Readers are cautioned to not place undue reliance upon any such forward-looking statements, which speak only as of the date made. TRCH will sell its assets or spin them off before the business combination happens; the combined company will get none of TRCH's assets. CTO and Chairman Dr. Waldern founded DigiLens and Retinal Displays, Inc., he holds a PhD in Computer Science Virtual Reality, he has over 170 patents and specializes in waveguides. Except as otherwise required by the federal securities laws, Torchlight disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in its expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. Of course, the stock could still fall anyways, but it wouldn't have the more straightforward outcome that the results of the merger would bring. Torchlight. special purpose acquisition companies (SPACs). (you can quote me on this). The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally. Its a win-win situation for both. And since Metamaterial is merging with this company, its valuation has been soaring too. If the exchange rate is 1 Metamaterial share for 3.6 Torchlight shares (as mentioned in the proxy filing), that would imply that each Torchlight share would get around $1.60 in value from the . 3rd party valuation of potential recoverable hydrocarbons, 2. Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals, down 67% from 2018, according to Rystad Energy, an Oslo-based research firm. NASDAQ is the worlds premier technology exchange, providing us with the best platform to expand awareness of Metamaterial on the global stage and fully realize the value of our portfolio of innovative, sustainable products. commented Ram Ramkumar, Metamaterials Chairman. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Just look at the share price and volume for Torchlight. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. META's innovations have been reported in popular technology magazines such as Wired.com "Bizarre New Materials Could Make Bendy Phones That Work" and the Financial Times which listed the category of metamaterials in their "50 Ideas To Change The World" in a special annual report. All statements in this release that are not based on historical fact are forward looking statements. These statements may be identified by words such as estimates, anticipates, projects, plans, strategy, goal, or planned, seeks, may, might, will, expects, intends, believes, should, and similar expressions, or the negative versions thereof, and which also may be identified by their context. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/trch-stock-the-big-news-that-has-torchlight-energy-soaring-today/. Disclosure: I am/we are short TRCH. valued at much less. As you can see, there are many possible valuations. 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. We believe the reason for this is speculation over the merger and sale of the assets. The following is the 3-month chart for TRCH: TRCH closed at $0.46 on 12/17/20. They acquired this land at $10,471 per acre, this land was 74% proved and developed . All rights reserved. Only the Nasdaq listing. Although META 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. That gave it a market cap of only $48M. It all happens at the free AI Super Summit. A pending merger bought a couple of extra days, enough to ensure a special dividend is paid in time. $12M is about the value of a clean empty shell Nasdaq listing. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at Torchlight. The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. Liquidity is low on the OTC market and there is no data on the availability of Metamaterial for sale. Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlights oil and gas assets that occurs on the earlier ofDecember 31, 2021or six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlights remaining oil and gas assets, subject to certain conditions. Metamaterial is listed on the CSE. The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. 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. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. Jun. Copyright 2023 InvestorPlace Media, LLC. $12M is about the value of a clean empty shell Nasdaq listing. However, there are still some Metamaterial shares available in Canada. Stocks rally, bonds tumble as China manufacturing rebounds, inflation weighs, Biden says 'I'm gonna raise some taxes' in March budget proposal, Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel, Exclusive: Tesla readies revamp of Model Y codenamed 'Juniper', China scoffs at FBI claim that Wuhan lab leak likely caused COVID pandemic, U.S. Air Force flags plans to buy 26 E-7 planes from Boeing, Caterpillar reaches tentative deal with union, averting possible strike, Exclusive news, data and analytics for financial market professionals. This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures., METAs management, led by George Palikaras, has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customers capabilities, saidGreg McCabe, Torchlights Chairman. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. Ive already covered one short squeeze selling opportunity in 2021. Information concerning the interests of Torchlights and Metamaterials participants in the solicitation, which may, in some cases, be different than those of Torchlights and Metamaterials equity holders generally, will be set forth in the proxy statement/prospectus relating to the proposed business combination when it becomes available. META shall appoint the 5 remaining members of the Board, which members must include the required number of independent members to maintain the NASDAQ listing requirement. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. read more. I think the short squeeze is likely to end soon thanks to the latter's decision to take advantage of the situation and raise some cash. Automotive Applications These applications are the root of current Tesla rumors, but these technologies can and will be applied across the next generation of cars. quotes delayed at least 15 minutes, all others at least 20 minutes. 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. Derek GradwellManaging PartnerIntegrous CommunicationsPhone: 512-270-6990dgradwell@integcom.usir@torchlightenergy.com, Graham FarrellHarbor Access LLC(416) 842 9003Graham.Farrell@HarborAccessllc.com, Mark KomonoskiDirector Capital Markets and IRMetamaterial Inc.Phone: 1-877-255-8483mark@metamaterial.com. For additional information on Torchlight, please visitwww.torchlightenergy.com. You can view it, Metamaterial shareholders get 75% of the new company. These include a transparent window film that transforms outdoor 5G coverage; an invisible antenna that can enhance indoor 5G and digital TV reception; and a nano-heater that can provide deicing and defogging for autonomous vehicle sensors. 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. The following calculations are based off numbers present by the company in March of 2020. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from Fintel. META has a growing patent portfolio and is currently developing new materials with diverse applications in concert with companies in the automotive, aerospace, energy, consumer electronics and. 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. 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. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known. (Source: Interactive Brokers, using a paper trading account). as legal advisors. 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. The reason why the short squeeze at Torchlight is likely to end soon is because the company is taking advantage of the irrational share price increase and has launched a $250 million share offering. Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. As a result, META has won a number of industry awards and federal government grants for its pioneering work, including being named among the "2019 Global Cleantech 100", by Cleantech Group. The reason why investing in short squeezes is a bad idea is because they dont last long. After the merger and up-listing to the NASDAQ, I expect META to be trading no lower than $5. 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. Torchlight said on Friday that it closed the deal and the new company, Meta Materials Inc, would begin trading under the ticker symbol "MMAT" on Monday. I am not receiving compensation for it (other than from Seeking Alpha). I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. The META Note is for a 24-month term and bears interest at 8%, with principal and interest due in a lump sum at maturity. Powered by FinancialContent Services, Inc. all rights reserved Metamaterial Inc. META is changing the way we use, with... 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