There are two classes of Meta Materials stock — common and preferred. From the Securities and Exchange Commission link you provided, Meta will value the common shares at a certain price, which the IRS may or may accept.
Holders of preferred shares will report the difference between the value of the common shares they receive in exchange for surrendering their preferred shares.
For example, if Meta says you receive common shares worth $100 in exchange for preferred shares that have a cost of $100, there is no gain or loss. If the IRS says, “No that’s wrong, the common shares are worth $150,” then you have a $50 gain ($150 - $100).
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