Torchlight has loaned USD$500,000 to META pursuant to an unsecured convertible promissory note (the "META Note") and has agreed to loan an additional USD$500,000 to META within 5 days of signing the Definitive Agreement (in aggregate, the "Loaned Amounts"). The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally. No forward-looking statement can be guaranteed. I have no business relationship with any company whose stock is mentioned in this article. With this reverse merger Metamaterials will be brought into the main market with Torch becoming the shell company. Is there a short squeeze? I am not receiving compensation for it (other than from Seeking Alpha). The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. This year is weird. 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. Shareholders have approved the deal, whose terms stipulate that Metamaterial. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered. If parties do not enter into the Definitive Agreement by November 2, 2020, or such later date as agreed in writing, or the Definitive Agreement is terminated, the holder of the META Note will have the right to convert the Loaned Amounts and all accrued interest thereon into META common shares at $0.35 (CAD) per common share. META has a growing patent portfolio with three core. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. All articles are my opinion - they are not suggestions to buy or sell any securities. I was told that 50 cents a barrel was a valid price for the amount of potential oil with the limited studies that have been done. Information concerning the interests of Torchlights and Metamaterials participants in the solicitation, which may, in some cases, be different than those of Torchlights and Metamaterials equity holders generally, will be set forth in the proxy statement/prospectus relating to the proposed business combination when it becomes available. - 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. 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. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money. Higher field strength systems cost much more. Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. You see, Metamaterial wants to list on a large US stock exchange, and to do this, its carrying out a reverse takeover with a small NASDAQ-listed US energy company named Torchlight. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. We are very excited to sign the definitive agreement with Metamaterial, statedJohn Brda, Torchlights CEO. Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. META is changing the way we use, interact and benefit from light. For TRCH stock investors, the new focus adds an unfamiliar dimension to what had been an oil and gas exploration and production company based out of Plano, Texas, with a total of four full-time employees. 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. June 28 (Reuters) - 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 Resources, which was at the center of huge speculative bets by small individual traders. They can provide a heads-up display across the windshield with almost immediate defogging and de-icing. You see, Metamaterial wants to list on a large US stock exchange, and to do this, its carrying out a reverse takeover with a small NASDAQ-listed US energy company named, Torchlight. Is this happening to you frequently? Date announced Permian deal Value per acre (USD), March 2018 Concho Resources-RSP Permian $75,504, August 2018 Diamondback Energy-Ajax Resources $33,008, July 2019 Callon Petroleum-Carrizo Oil & Gas $16,547, December 2019 WPX Energy-Felix Energy $11,965, October 2020 ConocoPhillips-Concho Resources $10,471, Plunging shale acreage values may create a new Permian M&A wave 11.12.2020, 2021 Oil and Gas M&A Outlook | Deloitte US. 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. According to META, the 2nd generation manufacturing line is capable of 100,000+ units per month, to support AR and other holographic products, such as automotive HUD displays, laser glare protection, optical filters, diffractive optics, and other photonic applications. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. All statements in this release that are not based on historical fact are forward looking statements. These statements may be identified by words such as estimates, anticipates, projects, plans, strategy, goal, or planned, seeks, may, might, will, expects, intends, believes, should, and similar expressions, or the negative versions thereof, and which also may be identified by their context. 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. 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. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. In my view, when these short squeezes are caused intentionally, there could be multiple waves. Augmented Reality applications- META has been developing the necessary technology while also acquiring other companies and their patents. META is changing the way we use, interact with, and benefit from light and other forms of energy. It all happens at the free AI Super Summit. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. Nasdaq Metamaterials Technologies, known as META ( MMATF :US MMAT :CAN) is currently trading at $2.66 as of 02.27.2021. They acquired this land at $10,471 per acre. The reason why the short squeeze at Torchlight is likely to end soon is because the company is taking advantage of the irrational share price increase and has launched a $250 million share offering. Copyright 2023 InvestorPlace Media, LLC. 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. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. Although Metamaterial 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 whole stock market depends only on whether there are more shares than idiots or more idiots than shares. 1125 N. Charles St, Baltimore, MD 21201. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. Please. I think the short squeeze is likely to end soon thanks. TRCH shareholders will receive a 25% equity interest in the combined company, while MMAT shareholders will receive a 75% interest. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/mmat-stock-meta-materials-hits-nasdaq-as-trch-stock-merger-closes/. There has been a worldwide influx of retail investors and this has led to unusual developments involving meme stocks, short squeezes, and the rise of the infamous WallStreetBets subreddit. like what happened at GameStop in March. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. Certain stockholders of each of Torchlight and Metamaterial have executed customary voting and support agreement pursuant to which persons representing approximately 16% of Torchlights and approximately 48% of Metamaterials outstanding voting power have agreed to vote in favor of the Transaction, subject to customary applicable terms. "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. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. In 2020 to date, META has been granted 11 new patents. The company detailed its paying of a special dividend to its shareholders, as well as a reverse stock split. META has a growing patent portfolio with three core. How can investors take part in this move? The short interest had been steadily increasing over the past few months. His Substack newsletter,TLV Strategist, covers the Israel business scene. 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. 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. Eg Tesla (, However, I think things have gotten out of hand with the valuation of. The Proposed Transaction represents a strategic shift for Torchlight. Its used to describe any material that is artificially engineered to possess a property that isnt found in naturally occurring materials. Accordingly, readers should not place undue reliance on any forward-looking statements or information. The merger was analyzed by SA contributor Safety In Value back in March. 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. - Andr Kostolany. quotes delayed at least 15 minutes, all others at least 20 minutes. The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) is trading at over 10% pre-market as of 7:14 AM ET. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known. The same is happening at the moment with Torchlight. After the merger and up-listing to the NASDAQ, I expect META to be trading no lower than $5. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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. Torchlight shares will be static, METAs shares will be adjusted to maintain the ratio of 75% META share ownership and 25% Torchlight share ownership. Torchlight stock closed at $4.95 a share Friday, and Meta Material. Merger Metals LLC has over 40 years of Industry Experience. The companys main focus has historically been on the acquisition and development of highly profitable domestic oil fields, with interests in Texas, including the Permian Basin and the Eagle Ford Shale. The webcast link will be made available and announced shortly. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. 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. We present a new class of architected materials called field responsive mechanical metamaterials (FRMMs) that exhibit dynamic . TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. The companys partners and customers include a lot of recognizable names. We specialize in the technology and healthcare sectors. The shares, however, gave up some of the gains after the company upsized its stock offering. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing scalable, sustainable, highly functional materials and intelligent surfaces. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. 29 2021, Published 1:58 p.m. Once the merger is complete Torch will own 25% but gets the first pick while MMAT . The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. As well as the conversion of the company's debt to equity. 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