same confidential G10 central bank. Part of the Original $2.2M included $1 million for development services and approximately $1.2 million for sample products.
What is KolourOptik®?
MMAT’s KolourOptik® is exclusive to the banknote industry and uses an award-winning nano-optic display that combines multi-directional movement, 3D stereo-depth, and multiple colors to deliver unique visual effects that are easy to authenticate but difficult to replicate.
Does MMAT have an edge?
MMAT proprietary nano-tech creates a heightened level of security within banknotes, which will be a benefit for counterfeit money detection in the coming years.
“The usage of the market for counterfeit money detection was valued at USD 3.06 billion in 2022 and is anticipated to rise to USD 4.99 billion by 2029” stated Adroit Market Research
It will be interesting to keep an eye out for MMAT as this partnership with the confidential central bank continues.
