![]() ![]() 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. The news of a dividend payment, a reverse stock split of. We are dealing with the Devil’s who manipulate the markets everyday to their advantage. Torchlight Energy Resources effectively no longer exists following its June 28 merger with Meta Materials (NASDAQ:MMAT) stock. 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. a Special Series a Preferred Stock Dividend, a 1:2 Reverse Stock Split and Planned Closing of the. ConclusionĪs of today (June 28) Torchlight Energy Resources’ name will be changed and it will begin trading on NASDAQ under the ticker symbol MMAT so we wish MMAT to surge exceptionally well on its first day and will analyze its performance after few days.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. Latest Press Releases for Torchlight Energy (TRCH-Q). Torchlight will file a Form 8-K to disclose the final results of the stockholder vote. On J, Torchlight Energy Resources, Inc announced the results from the special meeting of its stockholders, which was held virtually earlier today in connection with the previously announced business combination transaction with Metamaterial, Inc.Īll five proposals to be voted on at the special meeting were approved by the Torchlight stockholders. On J, Torchlight Energy Resources, Inc declared a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on J(subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid). Torchlight shareholders will retain an approximate 25% equity whereas shareholders of Metamaterial will get 75% equity interest in a combined company. On December 14, 2020, Torchlight Energy Resources and Metamaterial Inc signed a definitive agreement for a business combination of Torchlight and Metamaterial. ![]() Torchlight’s name will be changed to “Meta Materials Inc.” and its common stock will begin trading on NASDAQ under the ticker symbol MMAT, from June 28, 2021. ![]() On June 25, 2021, Torchlight also announced the completion of necessary steps to close the business combination with Metamaterial Inc., and therefore Torchlight expects that the business combination will be effective on June 28, 2021, as of 12:01 AM EDT. Completion of the business combination with Metamaterial Inc The reverse split was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021, and will become effective aftermarket closing on June 25, 2021. Torchlight also implemented a 1 for 2 reverse stock split of its Common Stock. On J, Torchlight Energy Resources, Inc 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. Special Series A Preferred Stock dividend and 1:2 stock split Completion of the business combination with Metamaterial Inc.Special Series A Preferred Stock dividend and 1:2 stock split. ![]()
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