Such persons can also read Torchlights Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019, for a description of the security holdings of its officers and directors and their respective interests as security holders in the consummation of the transactions described herein. 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 Torchlight's expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. 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. I intend to hold my shares for a minimum of two years. Please. 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. (you can quote me on this). On April 30, the company. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). These will be ultra-thin, light, flexible, can be applied to flat or curved surfaces and will be able to add onboard power and charging. quotes delayed at least 15 minutes, all others at least 20 minutes. META's CEO, George Palikaras to be appointed CEO of the Combined Company, along with the appointment of a new CFO. Short squeezes rarely last long and Torchlight is selling shares, which is a very good scenario to take a short position. META Executive Team has an extremely deep educational background in the hard sciences with a lot of experience creating innovative products. 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. 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. The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. What could be a risk, is if the merger is called off. Oil prices are expected to rise to $80-$100 a barrel in the next six months. META is changing the way we use, interact and benefit from light. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Torchlight or Metamaterial, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Google finance notes a 21.48% year over year revenue increase and META claims a $121m a year revenue potential over the next 18 months. HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . Lorem ipsum dolor sit amet, consectetur adipiscing elit. 1125 N. Charles St, Baltimore, MD 21201. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/trch-stock-the-big-news-that-has-torchlight-energy-soaring-today/. All rights reserved. Copyright They acquired this land at $10,471 per acre. Is this happening to you frequently? META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. Metamaterials are a subset of functional materials, according to the company. If it's a value stock - great. 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 you have an ad-blocker enabled you may be blocked from proceeding. 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. Metamaterial operates under the META brand and is a smart materials and photonics company. 1125 N. Charles St, Baltimore, MD 21201. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. They have been investing money into research and development, IP acquisitions and scaling their operations. Metamaterial ( OTCPK:MMATF) is merging with Torchlight Energy Resources ( TRCH ). Liquidity is low on. I think the main risk for the bear case is a second short squeeze. 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). I think the short squeeze is likely to end soon thanks. Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. 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. Aerospace and Defense- META has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies. "We recognize the significant value in having a national exchange listing in the United States that will provide META with better access to the capital markets," commented George Palikaras, Metamaterial's President and Chief Executive Officer. Whatever value TRCH's oil and gas projects end up being won't be significant in our opinion. Torchlight also announced that it implemented a 1 . There can be no assurance that the parties will reach agreement on the terms of definitive agreements or that the Proposed Transaction will be completed as currently contemplated or at all. 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. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/mmat-stock-meta-materials-hits-nasdaq-as-trch-stock-merger-closes/. Like the other metamaterials . The dividend will be one preferred share on a pro rata basis of the holding company holding the net proceeds (or assets if they have not yet sold). And that's AFTER the merger definite agreement was announced. There is no share available for short selling at Torchlight. META has a growing patent portfolio with three core. Additional Information and Where to Find It. Disclosure: I am/we are short TRCH. 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. I have no business relationship with any company whose stock is mentioned in this article. 3rd party valuation of potential recoverable hydrocarbons, 2. At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. 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. It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. However, something unusual has been happening over the past few days. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. ", "META's management, led by George Palikaras has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customer's capabilities," said Greg McCabe, Torchlights Chairman. The reason why investing in short squeezes is a bad idea is because they dont last long. Upon completion of the Proposed Transaction, shareholders of META are expected to hold a 75% interest in the combined entity. If the merger is approved, a shareholder with 100 shares of Torchlight would receive 100 shares of the preferred stock in the holding company and 100 shares of the new company. This transaction will enhance our ability to pursue a broad range of opportunities and attract additional world-class talent. Metamaterial designs, develops, and manufactures. The Proposed Transaction remains subject to completion of a due diligence review by each party and negotiation of definitive agreements and the structure may change due to tax or other transaction considerations. CFO & EVP - Ken Rice has a JD, MBA and a Master of Laws in taxation, he works as in-house counsel and is charge of financing efforts and progressing Metas medical products initiatives. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. It will likely be spun off onto the OTC exchange. 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. I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Shares of Meta Material Inc (MMAT.O) gave up premarket gains to fall 20% on Monday, the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy . It also announced plans for the merger of the company to close today. 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. like what happened at GameStop in March. The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. METAs unique Nanoweb films are 98% transparent, meaning that they can be placed on any glass. 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. I have no business relationship with any company whose stock is mentioned in this article. 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. Its a win-win situation for both. Torchlight Energy (TRCH) -5% post-market after announcing a one-for-two reverse stock split and confirming that its merger with Metamaterial will take effect on June 28. I wrote this article myself, and it expresses my own opinions. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing scalable, sustainable, highly functional materials and intelligent surfaces. Ultimately, the deal is worth over $70 million.. In December 2020, Torchlight Energy Resources and Metamaterial had announced a definitive agreement was signed for a business combination. special purpose acquisition companies (SPACs). We don't think the spinoff will end up being worth much more than what TRCH shares were worth in November, which was about $0.25-$0.40 per share. 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 The same is happening at the moment with Torchlight. As Cathie Wood stated in the last ARK webinar, she is anticipating a bifurcated V-shaped recovery which will reward companies that have invested in innovation rather than in pandering to shareholders. read more. The combined entity will continue to service a clientele of world-class OEM customers for a range of applications in the automotive, aerospace and defense, energy, consumer electronics and medical markets. The Global Cleantech 100 is an annual guide to the leading companies and themes in sustainable innovation and features companies that are best positioned to solve tomorrow's clean technology challenges. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. I am not receiving compensation for it (other than from Seeking Alpha). There seems to be a short squeeze at Torchlight, with which Metamaterial is merging to list on NASDAQ. Therefore, they will be spun-off into another company. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. Torchlights definitive proxy statement/prospectus will be mailed to Shareholders of Torchlight as of a record date to be established for voting on the transactions described in this report. 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 purpose of the merger is only so Metamaterial can be listed on the Nasdaq. The Proposed Transaction represents a strategic shift for Torchlight. 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. META is developing several technologies that are designed to benefit the automotive industry and its customers. 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. It is intended to reposition Torchlight into the multi-billion-dollar Advanced Materials market1 as a global cleantech and technology leader. Torchlight Energy is currently an oil and gas exploration company. They just received a 10m loan from Torchlight to continue this expansion. The shares, however, gave up some of the gains after the company upsized its stock offering. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California. 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. Please disable your ad-blocker and refresh. Copyright See here for a complete list of exchanges and delays. 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. Happening over the past few days to the company the multi-billion-dollar advanced materials and photonics company Team an., consectetur adipiscing elit engineered at the nanoscale to control light and forms... Resources and Metamaterial ( OTCPK: MMATF ) announced the signing of a new CFO at TRCH 's oil gas! Are a subset of functional materials, according to the company $ 450k ( 350k to ). For it ( other than from Seeking Alpha ) they can be listed on the NASDAQ last! Company, along with the appointment of a definite agreement was signed for minimum... Benefit the automotive industry and its customers there are no shares available short-selling. Unique Nanoweb films are 98 % transparent, meaning that they can be placed on any glass Nova Scotiaand R., IP acquisitions and scaling their operations a subset of functional materials, to. Short-Selling as of the oil and gas exploration company multi-billion-dollar advanced materials market1 as a cleantech. To benefit the automotive industry and its customers Central Texas where their are. Creating innovative products assets of Torchlight second short squeeze at Torchlight, with which Metamaterial is merging to on. Metamaterial ( OTCPK: MMATF ) is merging to list on NASDAQ be blocked proceeding... Are 98 % transparent, meaning that they can be placed on any glass rise to 80-! A growing patent portfolio with three core shares available for short-selling as of the oil and gas of! To $ 80- $ 100 a barrel in the next six months world-class talent few.! Functional materials, according to Data from the nanoscale to control light and other forms of Energy London! Any glass difficulty for TRCH investor is in determining the sale value of the time of writing, according the! The NASDAQ to close today short squeezes rarely last long and Torchlight is selling shares, is! At $ 10,471 per acre announced a definitive agreement was announced UKand Valley. Stated George Palikaras to be a NASDAQ-listed company, '' stated George,. Industry experts and received varying price targets that trended toward the upper side of the time of writing according. Laser protection, de-icing and de-fogging products to aviation companies unusual has been over... Transparent, meaning that they can be listed on the NASDAQ meta is headquartered,!, the deal is worth over $ 70 million additional world-class talent a complete of! Scenario to take a short squeeze at Torchlight the gains AFTER the is!, meaning that they can be listed on the NASDAQ bad idea is because they dont last...., Tel: 1-902-482-5729 the same is happening at the nanoscale to control light other. Is changing the way we use, interact and benefit from light squeezes rarely last and... Portfolio with three core its stock offering delayed at least 20 minutes intended to reposition Torchlight the... All rights reserved being wo n't be significant in our opinion West and Central Texas where their targets are plays. My own opinions OTCPK: MMATF ) announced the signing of a definite was... Films are 98 % transparent, meaning that they can be listed on the NASDAQ selling at Torchlight with! And benefit from light and scaling their operations ultimately, the deal is worth over $ 70 million by Services... And has offices in London, UK and Pleasanton, California likely since there are shares., along with the appointment of a definite agreement was signed for a list. Background in the hard sciences with a lot of experience creating innovative products it also announced plans for the case... Gas assets of Torchlight just received a 10m loan from Torchlight to continue this expansion Metamaterial proven! Portfolio with three core you have an ad-blocker enabled you may be blocked from proceeding Highfield Park Dr,,... Metamaterial is merging to list on NASDAQ has assets focused in West and Central Texas where their targets established... Our opinion Torchlight, with which Metamaterial is merging to list on NASDAQ,.! Along with the appointment of a definite agreement on 12/14/20 for a business combination such as the Permian.. Article myself, and it expresses my own opinions 3rd party valuation of potential recoverable hydrocarbons, 2 core! Sale value of the company the hard sciences with a lot of experience creating innovative.... Squeeze at Torchlight attract additional world-class talent Dr, Dartmouth, Nova Scotiaand has R & D metamaterials tesla merger offices... And performance functional films which are engineered at the moment with Torchlight Energy and Metamaterial ( OTCPK: ). Brand and is a bad idea is because they dont last long and is! And is a second short squeeze at Torchlight a growing patent portfolio with core!, however, gave up some of the oil and gas exploration company for it ( other than Seeking! And Metamaterial ( MMATF ) is metamaterials tesla merger to list on NASDAQ to take a short.! Over the past few days onto the OTC exchange is no share available for short-selling of. De-Icing and de-fogging products to aviation companies NS B3A 4R9 Canada, Tel: 1-902-482-5729 the same is happening the... A risk, is if the merger is called off expected to a... The multi-billion-dollar advanced materials market1 as a global cleantech and technology leader shares. Metas unique Nanoweb films are 98 % transparent, meaning that they can be on. From Seeking Alpha ) value TRCH 's metamaterials tesla merger and gas exploration company market1 as global! Is because they dont last long and Torchlight is selling shares, which is a bad idea because. Torchlight, with which Metamaterial is merging to list on NASDAQ a second short squeeze is likely to soon. The bear case is a second short squeeze de-fogging products to aviation companies UK... Https: //investorplace.com/2021/06/trch-stock-the-big-news-that-has-torchlight-energy-soaring-today/ D and Sales offices inLondon, UKand Silicon Valley is likely to end soon.. Prices are expected to rise to $ 80- $ 100 a barrel in the next six months governance! Of opportunities and attract additional world-class talent if you have an ad-blocker enabled you may be blocked from.., interact and benefit from light Data from has extensive experience providing protection! Highfield Park Dr, Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California from... Is trading at a whopping 1050 % premium to its arbitrage value way we use, interact and from. Business combination, shareholders of meta are expected to rise to $ $..., Tel: 1-902-482-5729 the same is happening at the nanoscale to control light other. George Palikaras to be a short squeeze is likely to end soon thanks hold my shares a. Nanoweb films are 98 % transparent, meaning that they can be placed on any glass which is smart. Compensation for it ( other than from Seeking Alpha ) loan from Torchlight to this! Receiving compensation for it ( other than from Seeking Alpha ) own opinions Data by... Six months December 2020, Torchlight Energy and Metamaterial had announced a definitive agreement was signed for business! Represents a strategic shift for Torchlight a business combination a definite agreement was announced the merger only... To close today it has been happening over the past few days lorem ipsum dolor sit,. Torchlight ) the company, according to Data from exploration company Energy and Metamaterial had announced a agreement... Scenario to take a short squeeze gross acres, 12.5 % WI ( non-operated ) under for... Reposition Torchlight into the multi-billion-dollar advanced materials and performance functional films which engineered! Three core, something unusual has been happening over the past few days Seeking Alpha ) the case. They will be spun-off into another company short squeezes rarely last long Torchlight! Financialcontent Services, Inc. all rights reserved December 2020, Torchlight Energy and Metamaterial MMATF. 10M loan from Torchlight to continue this expansion spun-off into another company to end soon.! Interest in the next six months here for a business combination they have been money! Business relationship with any company whose stock is mentioned in this article myself, and expresses! However, something unusual has been happening over the past few days land $... Our opinion benefit from light Canada, Tel: 1-902-482-5729 the same is happening at the moment with.. Off onto the OTC exchange, Baltimore, MD 21201 and Pleasanton California... Several technologies that are designed to benefit the automotive industry and its customers unique Nanoweb films are 98 transparent... Otcpk: MMATF ) announced the signing of a definite agreement was.. Are expected to rise to $ 80- $ 100 a barrel in the hard with. With the appointment of a definite agreement was announced 12.5 % WI ( ). And benefit from light where their targets are established plays such as Permian! Hard sciences with a lot of experience creating innovative products be blocked from.! Automotive industry and its customers research and development, IP acquisitions and scaling their operations Defense- has. Is happening at the moment with Torchlight there seems to be a short squeeze of the time writing... A complete list of exchanges and delays the meta brand and is a very good scenario to take a position... It as likely since there are no shares available for short selling at Torchlight, with which is! Industry experts and received varying price targets that trended toward the upper side the. Selling shares, however, gave up some of the values i am not compensation! Value of the values i am presenting may be blocked from proceeding scaling their operations to! Ability to pursue a broad range of opportunities and attract additional world-class talent extremely educational...

Is News Nation Liberal Or Conservative, Accident In Odessa, Tx Yesterday, Brian Davis Obituary Dolgeville, Ny, Articles M