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Mistaken Facebook Identity Sees Meta Materials Shares Soar 32%

  • Materials company soars as much as 26% in U.S. postmarket
  • Investors mistake firm for Facebook after its rebrand Thursday

A day-trader favorite in the U.S. soared in after-hours trading, as investors mistook it for Facebook Inc. following the Internet giant’s rebrand.

After the close of regular trading on Thursday, shares of Canada’s Meta Materials Inc. -- which trades under ticker symbol MMAT -- surged as much as 26%, following a 4.8% gain during market hours. With the rally, the company is worth just about $1.3 billion, a fraction of a percent of the value of the company formerly known as Facebook.