It all happens at the free AI Super Summit. 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. Once these assets are sold their net proceeds will be divided among shareholders in the form of a special dividend. It's a totally unrelated company to TRCH's oil and gas exploration business. Metamaterial and it has little to do with the company itself. 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. 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 . Oil averaged $40.75 that month. In November 2010, Pole Perfect bought Torchlight Energy and abandoned all of its previous business plans within the health and fitness industries before formally changing its name to Torchlight in 2011. read more. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. Stoking some of the chat is a merger announcement on June 11 regarding Torchlight and Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. Sign up below to get this incredible offer! They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties. Our extensive technology platform is software and AI-design driven. A place to find gems and meet new friends. Of . It all happens at the free AI Super Summit. Metamaterial closed at only $0.58 on 12/14/20. All articles are my opinion - they are not suggestions to buy or sell any securities. 1125 N. Charles St, Baltimore, MD 21201. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. quotes delayed at least 15 minutes, all others at least 20 minutes. 333-213390) containing a joint proxy statement/prospectus of SolarCity and Tesla. quotes delayed at least 15 minutes, all others at least 20 minutes. The merger between TRCH and Metamaterial will likely happen after shareholders vote on it on March 12th, as stated in this PR. 29 2021, Published 1:58 p.m. HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. 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. Copyright 2023 InvestorPlace Media, LLC. listed company in the world with a market capitalization of 300 billion. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Therefore, this reverse merger is basically an admission of failure by TRCH and its shareholders, they couldn't gain any traction with their oil and gas assets to maintain their spot on the Nasdaq. The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. 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. META's portfolio comprises 28 patent families, 19 of which are granted. Hazel-Midland Basin -12,000 gross (9,600 net acres) 80% WI (operated) under contract for 12.4m ($1300 acre), 3. I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. Torchlight. Meta Materials will be buying all issued and outstanding shares of Nanotech stock for a set price of $1.25 per share as a part of the merger. In 2013 Metamaterial Technologies USA, Inc (formerly Rolith Inc and now META's subsidiary in Silicon Valley) received "Best Manufacturing Technology" award at the tenth annual IDTechEx printed electronics industry event. In its. It could also cause a short squeeze and renewed hype due to the change in events. On December 14, 2020, the companies signed an agreement for the . like what happened at GameStop in March. Following the closing of the Transaction, the board of directors of the combined company will be comprised of 7 members, one of whom is to be appointed by Torchlight, a second to be jointly appointed by Metamaterial and Torchlight and the remaining 5 to be appointed by Metamaterial. 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. 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. All rights reserved. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. This will also trigger a special dividend to shareholders of Torchlight. Metamaterial is listed on the CSE. Liquidity is low on the OTC market and there is no data on the availability of Metamaterial for sale. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. For reference WTI is currently at $61.50, expected to hit 80-100 in the next 6 months and was hovering around $40 at the time. Its a win-win situation for both. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. There is no share available for short selling at Torchlight. read more. Prior to closing, Torchlight must raise gross proceeds of at least$10 millionthrough the issuance of common stock or securities convertible into or exercisable for common stock, less the value of loans Torchlight has made to Metamaterial. 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. Assuming that TRCH's assets are worthless, based on Metamaterial's market cap, that values TRCH at $198 x 25% = $49.50M, which equals a share price of $49.5M/143M = $0.35. On April 30, the company. Additional Information and Where to Find It. MMAT has no desire to keep any of TRCH's assets in the combined company. Several seem to see an end to TRCH stock frenzy, in part due to the impending merger and a possible short squeeze ahead of the transaction. ), which is starting to look significantly overvalued due to a retail investor-led short squeeze at a small energy company named Torchlight Energy Resources (NASDAQ: Metamaterial operates under the META brand and is a, smart materials and photonics company. Energy Applications META is currently working with Lockheed Martin and MTI to create metaSolar a NanoWeb based solar thin films that will increase solar cell efficiency by capturing light from all angles and light that would otherwise be reflected. Therefore, the current value to TRCH shareholders is only 25% of that of Metamaterial's current market cap plus the value of TRCH's oil and gas assets. Higher field strength systems cost much more. Housing Market Crash Alert: Mark Your Calendars for Feb. 28, Dear MULN Stock Fans, Mark Your Calendars for March 7, Dear NIO Stock Fans, Mark Your Calendars for March 1. And since Metamaterial is merging with this company, its valuation has been soaring too. We are very excited to showcase how metamaterials go beyond conventional materials and chemistry, to offer new and highly sustainable solutions with semiconductor precision, at kilometer scale.. Special Dividend Intended to be Issued to Torchlight Shareholders at Closing. All rights reserved. Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials, Inc. official. The same is happening at the moment with Torchlight. Entry into a transaction will be subject to satisfactory completion of due diligence by both parties, negotiation of a Definitive Agreement and audits of Torchlight and META. Readers are cautioned to not place undue reliance upon any such forward-looking statements, which speak only as of the date made. . Torchlight Energy Resources, Inc. (TRCH), based inPlano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. "During the past six months the oil and gas market has softened due to the economic slowdown resulting from the pandemic," stated John Brda, Torchlight's CEO. This confirms to us that our analysis on TRCH is correct. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Valuation The value oil drilling acreage is a moving target after the price of crude oil started collapsing in March of 2020. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Looking like March 12 for merger date? 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. There can be no assurances that the Transaction will be consummated. Torchlight investors will get non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. As a result,. Neither META or Torchlight has incurred any finders fees in association with this transaction. 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. META Executive Team has an extremely deep educational background in the hard sciences with a lot of experience creating innovative products. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Whats behind the move? Ive already covered one short squeeze selling opportunity in 2021. Need more information or have an interview request? Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. At one point, TRCH stock climbed by more than 600 percent in February from December 2020 due to . The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. You can view it here. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. Additional disclosure: I am not a financial adviser. But . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. I am not receiving compensation for it (other than from Seeking Alpha). Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). META is changing the way we use, interact and benefit from light. Opening a small short position on the CSE could be a good idea. Is this happening to you frequently? There are no shares of Torchlight available for borrowing. The Plano, Texas-based company traces its roots back to Pole Perfect, incorporated in 2007 in Nevada to market feminine fitness dance studios utilizing the advantages of pole dancing. Additional details will be announced if and when a Definitive Agreement is reached. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. Metamaterials are a subset of functional materials, according to the company. which is measured in Tesla (T). Article printed from InvestorPlace Media, https://investorplace.com/2021/06/trch-stock-the-big-news-that-has-torchlight-energy-soaring-today/. Please disable your ad-blocker and refresh. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. The newly merged company begins trading today as the Nasdaq's first 'metamaterials' stock. I could not find anyone willing to go on record. Such statements are based on the current expectations and views of future events of the management of Metamaterial and are based on assumptions and subject to risks and uncertainties. That gave it a market cap of only $48M. Again, assuming that TRCH's assets are worthless and not including any special dividend, if the merger happened today, TRCH shareholders would face a 90% loss on their investment. That short squeeze lasted just one week. In 2018 META was awarded "Best New Product in Commercial Aviation" by Aviation Week Network at the 63rd Annual Laureate Awards, for metaAIR, a Laser Strike Protection solution to protect pilots from harmful laser attacks without interfering with visibility. There can be no assurances that a transaction will be consummated as a result of the LOI. Automotive HUD See Solution De-icing / De-fogging See Solution Transparent Antennas See Solution To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As well as the conversion of the company's debt to equity. 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. As of this date certain stockholders of each of Torchlight and Metamaterial have executed customary voting and support agreement pursuant to which persons representing approximately 16% of Torchlight's and approximately 48% of Metamaterial's outstanding voting power have agreed to vote in favor of the transaction. Torchlight Energy Resources, Inc. (TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. - Andr Kostolany. Torchlight and Metamaterial urge investors, Shareholders and other interested persons to read, when available, the proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the proposed business combination transaction. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. "When the business combination with Torchlight closes, obtaining a national exchange listing in the United States is anticipated to provide META with significant value and increased access to global capital markets. 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. 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