Shares of this company climb 26% after Facebook relaunches itself as ‘Meta’

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.

Facebook re-christened itself as Meta Platforms Inc. on Thursday, as it decouples its corporate identity from the eponymous social network and highlights a shift to an emerging computing platform focused on virtual reality. 

Mark Zuckerberg on Thursday announced that the company he founded is rebranding itself as Meta.

The change comes with a new logo designed like an infinity-shaped symbol, slightly askew, almost like a pretzel. Facebook, Instagram and other apps will remain, but under the Meta umbrella, The New York Times reported.

"I've been thinking a lot about our identity with this new chapter," Zuckerberg said, speaking at a virtual event to showcase Facebook's technological bets of the future. "Over time, I hope we're seen as a metaverse company."