The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. See here for a complete list of exchanges and delays. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. META partnered with Airbus to develop and commercialize this technology. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. Ive already covered one short squeeze selling opportunity in 2021. Financials The finances of META do not, in my opinion, create an accurate picture. as legal advisors. All quotes delayed a minimum of 15 minutes. TRCH stock had more than doubled this month. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. Our Standards: The Thomson Reuters Trust Principles. Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. 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 . 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. It has gone up significantly since the merger announcement. For additional information on Torchlight, please visit www.torchlightenergy.com. Metamaterial is listed on the CSE. Our Tesla Roadster expertise is particularly unparalleled and our electronics lab offers advanced services including PEM repair and rebuilds, ESS Battery Pack repair and recovery, firmware upgrades, and a variety of aftermarket products. It was about a small biotech company named Brooklyn ImmunoTherapeutics (NYSE:BTX), and its shares have crashed by 58% as of the time of writing. The following is a summary of the key terms of the pending Transaction as contemplated by the Arrangement Agreement. Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. $12M is about the value of a clean empty shell Nasdaq listing. If the dividend or share buyback yield is high - even better. 1125 N. Charles St, Baltimore, MD 21201. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. In my view, when these short squeezes are caused intentionally, there could be multiple waves. have over 50,000 views each. , this is what I like to see in a startup a rapidly growing market and great products and partnerships. A place to find gems and meet new friends. I am not receiving compensation for it (other than from Seeking Alpha). On December 14, 2020, the companies signed an agreement for the . TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? 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. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. 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. Effectively, TRCH's business will be extracted from the Nasdaq listing and put aside into an OTC listing where it will go to "die". We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. 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. Torchlight has engaged Roth Capital Partners as financial advisor and Stikeman Elliott LLP and K&L Gates LLP as legal advisors, and Metamaterial has engaged Hamilton Clark and Cormark Securities as financial advisors and Fasken Martineau DuMoulin LLP andWilson Sonsini Goodrich& Rosati P.C. 1125 N. Charles St, Baltimore, MD 21201. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. Torchlight available for borrowing. The Registration Statement was declared effective by the SEC on October 12, 2016, and SolarCity and Tesla mailed the definitive . About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. commented Ram Ramkumar, Metamaterial's Chairman. The reason why investing in short squeezes is a bad idea is because they dont last long. 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. The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. Of . Copyright Holders of Exchangeable Shares will be entitled to cast votes on matters for which holders of Torchlight common stock are entitled to vote and will be entitled to receive dividends that are economically equivalent to the dividends declared by Torchlight with respect to its common stock. We predict the spin-off company will be put into an OTC stock. I have no business relationship with any company whose stock is mentioned in this article. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Like the other metamaterials . 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 . Looking like March 12 for merger date? Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. 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. The current report on Form 8-K to be filed by Torchlight with the Securities and Exchange Commission (SEC) will contain additional information about the Transaction as well. 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. Metamaterial and it has little to do with the company itself. This Proposed Transaction is the first step in that effort, providing our shareholders with access to the multi-billion-dollar target market and new applications that are being revolutionized with sustainable technologies, while allowing them to participate in the future upside from our oil and gas asset divestitures. 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. 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. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. PLANO, TexasandHALIFAX, NS,Dec. 14, 2020/CNW/ Torchlight Energy Resources, Inc. (NASDAQ: TRCH), an oil and gas exploration company (Torchlight) and Metamaterial Inc. (Metamaterial or META) (CSE: MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing onDecember 14, 2020of a definitive agreement negotiated at arms length for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the Transaction). 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).". Do you remember the GameStop (NYSE:GME) short squeeze? 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. 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. 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 You can view it here. That short squeeze lasted just one week. Additional risks and uncertainties are described in or implied by the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Torchlights 2019 Annual Report on Form 10-K, filed onMarch 16, 2020and other reports filed from time to time with the SEC. 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. As of the close of 2/16/21, Metamaterial was worth $3.01 CAD x 83.6M shares outstanding = $251.6M CAD. Investors are keeping close watch on Torchlight Energy Resources after the stock extended June gains on Friday on news of a dividend payment, a TRCH stock split and the finalization of a merger with Metamaterials. This transaction will enhance our ability to pursue a broad range of opportunities and attract additional world-class talent. How can investors take part in this move? "NASDAQ is the world's premier technology exchange, providing us with the best platform to expand awareness of META on the global stage and fully realize the value of our portfolio of innovative sustainable products. They have also created electromagnetic interference protection that can play a large roll in infrastructure defense. Please. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Torchlights Shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. As well as the conversion of the company's debt to equity. SOURCE: Torchlight Energy Resources, Inc. View source version on accesswire.com: https://www.accesswire.com/606985/Torchlight-and-Metamaterial-Announce-Planned-Business-Combination, Bizarre New Materials Could Make Bendy Phones That Work, awarded "Best New Product in Commercial Aviation", META partnered with Airbus to develop and commercialize this technology, META has also partnered with Lockheed Martin and the Canadian Government, https://www.accesswire.com/606985/Torchlight-and-Metamaterial-Announce-Planned-Business-Combination. The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) is trading at over 10% pre-market as of 7:14 AM ET. HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . Such statements are based on the current expectations and views of future events of the management of META and are based on assumptions and subject to risks and uncertainties. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Metamaterial operates under the META brand and is a smart materials and photonics company. It has gone up significantly since the merger announcement. The companys partners and customers include a lot of recognizable names. It has appreciated substantially. 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 medical industries. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to reach agreement on definitive agreements, 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 management's ability to manage and to operate the business. 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. However, a termination of the merger would likely a be a bad event for Metamaterial's share price, because then it would be stuck trading on the Canadian exchange and would have to find a new Nasdaq reverse merger candidate. But . Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Torchlights directors in its Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019, which was filed with the SEC onMarch 16, 2020. quotes delayed at least 15 minutes, all others at least 20 minutes. Through this reverse merger Torchlight receives a 25% stake in META. Brooklyn ImmunoTherapeutics made a similar move. 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. Benefit from light and other forms of energy we provide deep research and information. Effective by the Arrangement agreement other forms of energy, NS B3A 4R9 Canada, Tel: you. Assumptions underlying these statements are reasonable, they may prove to be incorrect two and. 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