An entity owned by Greg McCabe, Torchlight's Chairman, provided a bridge loan to Torchlight for USD $1.5 Million with a conversion feature of $.375 per common share of Torchlight. 1125 N. Charles St, Baltimore, MD 21201. Additional Information and Where to Find It. On YouTube, the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. Theres even room for more lines. 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. 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. Colleran, who has previously served as CEO at ventures including Impinj and AnswerDash, said Lumotive is pursuing a step-by-step plan to catch the rising tide. After the merger is complete META will be the company name and it will be listed on the NASDAQ. 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. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and META 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. If the dividend or share buyback yield is high - even better. Upon completion of the Proposed Transaction, shareholders of META are expected to hold a 75% interest in the combined entity. I wrote this article myself, and it expresses my own opinions. Torchlight also announced that it implemented a 1 . Here is a DD write up and estimate by user u/Mr_Delmont. Fundamentally, it could be todays announcement that the company bought a few extra days to finalize a merger transaction. 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. Torchlight stock closed at $4.95 a share Friday, and Meta Material. CTO Jonathan Waldern stated, Under a new brand name, metaFUSION, we are now applying that proven technology and other functionality directly encapsulated into eyeglasses, to compliment waveguide-based displays similar to HoloLens.. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. META is an award winning Global Cleantech 100 company with products that support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy and offer more performance. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money for their shell and get to keep the energy business. 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. The market for metamaterials is almost non-existent at the moment but is projected to grow to $10.7 billion SAM by 2030. Biosensors - they are in the development process of a non-puncture blood glucose monitoring system. Ahead of the merger, Torchlight paid the special Series A Preferred Stock dividend on a 1-for-1 basis to its stockholders of record on June 24. The following calculations are based off numbers present by the company in March of 2020. How can investors take part in this move? Is there a short squeeze? However, there are still some Metamaterial shares available in Canada. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Please. Basically, Metamaterial shareholders get 75% of the new company. 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. That short squeeze lasted just one week. Electro Optical & Infrared Systems (EO/IR). NASDAQ is the world's 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." The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. We specialize in the technology and healthcare sectors. read more. The webcast link will be made available and announced shortly. Torchlight will declare a dividend of preferred stock to its common shareholders on the record date, with such dividend being payable immediately prior to closing of the Transaction. 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. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. Like the other metamaterials . Accordingly, readers should not place undue reliance on any forward-looking statements or information. PLANO, TX and HALIFAX, NS / ACCESSWIRE / September 21, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. ("META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the execution of a non-binding letter of intent ("LOI", signed on September 15, 2020), for Torchlight to acquire 100% of META and to divest within the first half of 2021 Torchlight's oil and gas assets for the benefit of Torchlight's legacy shareholders (the "Proposed Transaction"). If you have an ad-blocker enabled you may be blocked from proceeding. "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. The board of Torchlight realized that their resource rich holdings were not enough to survive and thrive in the changing economy, and that a new path was necessary. 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. 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. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. It's a. All statements that address operating performance or events or developments Torchlight Energy Resources expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. This will also trigger a special dividend to shareholders of Torchlight. Torchlight. 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. 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. - Andr Kostolany. as legal advisors. 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. 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. Once the two companies combine, it will just be Metamaterial. Torchlights Shareholders will also be able to obtain a copy of such documents, without charge, by directing a request to:John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite 3600,Plano, Texas75093; e-mail:[emailprotected]. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. But remember, Metamaterial is listed on the CSE. Opening a small short position on the CSE could be a good idea. 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. Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Whatever value TRCH's oil and gas projects end up being won't be significant in our opinion. With that accomplished, Torchlight and Metamaterials completed the combination of their businesses, and the new entity will begin trading this morning as Meta Materials (NASDAQ:MMAT). At the time of the merger announcement, on the close of 12/14/20, Metamaterial was valued at much less. The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Investors appear to be responding to rumors about the company working with Tesla. I have no preference for sectors or countries - I'm as comfortable owning a part of a cement miner in Peru as holding shares in a wheat farming firm in Bulgaria. The newly merged company begins trading today as the Nasdaq's first 'metamaterials' stock. You can view it here. We believe its oil and gas assets are worthless, or worth very little, and that will be confirmed in time if the company won't be able to sell them, as we expect to happen. ?In this video, I want to talk more about the reverse merger between Torchligh. For those who . 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 Metamaterial ( OTCPK:MMATF) is merging with Torchlight Energy Resources ( TRCH ). The company it's combining with, Metamaterial, has no interest in TRCH's business or assets. I am not receiving compensation for it (other than from Seeking Alpha). Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. 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. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. The Company quickly made itself known as an expert in the field of high-tech materials. Metamaterial wants a clean balance sheet for the merger to happen, it has nothing to do with freeing up the debt for TRCH's oil and gas projects. Effectively, TRCH's business will be extracted from the Nasdaq listing and put aside into an OTC listing where it will go to "die". META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. ), 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. Torchlight, Metamaterial and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Torchlight Shareholders in connection with the proposed business combination. Just look at the share price and volume for Torchlight. But . - PennyQueen, Projected Markets for Metamaterials to 2023, Smart Materials: Opportunities in Structural Electronics and Electrics to 2030, Article on GlobeNewswire About Global Photovoltaic Markets, Worldwide Revenue from Electric Vehicles Since 2010, Internet of Things Forecasts and Market Estimates, largest domestic newfield discovery in over 30 years, under contract for $450k (350k to Torchlight), Conoco Phillips acquired Concho Resources. All statements that address operating performance or events or developments Torchlight expects or anticipates will occur in the future, such as stated objectives or goals, Torchlight's refinement of strategy, Torchlight's attempts to secure additional financing, Torchlight's exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. For additional information on META, please visitwww.metamaterial.com, This release includes forward-looking information within the meaning of Canadian securities laws regarding Metamaterial and its business, which may include, but are not limited to, statements with respect to the terms and anticipated timing of the proposed transaction, the intention to raise equity capital, the potential continued listing on the NASDAQ and the benefits thereof, the disposition of Torchlights oil and gas assets, the approval of the Transaction by the shareholders of Metamaterial, the business strategies, product development and operational activities of Metamaterial and Torchlight. 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. Its used to describe any material that is artificially engineered to possess a property that isnt found in naturally occurring materials. Its a win-win situation for both. There can be no assurances that the Transaction will be consummated. for their shell and get to keep the energy business. I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. Torchlight's stock price surged following the announcement of its merger with Metamaterials. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. Days later, on June 14, Torchlight declared a special dividend of Series A Preferred Stock, to be issued on a one-for-0ne basis to common stock holders on June 24. which is measured in Tesla (T). Please disable your ad-blocker and refresh. That would bring a per share value to TRCH of $12.12M/143M = ~$0.08. like what happened at GameStop in March. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. Eg Tesla (, However, I think things have gotten out of hand with the valuation of. The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. 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. That short squeeze lasted just one week. We look forward to driving significant opportunity for the combined company and all shareholders in our mission to make every product that we produce smarter and more sustainable by harnessing the power of light and advanced material innovations.. Brooklyn ImmunoTherapeutics made a similar move. We believe that it's been proven over time that TRCH's assets are worthless, and that the money received from selling them or the value of a spin-off isn't a risk to short sellers. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. On 4/29/19, we published a report that stated we believe that Torchlight Energy (TRCH) assets are worthless and that "we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s).". Two of the project sites are under contract to be sold and the largest asset, the Orogrande site, is likely an extension of the Permian Basin and is being marketed to major and super major oil companies. META partnered with Airbus to develop and commercialize this technology. The following is a summary of the key terms of the Proposed Transaction as contemplated by the LOI. Torchlights management will remain, in an advisory role focused on winding down Torchlights legacy business and maximizing the value obtained from the divestiture of Torchlights oil and gas assets. "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. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. A short is more appealing when there's a clear endgame in sight. In its own words, the firm specializes in the design and manufacturing of complex films and other. 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. And since Metamaterial is merging with this company, its valuation has been soaring too. With this, Metamaterials share price is likely to tumble to around $3 per share. A place to find gems and meet new friends. 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To $ 10.7 billion SAM by 2030 significant progress since our report with selling or any... Contemplated by the company quickly made itself known as an expert in the combined.... This doesnt happen in the design and manufacturing of complex films and other of materials! The webcast link will be listed on the close of 12/14/20, Metamaterial, has interest! Per share fundamentally, it will be consummated reasonable levels significant in our.... Units per month with the addition of a non-puncture blood glucose monitoring system merger agreement repair services,,. Relationship with any company whose stock is mentioned in this article myself, and META Material your...
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