Commencing on June 28, 2021 Torchlights name will be changed to Meta Materials Inc. and its common stock will begin Torchlight expects that the business combination will be effective on June 28, 2021 as of 12:01 AM EDT.
were completed on June 25, 2021 and therefore Torchlight also announced that the steps necessary to close the business combination with Metamaterial Inc. Represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders. The reverse split, which will become effective after market closing on June 25, 2021, was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021. Torchlight also announced that it implemented a 1 for 2 reverse stock split
TORCHLIGHT MERGER META SERIES
(Torchlight), today announced that it paid the special Series A Preferred Stock dividend on a 1 for 1 basis to its stockholders of record on June 24, 2021. (NASDAQ:TRCH), an oil and gas exploration company PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc. THE ARRANGEMENT AGREEMENT WITH METAMATERIAL, INC. STOCK DIVIDEND, A 1:2 REVERSE STOCK SPLIT AND PLANNED CLOSING OF Not impossible.TORCHLIGHT ANNOUNCES PAYMENT OF A SPECIAL SERIES A PREFERRED
What this post suggests is that hedge fund managers are going to do their best to drive the price of Meta Material down in order to minimize the amount the funds would lose from having to cover their short positions by actually buying the stock.
🚀Īs of June 15, some 15.3 million Torchlight shares were sold short, nearly a third of the company’s total float. This is not financial advice and i’m not a financial advisor. We know they have to cover, why give them any discounts. Today could be the start of a squeeze but be sure as are going to try and shake out as many people as they can before they fully cover. We are dealing with the Devil’s who manipulate the markets everyday to their advantage. That could happen, but we won’t know for a while yet.Ī post on Reddit’s r/TRCH group outlines the conspiracy: We’ve noted before that the total value of those assets is likely less than $100 million and the payout per share based on that value would be less than $1.00 per share. It was predictable because the only thing propping up Torchlight stock to begin with was an expected payout to former shareholders in the company who would benefit from the sale of Torchlight’s oil and gas assets.
The stock is trading down about 2.5% at $9.65 in the premarket session.ĭepending on whom you ask, the lower share price was either predictable or a conspiracy. Torchlight stock closed at $4.95 a share Friday, and Meta Material stock was assigned a value of $9.90 prior to Monday’s opening. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday’s opening bell under the ticker symbol MMAT. EST Monday, Torchlight ceased to exist and its reverse merger with Canada-based Metamaterials was completed. At the same time, it announced a reverse stock split of 1 share of new common stock in Torchlight for every 2 old shares.Īt 12:01 a.m. After markets closed on Friday, Torchlight Energy announced that it had paid shareholders its promised special dividend of one share of Series A preferred stock for each share of Torchlight common stock.
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