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Meta Materials (NASDAQ:MMAT) has just announced a new appointment to its Scientific Advisory Board. Yesterday, the functional materials company released a statement confirming that Professor Jeff Dah has joined its board as of June 15, 2023. A noted researcher and pioneer in the field of lithium-ion battery development, Dah is a member of the science faculty at Canada’s Dalhousie University. He currently holds the title of Professor Emeritus in the research university’s Department of Physics & Atmospheric Science. From 2016 to 2021, he held the position of NSERC/Tesla Canada Industrial Research Chair at the university. MMAT stock is reacting well to news of Dah’s appointment, but investors shouldn’t be fooled. A quick bump doesn’t make an unstable company a good buy.

Let’s take a closer look at why investors should still approach Meta Materials with extreme caution, even in the face of strategic movies like this.

What’s Happening With MMAT Stock

Despite some early trading, MMAT stock remains in the green, though not by much. As of this writing, it is up less than 1% for the day, and its current trajectory indicates that it is likely to fall again. Additionally, MMAT began the day by plunging more than 5%. The past week has been highly volatile, with shares failing to garner any real momentum and declining 8%.

None of this is surprising. The addition of a new board member doesn’t typically boost a stock’s price for too long. Although Dah is clearly a distinguished academic and respected researcher, Meta Materials has still given investors plenty of cause for concern. Ever since the company’s attempt to spin out its preferred MMTLP shares into Next Bridge Hydrocarbons resulted in a trading halt, MMAT stock has been declining. Meanwhile, concerns over the unstable penny stock delisting from the Nasdaq have created even more uncertainty. InvestorPlace’s Louis Navellier recently predicted worse days ahead for the company. In his words:

“Meta Materials’ mega-scale share issuance, along with the words ‘going concern,’ should dissuade cautious traders from buying MMAT stock. It’s fine to keep Meta Materials on your radar, as the company’s financials might improve at some point. Until that happens, though, there’s no convincing reason to commit your investable capital to Meta Materials.”

This isn’t to say that Meta Materials adding Dah to its board is a bad move. On the contrary, his expertise could certainly prove beneficial as the company works to turn out a stock-boosting product. But this recent news shouldn’t distract investors from the bigger picture. MMAT is still an unstable meme stock that hasn’t demonstrated any actual growth potential in months. Almost every headline has been negative, resulting in MMAT stock falling.

In April 2023, the company announced underwritten public offering, which sent shares down even more on fears of dilution among investors. Through it all, the ongoing court battle against Financial Industry Regulatory Authority (FINRA) regarding the MMTLP trading halt is only casting more uncertainty. A quick board appointment doesn’t change any of that. Until the company provides an actual positive catalyst, MMAT stock is still one to avoid.

On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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