- 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. Metamaterials CEO,George Palikaraswill be appointed CEO of the combined company, along with the appointment ofKenneth L. Riceas CFO and Executive Vice President. Metamaterials Technologies, known as META ( MMATF :US MMAT :CAN) is currently trading at $2.66 as of 02.27.2021. However, what the MF article doesn't seem to realize, is that the conversion of debt to equity is part of the merger agreement. I am not receiving compensation for it (other than from Seeking Alpha). I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from. "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. Liquidity is low on. Torchlight will loan to Metamaterial an additionalUS$500,000, in exchange for an unsecured promissory note in substantially the same form as the 8% unsecured convertible promissory note that evidences Torchlights loan to Metamaterial ofUS$500,000onSeptember 20, 2020. Need more information or have an interview request? On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. There can be no assurances that a transaction will be consummated as a result of the LOI. Neither META or Torchlight has incurred any finders fees in association with this transaction. In a reverse takeover to list on the Nasdaq and access the U.S. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. The following statements in the announcement confirm that TRCH is only worth 25% of Metamaterial's current market cap: The combined company, formerly known as Torchlight Energy Resources, Inc., will change its name and focus its business to align with the current business of Metamaterial. Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Please disable your ad-blocker and refresh. Of . If a Definitive Agreement is entered into, it is expected that the closing of a transaction will include customary closing conditions, including NASDAQ and CSE approval and approval by the shareholders of both companies, in addition to the closing conditions described above. Torchlight to acquire META through the issuance of common stock, such that at closing, the former equity holders of Torchlight would own 25% of the combined company (the "Combined Company") with the former equity holders of META owning the remaining 75% and META becoming a wholly-owned subsidiary of Torchlight. METAs unique Nanoweb films are 98% transparent, meaning that they can be placed on any glass. Meta Materials' (META) stock faced a lot of praise and headwinds in 2021. With this, Metamaterials share price is likely to tumble to around $3 per share. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? Metamaterials are a subset of functional materials, according to the company. 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. 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. As well as the conversion of the company's debt to equity. For additional information on Torchlight, please visit www.torchlightenergy.com. Torchlight is likely to end soon is because the company is taking advantage of the irrational share price increase and has launched a, Brooklyn ImmunoTherapeutics made a similar move. 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. "We look forward to driving significant value for shareholders in our mission to make every product smarter and more sustainable by utilizing the power of light and advanced materials.". This ownership split assumes that the Combined Company has financing of USD $10 million or more net of Torchlight's debt prior to closing of the business combination (the "Torchlight Cash Threshold"). The board of Torchlight realized that their resource rich holdings were not enough to survive and thrive in the changing economy, and that a new path was necessary. It all happens at the free AI Super Summit. As a result,. Automotive HUD See Solution De-icing / De-fogging See Solution Transparent Antennas See Solution . special purpose acquisition companies (SPACs). Torchlight also announced that it implemented a 1 . META is developing several technologies that are designed to benefit the automotive industry and its customers. Recall that the company plans to merge with Metamaterial(OTCMKTS:MMATF), which makes advanced materials. It was about a small biotech company named Brooklyn ImmunoTherapeutics (NYSE:BTX), and its shares have crashed by 58% as of the time of writing. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. (Source: Interactive Brokers, using a paper trading account). Special Dividend Intended to be Issued to Torchlight Shareholders at Closing. 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. I intend to hold my shares for a minimum of two years. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. In my view, when these short squeezes are caused intentionally, there could be multiple waves. I wrote this article myself, and it expresses my own opinions. His Substack newsletter,TLV Strategist, covers the Israel business scene. I think the short squeeze is likely to end soon thanks. The following is the 3-month chart for TRCH: TRCH closed at $0.46 on 12/17/20. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. At TRCH's current share price, Metamaterial would have to have a market cap of around $2B by then in order for longs to make a gain apart from any dividend. This confirms to us that our analysis on TRCH is correct. We are very excited to showcase how metamaterials go beyond conventional materials and chemistry, to offer new and highly sustainable solutions with semiconductor precision, at kilometer scale.. There is no share available for short selling at Torchlight. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). Oil averaged $40.75 that month. First, shareholders valued the large and promising portfolio of technologies and patents. 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. After the merger is complete META will be the company name and it will be listed on the NASDAQ. See here for a complete list of exchanges and delays. The reason why investing in short squeezes is a bad idea is because they dont last long. Effectively, TRCH's business will be extracted from the Nasdaq listing and put aside into an OTC listing where it will go to "die". This year is weird. Again, assuming that TRCH's assets are worthless and not including any special dividend, if the merger happened today, TRCH shareholders would face a 90% loss on their investment. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. The webcast link will be made available and announced shortly. You can view it here. If it's a value stock - great. Such statements are based on the current expectations and views of future events of the management of META and are based on assumptions and subject to risks and uncertainties. Pertinent deal terms are as follows: Torchlight and Metamaterial invite all interested parties to view a webcast introduction of George Palikaras, CEO of META and an overview on META. That short squeeze lasted just one week. Derek GradwellManaging PartnerIntegrous CommunicationsPhone: 512-270-6990dgradwell@integcom.usir@torchlightenergy.com, Graham FarrellHarbor Access LLC(416) 842 9003Graham.Farrell@HarborAccessllc.com, Mark KomonoskiDirector Capital Markets and IRMetamaterial Inc.Phone: 1-877-255-8483mark@metamaterial.com. This transaction is similar to the popular deals involving. What could be a risk, is if the merger is called off. Torchlight said on Friday that it closed the deal and the new company, Meta Materials Inc, would begin trading under the ticker symbol "MMAT" on Monday. I think the short squeeze is likely to end soon thanks to the latter's decision to take advantage of the situation and raise some cash. "NASDAQ is the world's premier technology exchange, providing us with the best platform to expand awareness of META on the global stage and fully realize the value of our portfolio of innovative sustainable products. All articles are my opinion - they are not suggestions to buy or sell any securities. Copyright Torchlight stock closed at $4.95 a share Friday, and Meta Material. I am not receiving compensation for it (other than from Seeking Alpha). As stated in the announcement: "Prior to the merger, TRCH shareholders will receive a dividend of proceeds from selling TRCH's oil and gas assets. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. 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. 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. At one point, TRCH stock climbed by more than 600 percent in February from December 2020 due to . However, with TRCH's recent conversions of debt to equity and equity raise, its current market cap is a whopping 143M x $3.90 = $558M. If the exchange rate is 1 Metamaterial share for 3.6 Torchlight shares (as mentioned in the proxy filing), that would imply that each Torchlight share would get around $1.60 in value from the . There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. META partnered with Airbus to develop and commercialize this technology. 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). The industry leader for online information for tax, accounting and finance professionals. Is this happening to you frequently? All articles are my opinion - they are not suggestions to buy or sell any securities. Sign up below to get this incredible offer! Only the Nasdaq listing. Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. The reverse split became effective after market close on June 25. Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials, Inc. official. 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. 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. 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. "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. 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. In December 2020, Torchlight Energy Resources and Metamaterial had announced a definitive agreement was signed for a business combination. 2023 Meta Materials Inc. All rights reserved. They have also created a radio-wave imaging system that has a wide array of uses but can be utilized as a safe, initial-step screening for breast cancers. 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. There are no Torchlight shares available for borrowing, but the same cant be said for Metamaterial. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. I wrote this article myself, and it expresses my own opinions. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. 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. The deal includes plans to divest the legacy energy assets. With this in mind, it seems likely that Metamaterials share price will go back to around the $3 level in the near future. 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. Looking forward to March 12th. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. Shareholders have approved the deal, whose terms stipulate that Metamaterial. A pending merger bought a couple of extra days, enough to ensure a special dividend is paid in time. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. Hazel-Midland Basin -12,000 gross (9,600 net acres) 80% WI (operated) under contract for 12.4m ($1300 acre), 3. TRCH Stock: The Big News That Has Torchlight Energy Soaring Today, 5 Hypergrowth Stocks With 10X Potential in 2023, How to Tell if an AI Company Is Legit or Selling Snake Oil, Expect the Amazon Stock Slump to Continue, Louis Navellier and the InvestorPlace Research Staff. META is currently trading at $2.66 I anticipate a near doubling with a successful merger vote. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. 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. The short interest had been steadily increasing over the past few months. The following is a summary of the key terms of the Proposed Transaction as contemplated by the LOI. 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. The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) is trading at over 10% pre-market as of 7:14 AM ET. Since 2011, approximately CAD $60MM has been invested in META, yielding a sizable IP portfolio. Brooklyn ImmunoTherapeutics made a similar move. It has appreciated substantially. Metamaterials share price will go back to around the $3 level in the near future. Metamaterial operates under the META brand and is a smart materials and photonics company. The original planned business combination PR, on 9/21/20, states: The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. 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. Theres even room for more lines. Meta Materials will be buying all issued and outstanding shares of Nanotech stock for a set price of $1.25 per share as a part of the merger. , this is what I like to see in a startup a rapidly growing market and great products and partnerships. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. For additional information on Torchlight, please visitwww.torchlightenergy.com. The Registration Statement was declared effective by the SEC on October 12, 2016, and SolarCity and Tesla mailed the definitive . TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? Torchlight, Metamaterial and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Torchlight Shareholders in connection with the proposed business combination. Please. quotes delayed at least 15 minutes, all others at least 20 minutes. No forward-looking statement can be guaranteed. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. META has a total of 52 granted and 37 pending patent applications, including 26 in the United States and 63 in 18 other countries around the world. Intellectual Ventures' metamaterials-based system has some distinct advantages: The microwave beam can be focused and redirected with relatively high efficiency, and with no moving parts. Metamaterial designs, develops, and manufactures. Additional Information and Where to Find It. The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. META's portfolio comprises 28 patent families, 19 of which are granted. It's a. There seems to be a short squeeze at Torchlight, with which Metamaterial is merging to list on NASDAQ. When the business combination with Torchlight closes, obtaining a national exchange listing inthe United Statesis anticipated to provide META with significant value and increased access to global capital markets., This Transaction will expand our business reach and attract additional world-class talent. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. (you can quote me on this). Which will lower the costs and mass of self-driving vehicles. 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. Metamaterial shares available in Canada. 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. Do you remember the GameStop (NYSE:GME) short squeeze? Investors appear to be responding to rumors about the company working with Tesla. Nasdaq 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. It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. How can investors take part in this move? InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. 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. Torchlights Shareholders will also be able to obtain a copy of such documents, without charge, by directing a request to:John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite 3600,Plano, Texas75093; e-mail:[emailprotected]. As a result of the transaction and our recent ATM offerings, META now has over $160 million in cash and a virtually debt free balance sheet with approximately 285 million shares issued and outstanding after the 2 to 1 reverse split. 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. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. Ensure this doesnt happen in the automotive, aerospace, consumer electronics and medical industries climbed by more than percent. 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