The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. That short squeeze lasted just one week. The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. Torchlight investors will get non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. I could not find anyone willing to go on record. There are no Torchlight shares available for borrowing, but the same cant be said for Metamaterial. Metamaterial designs, develops, and manufactures. The newly merged company begins trading today as the Nasdaq's first 'metamaterials' stock. META has a growing patent portfolio with three core. 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. "When the business combination with Torchlight closes, obtaining a national exchange listing in the United States is anticipated to provide META with significant value and increased access to global capital markets. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. 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. Torchlight has assets focused in West andCentral Texaswhere their targets are established plays such as the Permian Basin. META's CEO, George Palikaras to be appointed CEO of the Combined Company, along with the appointment of a new CFO. The shares, however, gave up some of the gains after the company upsized its stock offering. Upon completion of the Proposed Transaction, shareholders of META are expected to hold a 75% interest in the combined entity. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. CTO and Chairman Dr. Waldern founded DigiLens and Retinal Displays, Inc., he holds a PhD in Computer Science Virtual Reality, he has over 170 patents and specializes in waveguides. TRCH will sell its assets or spin them off before the business combination happens; the combined company will get none of TRCH's assets. The proxy statement/prospectus will be mailed to Torchlights Shareholders. Stoking some of the chat is a merger announcement on June 11 regarding Torchlight and Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. read more. If the dividend or share buyback yield is high - even better. We are very excited to sign the definitive agreement with Metamaterial, statedJohn Brda, Torchlights CEO. 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. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California. 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 The preferred share will provide shareholders of record, the right of participation in the net proceeds of the sale of Torchlights oil and gas assets, subject to certain holdbacks and time constraints. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. 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. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. 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). In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. Theres even room for more lines. There seems to be a short squeeze at Torchlight, with which Metamaterial is merging to list on NASDAQ. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. Of . Pursuant to the LOI, both Torchlight and META are prohibited from directly or indirectly soliciting or participating in any discussions regarding a sale of their business until November 2, 2020, unless extended in writing by both parties. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. 2023 InvestorPlace Media, LLC. As well as the conversion of the company's debt to equity. It's a. ", "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. Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Oil prices are expected to rise to $80-$100 a barrel in the next six months. Torchlight legacy shareholders will be entitled to a distribution of any values attributable to the sale of Torchlight's existing oil and gas business asset (net of Torchlight's debt, and closing expenses incurred in connection with such sale, subject to a 10% holdback to be held for a 12 month period to address any potential liabilities relating to the sale of the oil and gas assets of TRCH's pre-closing business). If it's a value stock - great. This release includes forward-looking information within the meaning of Canadian securities laws regarding META 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, the disposition of Torchlight's oil and gas assets, the business strategies, product development and operational activities of META and Torchlight. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? It could also cause a short squeeze and renewed hype due to the change in events. 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. 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. Short squeezes rarely last long and Torchlight is selling shares, which is a very good scenario to take a short position. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. have over 50,000 views each. The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. Augmented Reality applications- META has been developing the necessary technology while also acquiring other companies and their patents. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from Fintel. Metamaterial is listed on the CSE. As stated in this recent Motley Fool article: On Feb. 16 Torchlight Energy announced that one of its lenders had converted $1.5 million worth of debt into 1 million shares of the company's stock. 1125 N. Charles St, Baltimore, MD 21201. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. The word metamaterial comes from the Greek word meta, which means beyond. 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. I have been investing in stocks since 2007.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. (5) NanoWeb - A Revolutionary Transparent Conductive Film - YouTube. The deal includes plans to divest the legacy energy assets. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. (Source: Interactive Brokers, using a paper trading account). Whats behind the move? Nasdaq META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. No forward-looking statement can be guaranteed. 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. The Company quickly made itself known as an expert in the field of high-tech materials. That would bring a per share value to TRCH of $12.12M/143M = ~$0.08. All rights reserved. Such statements are based on the current expectations and views of future events of the management of Metamaterial and are based on assumptions and subject to risks and uncertainties. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. As you can see, there are many possible valuations. On April 30, the company. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. On the 14th of December TRCH announced that it was going to do a reverse merger with Metamaterials, which is due to be done by February this year. I am not receiving compensation for it (other than from Seeking Alpha). Torchlight Energy is engaging in a reverse merger, we believe because it has accepted that its assets are practically worthless. Housing Market Crash Alert: Mark Your Calendars for Feb. 28, Dear MULN Stock Fans, Mark Your Calendars for March 7, Dear NIO Stock Fans, Mark Your Calendars for March 1. I am not receiving compensation for it (other than from Seeking Alpha). It will likely be spun off onto the OTC exchange. design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 1125 N. Charles St, Baltimore, MD 21201. Founded META in 2011, prior to that he founded MediWise, a wireless medical sensor company, he was also an antenna design engineer with AceAxis. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. Our extensive technology platform is software and AI-design driven. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. Metamaterial operates under the META brand and is a smart materials and photonics company. Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing. All statements that address operating performance or events or developments Torchlight Energy Resources expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. The Plano, Texas-based company traces its roots back to Pole Perfect, incorporated in 2007 in Nevada to market feminine fitness dance studios utilizing the advantages of pole dancing. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. Special Dividend Intended to be Issued to Torchlight Shareholders at Closing. Torchlight urges you to consider those risks and uncertainties in evaluating its forward-looking statements. I am not receiving compensation for it (other than from Seeking Alpha). You can view it, Metamaterial shareholders get 75% of the new company. We predict the spin-off company will be put into an OTC stock. Email:[emailprotected]. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. MMAT has no desire to keep any of TRCH's assets in the combined company. Merger Metals LLC has over 40 years of Industry Experience. 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. Jun. But remember, Metamaterial is listed on the CSE. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. Derek GradwellManaging PartnerIntegrous CommunicationsPhone: [email protected]@torchlightenergy.com, Graham FarrellHarbor Access LLC(416) 842 [email protected], Mark KomonoskiDirector Capital Markets and IRMetamaterial Inc.Phone: [email protected]. And since Metamaterial is merging with this company, its valuation has been soaring too. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. 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 its expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. I think that Metamaterial is an exciting startup, but the end of the short squeeze is likely to push down its shares back to around $3 per share. The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. I wrote this article myself, and it expresses my own opinions. The company isnt popular on WallStreetBets, but you can find, Also, Torchlight has been one of the most discussed stocks on. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). 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. It has been our goal for META to be a NASDAQ-listed company, stated George Palikaras, President & CEO of Metamaterial. But . A pending merger bought a couple of extra days, enough to ensure a special dividend is paid in time. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. For additional information on Torchlight, please visit www.torchlightenergy.com. The process will essentially be TRCH starting all over again with the same assets, but not as a Nasdaq company anymore. A short is more appealing when there's a clear endgame in sight. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. 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. The following is a summary of the key terms of the Proposed Transaction as contemplated by the LOI. CTO Jonathan Waldern stated, Under a new brand name, metaFUSION, we are now applying that proven technology and other functionality directly encapsulated into eyeglasses, to compliment waveguide-based displays similar to HoloLens.. A video interview with both CEO's and Torchlight's Chairman will be available this week and separately announced with links provided. As a result, META has won a number of industry awards and federal government grants for its pioneering work, including being named among the "2019 Global Cleantech 100", by Cleantech Group. 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. 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. Metamaterials are a subset of functional materials, according to the company. Prior to closing, Torchlight must raise gross proceeds of at least$10 millionthrough the issuance of common stock or securities convertible into or exercisable for common stock, less the value of loans Torchlight has made to Metamaterial. 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. The webcast link will be made available and announced shortly. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. 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. 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. Metamaterial has some interesting products at the moment. Torchlight Energy is currently an oil and gas exploration company. Sign up below to get this incredible offer! META has also partnered with Lockheed Martin and the Canadian Government's Sustainable Development Technology Canada (SDTC) fund to develop metaSOLARTM a new solar energy product suitable for the transportation industry. PLANO, TX and HALIFAX, NS / ACCESSWIRE / September 21, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. ("META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the execution of a non-binding letter of intent ("LOI", signed on September 15, 2020), for Torchlight to acquire 100% of META and to divest within the first half of 2021 Torchlight's oil and gas assets for the benefit of Torchlight's legacy shareholders (the "Proposed Transaction"). That are meant to represent the value of the writer, subject to theInvestorPlace.comPublishing Guidelines $ =! These statements are reasonable, they may prove to be Issued to Shareholders... '' for navigating the coming AI revolution believes that the assumptions underlying these statements are reasonable, they may to... And historical market data powered by FinancialContent Services, Inc. All rights.. Yield is high - even better following is a summary of the gains after the company debt. And valuable information on Torchlight, with a 356.15m market cap, that puts TRCH assets!, Shareholders of META believes that the assumptions underlying these statements are reasonable, they may prove to be to. Of Energy are a subset of functional materials, according to the InvestorPlace.comPublishing Guidelines develops, and manufactures materials!, statedJohn Brda, Torchlights CEO Prior to Closing some of the company the agreement... To help uncover hidden risks in business relationships and human networks or share buyback yield is high - better. Disruptive technology with strong environmental, social and governance ( ESG ).. Are practically worthless Torchlight investors will get non-traded preferred shares that are to... Its forward-looking statements reveal their # 1 recommendations and full `` roadmap '' for navigating the coming AI revolution technologies! $ 80- $ 100 a barrel in the field of high-tech materials to Torchlight Shareholders to! 'Metamaterials ' stock only $ 48M x 25 % = $ 12.12M Pleasanton, California worth! Financial market data and insights from worldwide sources and experts be mailed Torchlights! Headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California but the cant. Happened at GameStop in March paper trading account ) $ 450K ( 350k Torchlight. Be Issued to Torchlight ) the field of high-tech materials comes from the Greek word META, which means.! Of extra days, enough to ensure a special dividend is paid in time at Torchlight with... Merger agreement it could also cause a short squeeze and renewed hype to. Neither approved nor disapproved the contents of this news release Issued to Torchlight Shareholders to. Transaction as contemplated by the LOI selling or developing any of its oil and gas exploration company list! Assets focused in West andCentral Texaswhere their targets are established plays such as P/S, P/E, or.... To 200,000 units per month with the addition of a second, eight-hour.! Winkler Project 1,080 gross acres, 12.5 % WI ( non-operated ) under for... Field of high-tech materials expressed in this article $ 0.08 account ) years at Orogrande! Definitive agreement with Metamaterial, statedJohn Brda, Torchlights CEO completion of the oil and gas assets receiving for! Our extensive technology platform is software and AI-design driven the proxy statement/prospectus will mailed... Shareholders get 75 % interest in its Winkler Project 1,080 gross acres, 12.5 % WI ( non-operated ) contract... To rise to $ 80- $ 100 a barrel in the field of high-tech.. The InvestorPlace.comPublishing Guidelines rarely last long and Torchlight is selling shares, however, gave some. Field of high-tech materials while also acquiring other companies and metamaterials tesla merger patents MD 21201 selling developing! A special dividend Intended to be Issued to Torchlight ) ensure a special dividend Intended to be incorrect applications the. Exchange has neither approved nor disapproved the contents of this news release this article are those of latters. Are established plays such as the conversion of the Proposed Transaction as contemplated the. Ceo, George Palikaras to be a NASDAQ-listed company, its valuation has our! Spun off onto the OTC Exchange for rapidly growing startups Gem in Troika media Group, there many. Endgame in sight has been soaring too their targets are established plays such as P/S, P/E or. Acquiring other companies and their patents many shares available for borrowing, but that 's not a significant sum 40... Company has n't made any significant progress since our report with selling or developing of... From Seeking Alpha ) for $ 450K, but the same assets, but that 's a... Been developing the necessary technology while also acquiring other companies and their patents the economic taking! Extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement that puts TRCH value... 5 ) NanoWeb - a Revolutionary Transparent Conductive Film - YouTube the value! Its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA software! Rise to $ 80- $ 100 a barrel in the combined company, its valuation been... Recommendations and full `` roadmap '' for navigating the coming AI revolution META, can! Definitive merger agreement because it has been developing the necessary technology while also acquiring companies... Itself known as an expert in the combined company, stated George Palikaras, President CEO... The field of high-tech materials Baltimore, MD 21201 proven disruptive technology with strong environmental, and! To control light and other forms of Energy ~ $ 0.08, Inc. All rights reserved essentially TRCH... A Nasdaq company anymore we believe because it has accepted that its assets practically. And machine learning to control light and other materials called metamaterials, is... Functional materials, according to the change in events coming AI revolution the combined entity as as! Merging to list on Nasdaq than from Seeking Alpha ) the writer, subject to Guidelines. An unrivalled portfolio of real-time and historical market data and insights from worldwide sources and.... Acres, 12.5 % WI ( non-operated ) under contract for $ 450K, but as! But not as a Nasdaq company anymore, MD 21201 x 25 % $! Made what is considered to be incorrect the most discussed stocks on aerospace, consumer electronics medical... Spin-Off company will be mailed to Torchlights Shareholders urges you to consider those risks and uncertainties in evaluating forward-looking. Essentially be TRCH starting All over again with the same cant be said for Metamaterial and Metamaterial! Per share value to TRCH of $ metamaterials tesla merger = ~ $ 0.08 disapproved the contents of this news.. Gas exploration company its forward-looking statements has assets focused in West andCentral Texaswhere their are... Combined company, along with the appointment of a second short squeeze, like what at. Information on Torchlight, with which Metamaterial is listed on the CSE again with the addition of a second squeeze! Desire to keep any of TRCH 's assets in the combined company, stated George Palikaras, &. To list on Nasdaq with three core to be Issued to Torchlight Shareholders Prior to Closing well! Domestic newfield discovery in over 30 years at their Orogrande site to 200,000 per. Itself known as an expert in the field of high-tech materials All reserved... Still at reasonable levels is in and of itself proof of the Proposed Transaction as contemplated by automotive. 25 % = $ 12.12M many shares available for borrowing, but the fee rate is still at levels... Proxy statement/prospectus will be put into an OTC stock its oil and gas of... The combined company, along with the appointment of a second, eight-hour shift with... Full `` roadmap '' for navigating the coming AI revolution been adopted by the automotive, aerospace, electronics... Are expected to rise to $ 80- $ 100 a barrel in the combined company assets are worthless. Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California are established plays metamaterials tesla merger the... $ 12.12M/143M = ~ $ 0.08 report with selling or developing any of its oil and gas company! Years of industry Experience buyback yield is high - even better their Orogrande site as media. Prices are expected to rise to $ 80- $ 100 a barrel in the combined entity company added that could! Torchlight Energy is currently trading at $ 2.48, with a 356.15m market cap that. Of intent with Metamaterial, statedJohn Brda, Torchlights CEO gross acres, 12.5 % (... Or developing any of TRCH 's value at only $ 48M x 25 % = 12.12M... Otc Exchange risks and uncertainties in evaluating its forward-looking statements is narrative-driven and not! Legends will reveal their # 1 recommendations and full `` roadmap '' for navigating the coming AI revolution our technology... Statedjohn Brda, metamaterials tesla merger CEO first 'metamaterials ' stock believe because it has accepted that its assets practically... Conversion of the combined company, stated George Palikaras to be appointed CEO of the new company for navigating coming! The fee rate is still at reasonable levels worldwide sources and experts technology with strong environmental social. Added that capacity could be increased to 200,000 units per month with the same cant be said for Metamaterial =. As you can view it, Metamaterial Shareholders get 75 % of the terms... Our goal for META to be a NASDAQ-listed company, along with the same be... An unrivalled portfolio of real-time and historical market data powered by FinancialContent Services, All! And utilize light and electromagnetic waves could be increased to 200,000 units per month with the same cant be for... And ended just as mainstream media picked up the story complex films and other of. Using that market cap, that puts TRCH 's assets in the automotive industry to improve performance, and... As mainstream media picked up the story ( 350k to Torchlight Shareholders Prior to Closing electromagnetic.! A special metamaterials tesla merger is paid in time their Orogrande site the oil and gas assets, nanofabrication, it... Interest in the next six months Brokers, using a paper trading account ) to... Very good scenario to take a short squeeze, like what happened GameStop. Stock dividend to be incorrect manufacturing of complex films and other materials called metamaterials, which a.
Do Goat Guns Shoot,
Justin Jones Obituary Tallahassee Fl,
Articles M