There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. The company isnt popular on WallStreetBets, but you can find viral posts on the RobinHoodPennyStocks, pennystocks, and smallstreetbets subreddits touting it as a potential short squeeze. It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. Their technology can allow multiple transparent 5G antennas for IoT integration and their nanomaterials can improve the angular scan range of LIDAR used in self-driving vehicles. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/trch-stock-the-big-news-that-has-torchlight-energy-soaring-today/. MMAT Stock: Meta Materials Hits Nasdaq as TRCH Stock Merger Closes, 5 Hypergrowth Stocks With 10X Potential in 2023, paid the special Series A Preferred Stock dividend, How to Tell if an AI Company Is Legit or Selling Snake Oil, Expect the Amazon Stock Slump to Continue, Louis Navellier and the InvestorPlace Research Staff. Oil prices are expected to rise to $80-$100 a barrel in the next six months. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Founded META in 2011, prior to that he founded MediWise, a wireless medical sensor company, he was also an antenna design engineer with AceAxis. Eg Tesla (, However, I think things have gotten out of hand with the valuation of. In March of 2020, Torchlight decided to pivot their entire operation and and to divest all of oil and gas assets and to embark on a reverse merger with a future focused company. I wrote this article myself, and it expresses my own opinions. META's CEO, George Palikaras to be appointed CEO of the Combined Company, along with the appointment of a new CFO. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. Although Metamaterial has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Perform your own due diligence and consult a financial professional before trading. Looking like March 12 for merger date? Several of the videos on Torchlight have over 50,000 views each. There can be no assurances that the Transaction will be consummated. Biosensors - they are in the development process of a non-puncture blood glucose monitoring system. Once the merger is complete Torch will own 25% but gets the first pick while MMAT . "In order to unlock value potential from our national listing and access to the capital markets, we shifted some attention from the divestiture of our oil and gas assets to an acquisition strategy targeting proven disruptive technology companies with strong environmental, social and governance (ESG) priorities. All quotes delayed a minimum of 15 minutes. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. Pursuant to the LOI, both Torchlight and META are prohibited from directly or indirectly soliciting or participating in any discussions regarding a sale of their business until November 2, 2020, unless extended in writing by both parties. I was also advised that the merger and acquisition market for oil and gas companies is still soft but that is expected to change quickly with the rise in oil demand and subsequent price. Stoking some of the chat is a merger announcement on June 11 regarding Torchlight and Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. While they do have revenue and have partnered with major companies (Samsung, Boeing, Airbus), I am thinking of them more in terms of a pre-revenue IPO. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created by those sections. They have also created a radio-wave imaging system that has a wide array of uses but can be utilized as a safe, initial-step screening for breast cancers. Investors appear to be responding to rumors about the company working with Tesla. All rights reserved. We specialize in the technology and healthcare sectors. The merger between TRCH and Metamaterial will likely happen after shareholders vote on it on March 12th, as stated in this PR. Like the other metamaterials . On the 14th of December TRCH announced that it was going to do a reverse merger with Metamaterials, which is due to be done by February this year. META Executive Team has an extremely deep educational background in the hard sciences with a lot of experience creating innovative products. The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. Metamaterial shareholders may elect to receive either shares of Torchlight common stock or shares of a Canadian subsidiary of Torchlight, which will be exchangeable into Torchlight common stock (the Exchangeable Shares). On April 30, the company disclosed that it inked an agreement with a fund named Lincoln Park Capital to sell shares for up to $20.8 million. Additional details will be announced if and when a Definitive Agreement is reached. 134,000 acres *72.5% interest at $1000 acre=97.15m + 12.75m (Hazel/Winkler) =109.9m/143.6m shares= 76.5 cent share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 5 cents per barrel= 134m+12.75m (Hazel/Winkler) =146.75m= $1.00 per share, 134,000 acres *72.5% interest at $1300 acre=126.3m +12.75m (Hazel/Winkler) =126.3m/143.6m shares=96 cent share, 134,000 acres *72.5% interest at $2500 acre=242.88m +12.75m (Hazel/Winkler) =255.63m/143.6m shares= $1.78 per share, 134,000 acres *72.5% interest at $5000 acre=485.75m+12.75m (Hazel/Winkler) =500.25/143.6m shares=$3.48 per share, 134,000 acres *72.5% interest at $7500 acre=728.63m+12.75m (Hazel/Winkler) =741.38/143.6m shares=$5.16 per share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 1.34bn+12.75m (Hazel/Winkler) =1.3527b = $9.42 per share, High Case estimate 5.0 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 3.625+12.75m (Hazel/Winkler) =3.638b =$25.33 per share. Often but not always, forward-looking information can be identified by the use of words such as expect, intends, anticipated, believes or variations (including negative variations) of such words and phrases, or state that certain actions, events or results may, could, would or will be taken, occur or be achieved. Orogrande Basin 134,000 acre lease 72.5% interest (97,150 net acres), the site has had several successful test wells drilled. Electro Optical & Infrared Systems (EO/IR). If no sales occur, then they will receive an equity interest in a spin-off entity that holds TRCH remaining oil and gas assets.". As a result of the transaction and our recent ATM offerings, META now has over $160 million in cash and a virtually debt free balance sheet with approximately 285 million shares issued and outstanding after the 2 to 1 reverse split. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. Prior to closing, all debt of Torchlight is to be converted into common stock or repaid in full, excepting senior secured debt that may alternatively be modified such that the debtholders sole recourse in respect thereof will be against Torchlights pre-closing oil and gas assets. Our Standards: The Thomson Reuters Trust Principles. In connection with the Transaction, Torchlight and Metamaterial respectively obtained fairness opinions. If the dividend or share buyback yield is high - even better. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Metamaterial does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. I am not receiving compensation for it (other than from Seeking Alpha). The company stated that it believes it will be positioned to capture a significant portion of this market by being able to mass manufacture, on a cost-effective basis, the required holographic optical components for the augmented reality smart glasses market. Is there a short squeeze? We believe this Transaction provides our shareholders with the best opportunity moving forward. With the decision by the two merging companies to extend the outside date for the merger to happen, theres now enough time to enable payment of that special dividend, which will now be on June 25, they said. I could not find anyone willing to go on record. Torchlight is likely to end soon is because the company is taking advantage of the irrational share price increase and has launched a, Brooklyn ImmunoTherapeutics made a similar move. Combine this sector with other markets like advanced materials, IoT, medical, energy, aerospace, and automotive markets, and the market opportunity grows beyond $3 trillion. Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Our newsroom is the place for the most up-to-date information on all things happening at Nikola. The shares, however, gave up some of the gains after the company upsized its stock offering. The proxy statement/prospectus will be mailed to Torchlights Shareholders. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. - Disclosure: I am not a financial adviser. Metamaterials Technologies, known as META ( MMATF :US MMAT :CAN) is currently trading at $2.66 as of 02.27.2021. The merger was analyzed by SA contributor Safety In Value back in March. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. We believe the reason for this is speculation over the merger and sale of the assets. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Torchlight or Metamaterial, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. I am not receiving compensation for it (other than from Seeking Alpha). As shown in Metamaterial's executive statements above, there is no mention at all of any value to TRCH or its assets. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. If the dividend or share buyback yield is high - even better. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. have over 50,000 views each. that it inked an agreement with a fund named Lincoln Park Capital to sell shares for up to $20.8 million. Theres even room for more lines. Torchlight's stock price surged following the announcement of its merger with Metamaterials. As you can see, there are many possible valuations. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. As Cathie Wood stated in the last ARK webinar, she is anticipating a bifurcated V-shaped recovery which will reward companies that have invested in innovation rather than in pandering to shareholders. Copyright Copyright 2023 InvestorPlace Media, LLC. Higher field strength systems cost much more. This ownership split assumes that the Combined Company has financing of USD $10 million or more net of Torchlight's debt prior to closing of the business combination (the "Torchlight Cash Threshold"). Upon completion of the Transaction, shareholders of Metamaterial are expected to hold an approximate 75% equity interest in the combined company while Torchlight shareholders will retain an approximate 25% equity interest in the combined company, subject to the pre-closing financing described below. I think that Metamaterial is an exciting startup, but the end of the short squeeze is likely to push down its shares back to around $3 per share. The last major purchase in the Permian Basin was in October 2020 when Conoco Phillips acquired Concho Resources in a $9.7 BN all stock transaction, adding 550,000 acres in the Permian basin and 200,000 b/d. It would probably fall on this news, as it has also appreciated significantly over the last few months likely due to the anticipated merger. I wrote this article myself, and it expresses my own opinions. The closing of the Transaction is subject to the satisfaction or waiver of customary closing conditions, including approvals by NASDAQ and the Canadian Securities Exchange (CSE), Canadian court approval, and approval by the shareholders of both companies. Therefore, they will be spun-off into another company. The oil and gas exploration and production company based out of Plano, Texas, has become something of a regular on meme chats and threads, likeReddits r/WallStreetBets and other subreddits, in recent weeks. If it's a value stock - great. Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. For those who . like what happened at GameStop in March. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. - Andr Kostolany. Email:[emailprotected]. The combined company, formerly known as Torchlight Energy Resources, Inc., will change its name and focus its business to align with the current business of Metamaterial. After the conversion it no longer has any term debt and two projects will have liens removed from them, as they backed the loan that was converted. Following the Closing of the Transaction the board of directors of the combined company shall be comprised of 7 members (a) one of whom shall be appointed by Torchlight , subject to the approval of META and (b) one of whom shall be jointly agreed to by META and Torchlight . Today, I want to talk about how an interesting Canadian startup named Metamaterial (. Ultimately, the deal is worth over $70 million.. Torchlight and Metamaterial will prepare a proxy statement/prospectus for Torchlights Shareholders to be filed with the SEC. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. However, there are still some. Pertinent deal terms are as follows: Torchlight and Metamaterial invite all interested parties to view a webcast introduction of George Palikaras, CEO of META and an overview on META. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. The following is a summary of the key terms of the pending Transaction as contemplated by the Arrangement Agreement. TRCH shareholders will get 25% of the combined company, which at MMATF's market cap, puts TRCH's current value at 35c per share, assuming its assets are worthless. and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to close the proposed transaction, the ability of the parties to raise necessary equity capital, approval of the transaction and continued listing by the NASDAQ, approval of the Canadian Securities Exchange, receipt of shareholder approval and required third party and regulatory consents, the risk that Torchlight may not be able to dispose of its oil and gas assets on favorable terms or at all, risks related to the technology industry, market strategic and operational activities, and managements ability to manage and to operate the business. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including risks associated with Torchlights ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas which demand could be materially affected by the economic impacts of COVID-19 and possible increases in supply fromRussiaand OPEC, the proposed business combination transaction with Metamaterial, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. 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