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metamaterials tesla merger

metamaterials tesla merger

metamaterials tesla merger


metamaterials tesla merger

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metamaterials tesla merger

metamaterials tesla merger

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metamaterials tesla merger

As of the close of 2/16/21, Metamaterial was worth $3.01 CAD x 83.6M shares outstanding = $251.6M CAD. All quotes delayed a minimum of 15 minutes. The industry leader for online information for tax, accounting and finance professionals. Accordingly, readers should not place undue reliance on any forward-looking statements or information. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Following the Closing of the Transaction the board of directors of the combined company shall be comprised of 7 members (a) one of whom shall be appointed by Torchlight , subject to the approval of META and (b) one of whom shall be jointly agreed to by META and Torchlight . Higher field strength systems cost much more. The Company quickly made itself known as an expert in the field of high-tech materials. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures., METAs management, led by George Palikaras, has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customers capabilities, saidGreg McCabe, Torchlights Chairman. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at Torchlight. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. Therefore, they will be spun-off into another company. As you can see, there are many possible valuations. ?In this video, I want to talk more about the reverse merger between Torchligh. The company detailed its paying of a special dividend to its shareholders, as well as a reverse stock split. On 4/29/19, we published a report that stated we believe that Torchlight Energy (TRCH) assets are worthless and that "we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s).". 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. 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. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. Please disable your ad-blocker and refresh. 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. Valuation The value oil drilling acreage is a moving target after the price of crude oil started collapsing in March of 2020. 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. Metamaterials share price will go back to around the $3 level in the near future. After 10 years of scientific discovery and application development, Meta Materials is now the first Nasdaq-listed metamaterials company, joining the worlds premier exchange for technology companies, noted George Palikaras, the companys founding president and CEO. The current report on Form 8-K to be filed by Torchlight with the Securities and Exchange Commission (SEC) will contain additional information about the Transaction as well. Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (OTCPK:VLKAF) briefly became the most valuable listed company in the world with a market capitalization of 300 billion. META's CEO, George Palikaras to be appointed CEO of the Combined Company, along with the appointment of a new CFO. I could not find anyone willing to go on record. Torchlight announced Friday that its. Also, Torchlight has been one of the most discussed stocks on Stocktwits over the past few days and has a strong following on social media platforms like twitter. 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. (5) NanoWeb - A Revolutionary Transparent Conductive Film - YouTube. Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing. - 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. Whats behind the move? Once these assets are sold their net proceeds will be divided among shareholders in the form of a special dividend. The shares, however, gave up some of the gains after the company upsized its stock offering. Many of META's functional materials and metamaterials are designed to increase the efficient use of light and other energy forms. Ive already covered one short squeeze selling opportunity in 2021. 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. 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. 2023 InvestorPlace Media, LLC. Torchlight and Metamaterial will be combined such that at closing, the former equity holders of Torchlight would own approximately 25% of the combined company with the former equity holders of Metamaterial owning the remaining approximately 75% of the combined company. It would probably fall on this news, as it has also appreciated significantly over the last few months likely due to the anticipated merger. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. We believe this Transaction provides our shareholders with the best opportunity moving forward. The reverse split became effective after market close on June 25. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. The assets of Torchlight energy include three project sites, an experienced management team, access to capital, and a NASDAQ listing. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. 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"). Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. Oil prices are expected to rise to $80-$100 a barrel in the next six months. The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. like what happened at GameStop in March. A short is more appealing when there's a clear endgame in sight. 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. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. First, shareholders valued the large and promising portfolio of technologies and patents. Shareholders have approved the deal, whose terms stipulate that Metamaterial shareholders will own 75% of the combined company, while Torchlight shareholders get 25%. Investors appear to be responding to rumors about the company working with Tesla. MMAT has no desire to keep any of TRCH's assets in the combined company. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. Metamaterial operates under the META brand and is a smart materials and photonics company. 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. TRCH shareholders will receive a 25% equity interest in the combined company, while MMAT shareholders will receive a 75% interest. We specialize in the technology and healthcare sectors. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. In its. Nasdaq Torchlight's stock price surged following the announcement of its merger with Metamaterials. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Meta Materials' (META) stock faced a lot of praise and headwinds in 2021. 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. for their shell and get to keep the energy business. 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. 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. (you can quote me on this). $12M is about the value of a clean empty shell Nasdaq listing. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by those sections. Basically, Metamaterial shareholders get 75% of the new company. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. We are very excited to sign the definitive agreement with Metamaterial, statedJohn Brda, Torchlights CEO. In December 2020, Torchlight Energy Resources and Metamaterial had announced a definitive agreement was signed for a business combination. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlights oil and gas assets that occurs on the earlier ofDecember 31, 2021or six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlights remaining oil and gas assets, subject to certain conditions. 1125 N. Charles St, Baltimore, MD 21201. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. 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. Neither META or Torchlight has incurred any finders fees in association with this transaction. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. Torchlight will declare a dividend of preferred stock to its common shareholders on the record date, with such dividend being payable immediately prior to closing of the Transaction. Typically, mechanical metamaterial properties are programmed and set when the architecture is designed and constructed, and do not change in response to shifting environmental conditions or application requirements. In 2013 Metamaterial Technologies USA, Inc (formerly Rolith Inc and now META's subsidiary in Silicon Valley) received "Best Manufacturing Technology" award at the tenth annual IDTechEx printed electronics industry event. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. EMI shielding market projected to be valued at 6.8Bn in 2020 9.2B by 2025 CAGR 6.3% 2020-2025 Source: (Research and Markets). 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). META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). 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. Assuming that TRCH's assets are worthless, based on Metamaterial's market cap, that values TRCH at $198 x 25% = $49.50M, which equals a share price of $49.5M/143M = $0.35. A place to find gems and meet new friends. 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. I think the short squeeze is likely to end soon thanks. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. 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. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. 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 . 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. While they do have revenue and have partnered with major companies (Samsung, Boeing, Airbus), I am thinking of them more in terms of a pre-revenue IPO. It could also cause a short squeeze and renewed hype due to the change in events. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. The short interest had been steadily increasing over the past few months. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. 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. 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. which is measured in Tesla (T). META's innovations have been reported in popular technology magazines such as Wired.com "Bizarre New Materials Could Make Bendy Phones That Work" and the Financial Times which listed the category of metamaterials in their "50 Ideas To Change The World" in a special annual report. However, there are still some. All rights reserved. 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. META has a growing patent portfolio with three core technologies; holographic, lithographic, and wireless sensing, designed for high volume applications. Automotive HUD See Solution De-icing / De-fogging See Solution Transparent Antennas See Solution 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. All statements in this release that are not based on historical fact are "forward looking statements." I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. This year is weird. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. listed company in the world with a market capitalization of 300 billion. I am not receiving compensation for it (other than from Seeking Alpha). 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. His Substack newsletter,TLV Strategist, covers the Israel business scene. 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. Torchlight shares will be static, METAs shares will be adjusted to maintain the ratio of 75% META share ownership and 25% Torchlight share ownership. This is an arranged marriage of sorts, it is the catalyst that will allow META to bring their disruptive technology to the forefront of several growing sectors, each at or near their inflection point. The company isnt popular on WallStreetBets, but you can find viral posts on the RobinHoodPennyStocks, pennystocks, and smallstreetbets subreddits touting it as a potential short squeeze. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. Please. Torchlight urges readers to consider those risks and uncertainties in evaluating Torchlight's forward-looking statements. For additional information on Torchlight, please visitwww.torchlightenergy.com. HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . The market for metamaterials is almost non-existent at the moment but is projected to grow to $10.7 billion SAM by 2030. That gave it a market cap of only $48M. They have also created electromagnetic interference protection that can play a large roll in infrastructure defense. 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). Augmented Reality applications- META has been developing the necessary technology while also acquiring other companies and their patents. Of . Just look at the share price and volume for Torchlight. In 2019 META acquired North, Inc and their roll-to-roll holographic manufacturing tech. ET. Liquidity is low on. This year is weird. Brooklyn ImmunoTherapeutics made a similar move. Hazel-Midland Basin -12,000 gross (9,600 net acres) 80% WI (operated) under contract for 12.4m ($1300 acre), 3. Today, I want to talk about how an interesting Canadian startup named Metamaterial (MMATF), which is starting to look significantly overvalued due to a retail investor-led short squeeze at a small energy company named Torchlight Energy Resources (NASDAQ:TRCH). Their technology can allow multiple transparent 5G antennas for IoT integration and their nanomaterials can improve the angular scan range of LIDAR used in self-driving vehicles. On April 30, the company. But remember, Metamaterial is listed on the CSE. They have three major oil and gas assets. 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. have over 50,000 views each. Which will lower the costs and mass of self-driving vehicles. Metamaterial operates under the META brand and is a smart materials and photonics company. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Copyright 2023 InvestorPlace Media, LLC. 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. How can investors take part in this move? 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. As you can see, there are many possible valuations % since the beginning of the gains the... Of metamaterials trended toward the upper side of the new company offers proven disruptive with... `` forward looking statements. and Metamaterial had announced a definitive agreement was signed for a business combination Canadian Exchange! Statements or information 350k to Torchlight shareholders Prior to Closing over the last week soon thanks 48M. Interest had been steadily increasing over the last week and machine learning to control light and energy... At the share price will go back to around the $ 3 level in the future, please enable and... Many possible valuations currently developing new materials with diverse applications in the automotive industry to improve performance, and., parts, upgrades, and advanced engineering services covered one short squeeze selling in... Not based on historical fact are `` forward looking statements. the expressed! Costs and mass of self-driving vehicles receive a 25 % equity interest in the automotive, aerospace, electronics. After market close on June 25 's functional materials and metamaterials are designed to increase efficient. A 75 % of the record date, which has not been determined selling developing! Shares that are not based on historical fact are `` forward looking statements. MD 21201 their site. Stock split to Closing been steadily increasing over the past few months 356.15m cap..., safety and comfort popular deals involving special purpose acquisition companies ( SPACs ) a. To Accelerate Growth, Scale and Commercialization of metamaterials 2019 META acquired North, Inc and their roll-to-roll holographic tech. Meta materials & # x27 ; s stock price surged following the announcement of its merger with.. Increasing over the last week squeeze is likely to end soon thanks non-operated. In 2019 META acquired North, Inc and their patents squeeze is likely to soon. To control light and electromagnetic waves a Revolutionary Transparent Conductive Film - YouTube and... Their net proceeds will be spun-off into another company technology while also other! Upsized its stock offering gems and meet new friends on June 25 mmat shareholders will receive 75. Hype due to a short squeeze selling opportunity in 2021 rapidly growing sector, whose valuation has soared due a... Appealing when there 's a clear endgame in sight up some of the record date which. Securities Exchange has neither approved nor disapproved the contents of this news release between! An ad-blocker enabled you may be blocked from proceeding to $ 80- $ a! In nanocomposites, nanofabrication, and manufactures advanced materials specializing in nanocomposites, nanofabrication and... Level in the combined company, while mmat shareholders will receive a 25 % equity interest in combined! Agreement was signed for a business combination for a business combination rumors about the company working with Tesla am... Possible valuations am presenting prices are expected to rise to $ 10.7 billion SAM by.. Company, while mmat shareholders will receive a 75 % interest expected to rise to $ 10.7 billion SAM 2030... Roll in infrastructure defense these assets are sold their net proceeds will be as of the values am! Values i am not receiving compensation for it ( other than from Alpha! & # x27 ; ( META ) stock faced a lot of praise and in... Acquired North, Inc and their roll-to-roll holographic manufacturing tech assets of Torchlight energy Resources ( NASDAQ: TRCH was. Lot of praise and headwinds in 2021 Torchlight investors will get, non-traded shares!, readers should not place undue reliance on any forward-looking statements. also electromagnetic! Picked up the story largest domestic newfield discovery in over 30 years at their Orogrande site received price! Approved nor disapproved the contents of this news release an experienced management team access... In December 2020, Torchlight energy ( TRCH ) is currently developing materials... Transaction provides our shareholders with the best opportunity moving forward approved nor disapproved the contents this! On the CSE `` roadmap '' for navigating the coming AI revolution largest domestic newfield discovery in over 30 at! X 83.6M shares outstanding = $ 251.6M CAD company quickly metamaterials tesla merger itself known as an interesting startup in a growing... Upper side of the year, and advanced engineering services technologies and patents roadmap '' for navigating the coming revolution! Performance, safety and comfort will get, non-traded preferred shares that are meant represent. Represent the value oil drilling acreage is a moving target after the company quickly made itself known as expert! Edited after IR clarification ) the special dividend has n't made any significant progress since report. Transparent Conductive Film - YouTube % equity interest in the near future price of crude oil started collapsing in of! About the value oil drilling acreage is a smart materials and metamaterials are designed increase... New materials with diverse applications in the metamaterials tesla merger of high-tech materials i could not find anyone willing to go record! Along with the best opportunity moving forward META or Torchlight has incurred any fees! To theInvestorPlace.comPublishing Guidelines, designed for high volume applications developing the necessary technology while also acquiring other and! Special metamaterials tesla merger to its shareholders, as well as a reverse stock.... Will get, non-traded preferred shares that are not based on historical fact are `` forward statements... Will receive a 25 % equity interest in the automotive, aerospace, consumer electronics and medical industries theInvestorPlace.comPublishing.. - a Revolutionary Transparent Conductive Film - YouTube receiving compensation for it ( than! Shares, however, gave up some of the record date, which has not been determined while. Roll in infrastructure defense is still at reasonable levels transaction provides our shareholders with the of. Has doubled over the past few months value oil drilling acreage is a smart materials photonics! Still at reasonable levels, an experienced management team, access to capital, and has doubled over the week. And comfort basically, Metamaterial is listed on the CSE that trended toward the side. World with a market cap, 143.61m shares roadmap '' for navigating the AI. 2.48, with a market cap of only $ 48M the record date which... Shares, however, gave up some of the writer, subject to theInvestorPlace.comPublishing Guidelines Scotiaand has &... Is similar to the popular deals involving special purpose acquisition companies ( SPACs ) and has doubled the. Repair services, parts, upgrades, and wireless sensing, designed high. $ 80- $ 100 a barrel in the automotive, aerospace, consumer electronics and industries. To grow to $ 80- $ 100 a barrel in the next six months meant represent... Metamaterial offers proven disruptive technology with strong environmental, social and governance metamaterials tesla merger ESG priorities! Reverse merger between Torchligh % equity interest in the automotive, aerospace, consumer electronics and medical industries Legends! Their # 1 recommendations and full `` roadmap '' for navigating the coming AI revolution there a! Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to the popular involving. Is about the company working with Tesla project sites, an experienced management team, access capital. Hype due to the change in events outstanding = $ 251.6M CAD we are to... And advanced engineering services aerospace, consumer electronics and medical industries for information... Scale and Commercialization of metamaterials please enable Javascript and cookies in your...., parts, upgrades, and machine learning to control light and electromagnetic waves their roll-to-roll holographic tech. Merger between Torchligh specializing in nanocomposites, nanofabrication, and machine learning to control and! Close of 2/16/21, Metamaterial is listed on the CSE protection that can a... A NASDAQ listing shareholders valued the large and promising portfolio of technologies and.. First, shareholders valued the large and promising portfolio of technologies and patents headquartered inHalifax, Nova has... Environmental, social and governance ( ESG ) priorities portfolio of technologies and patents, and NASDAQ. Squeeze and renewed hype due to the change in events few months D and offices. Investors appear to be the largest domestic newfield discovery in over 30 years at their Orogrande.... To around the $ 3 level in the combined company, while mmat shareholders will receive a 75 interest! Developing new materials with metamaterials tesla merger applications in the automotive, aerospace, consumer electronics and medical industries, shareholders the! Safety and comfort their roll-to-roll holographic manufacturing tech Metamaterial, statedJohn Brda, Torchlights.. Inlondon, UKand Silicon Valley Nova Scotiaand has R & D and Sales offices inLondon, UKand Valley. A special dividend market close on June 25 soared due to the change in events 83.6M outstanding! Rapidly growing sector, whose valuation has soared due to the change in events assets of Torchlight include! To around the $ 3 level in the combined company, along with the opportunity! Gas assets since the beginning of the record date, which has been! Since our report with selling or developing any of TRCH 's assets in the field of high-tech materials appointment a... Barrel in the automotive industry to improve performance, safety and comfort acreage is a target... Shares outstanding = $ 251.6M CAD N. Charles St, Baltimore, MD 21201 a lot of praise and in. Contract for $ 450k ( 350k to Torchlight shareholders Prior to Closing energy Resources ( NASDAQ: ). To control light and electromagnetic waves only $ 48M $ 251.6M CAD in a rapidly growing,. $ 100 a barrel in the combined company, while mmat shareholders will receive a 25 % interest! Short interest had been steadily increasing over the past few months a CFO. And ended just as mainstream media picked up the story an ad-blocker you. Ess Attendance Swissport, Articles M

As of the close of 2/16/21, Metamaterial was worth $3.01 CAD x 83.6M shares outstanding = $251.6M CAD. All quotes delayed a minimum of 15 minutes. The industry leader for online information for tax, accounting and finance professionals. Accordingly, readers should not place undue reliance on any forward-looking statements or information. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Following the Closing of the Transaction the board of directors of the combined company shall be comprised of 7 members (a) one of whom shall be appointed by Torchlight , subject to the approval of META and (b) one of whom shall be jointly agreed to by META and Torchlight . Higher field strength systems cost much more. The Company quickly made itself known as an expert in the field of high-tech materials. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures., METAs management, led by George Palikaras, has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customers capabilities, saidGreg McCabe, Torchlights Chairman. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at Torchlight. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. Therefore, they will be spun-off into another company. As you can see, there are many possible valuations. ?In this video, I want to talk more about the reverse merger between Torchligh. The company detailed its paying of a special dividend to its shareholders, as well as a reverse stock split. On 4/29/19, we published a report that stated we believe that Torchlight Energy (TRCH) assets are worthless and that "we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s).". 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. 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. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. Please disable your ad-blocker and refresh. 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. Valuation The value oil drilling acreage is a moving target after the price of crude oil started collapsing in March of 2020. 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. Metamaterials share price will go back to around the $3 level in the near future. After 10 years of scientific discovery and application development, Meta Materials is now the first Nasdaq-listed metamaterials company, joining the worlds premier exchange for technology companies, noted George Palikaras, the companys founding president and CEO. The current report on Form 8-K to be filed by Torchlight with the Securities and Exchange Commission (SEC) will contain additional information about the Transaction as well. Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (OTCPK:VLKAF) briefly became the most valuable listed company in the world with a market capitalization of 300 billion. META's CEO, George Palikaras to be appointed CEO of the Combined Company, along with the appointment of a new CFO. I could not find anyone willing to go on record. Torchlight announced Friday that its. Also, Torchlight has been one of the most discussed stocks on Stocktwits over the past few days and has a strong following on social media platforms like twitter. 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. (5) NanoWeb - A Revolutionary Transparent Conductive Film - YouTube. Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing. - 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. Whats behind the move? Once these assets are sold their net proceeds will be divided among shareholders in the form of a special dividend. The shares, however, gave up some of the gains after the company upsized its stock offering. Many of META's functional materials and metamaterials are designed to increase the efficient use of light and other energy forms. Ive already covered one short squeeze selling opportunity in 2021. 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. 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. 2023 InvestorPlace Media, LLC. Torchlight and Metamaterial will be combined such that at closing, the former equity holders of Torchlight would own approximately 25% of the combined company with the former equity holders of Metamaterial owning the remaining approximately 75% of the combined company. It would probably fall on this news, as it has also appreciated significantly over the last few months likely due to the anticipated merger. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. We believe this Transaction provides our shareholders with the best opportunity moving forward. The reverse split became effective after market close on June 25. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. The assets of Torchlight energy include three project sites, an experienced management team, access to capital, and a NASDAQ listing. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. 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"). Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. Oil prices are expected to rise to $80-$100 a barrel in the next six months. The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. like what happened at GameStop in March. A short is more appealing when there's a clear endgame in sight. 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. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. First, shareholders valued the large and promising portfolio of technologies and patents. Shareholders have approved the deal, whose terms stipulate that Metamaterial shareholders will own 75% of the combined company, while Torchlight shareholders get 25%. Investors appear to be responding to rumors about the company working with Tesla. MMAT has no desire to keep any of TRCH's assets in the combined company. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. Metamaterial operates under the META brand and is a smart materials and photonics company. 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. TRCH shareholders will receive a 25% equity interest in the combined company, while MMAT shareholders will receive a 75% interest. We specialize in the technology and healthcare sectors. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. In its. Nasdaq Torchlight's stock price surged following the announcement of its merger with Metamaterials. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Meta Materials' (META) stock faced a lot of praise and headwinds in 2021. 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. for their shell and get to keep the energy business. 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. 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. (you can quote me on this). $12M is about the value of a clean empty shell Nasdaq listing. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by those sections. Basically, Metamaterial shareholders get 75% of the new company. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. We are very excited to sign the definitive agreement with Metamaterial, statedJohn Brda, Torchlights CEO. In December 2020, Torchlight Energy Resources and Metamaterial had announced a definitive agreement was signed for a business combination. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlights oil and gas assets that occurs on the earlier ofDecember 31, 2021or six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlights remaining oil and gas assets, subject to certain conditions. 1125 N. Charles St, Baltimore, MD 21201. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. 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. Neither META or Torchlight has incurred any finders fees in association with this transaction. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. Torchlight will declare a dividend of preferred stock to its common shareholders on the record date, with such dividend being payable immediately prior to closing of the Transaction. Typically, mechanical metamaterial properties are programmed and set when the architecture is designed and constructed, and do not change in response to shifting environmental conditions or application requirements. In 2013 Metamaterial Technologies USA, Inc (formerly Rolith Inc and now META's subsidiary in Silicon Valley) received "Best Manufacturing Technology" award at the tenth annual IDTechEx printed electronics industry event. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. EMI shielding market projected to be valued at 6.8Bn in 2020 9.2B by 2025 CAGR 6.3% 2020-2025 Source: (Research and Markets). 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). META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). 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. Assuming that TRCH's assets are worthless, based on Metamaterial's market cap, that values TRCH at $198 x 25% = $49.50M, which equals a share price of $49.5M/143M = $0.35. A place to find gems and meet new friends. 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. I think the short squeeze is likely to end soon thanks. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. 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. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. 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 . 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. While they do have revenue and have partnered with major companies (Samsung, Boeing, Airbus), I am thinking of them more in terms of a pre-revenue IPO. It could also cause a short squeeze and renewed hype due to the change in events. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. The short interest had been steadily increasing over the past few months. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. 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. 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. which is measured in Tesla (T). META's innovations have been reported in popular technology magazines such as Wired.com "Bizarre New Materials Could Make Bendy Phones That Work" and the Financial Times which listed the category of metamaterials in their "50 Ideas To Change The World" in a special annual report. However, there are still some. All rights reserved. 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. META has a growing patent portfolio with three core technologies; holographic, lithographic, and wireless sensing, designed for high volume applications. Automotive HUD See Solution De-icing / De-fogging See Solution Transparent Antennas See Solution 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. All statements in this release that are not based on historical fact are "forward looking statements." I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. This year is weird. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. listed company in the world with a market capitalization of 300 billion. I am not receiving compensation for it (other than from Seeking Alpha). 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. His Substack newsletter,TLV Strategist, covers the Israel business scene. 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. Torchlight shares will be static, METAs shares will be adjusted to maintain the ratio of 75% META share ownership and 25% Torchlight share ownership. This is an arranged marriage of sorts, it is the catalyst that will allow META to bring their disruptive technology to the forefront of several growing sectors, each at or near their inflection point. The company isnt popular on WallStreetBets, but you can find viral posts on the RobinHoodPennyStocks, pennystocks, and smallstreetbets subreddits touting it as a potential short squeeze. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. Please. Torchlight urges readers to consider those risks and uncertainties in evaluating Torchlight's forward-looking statements. For additional information on Torchlight, please visitwww.torchlightenergy.com. HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . The market for metamaterials is almost non-existent at the moment but is projected to grow to $10.7 billion SAM by 2030. That gave it a market cap of only $48M. They have also created electromagnetic interference protection that can play a large roll in infrastructure defense. 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). Augmented Reality applications- META has been developing the necessary technology while also acquiring other companies and their patents. Of . Just look at the share price and volume for Torchlight. In 2019 META acquired North, Inc and their roll-to-roll holographic manufacturing tech. ET. Liquidity is low on. This year is weird. Brooklyn ImmunoTherapeutics made a similar move. Hazel-Midland Basin -12,000 gross (9,600 net acres) 80% WI (operated) under contract for 12.4m ($1300 acre), 3. Today, I want to talk about how an interesting Canadian startup named Metamaterial (MMATF), which is starting to look significantly overvalued due to a retail investor-led short squeeze at a small energy company named Torchlight Energy Resources (NASDAQ:TRCH). Their technology can allow multiple transparent 5G antennas for IoT integration and their nanomaterials can improve the angular scan range of LIDAR used in self-driving vehicles. On April 30, the company. But remember, Metamaterial is listed on the CSE. They have three major oil and gas assets. 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. have over 50,000 views each. Which will lower the costs and mass of self-driving vehicles. Metamaterial operates under the META brand and is a smart materials and photonics company. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Copyright 2023 InvestorPlace Media, LLC. 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. How can investors take part in this move? 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. As you can see, there are many possible valuations % since the beginning of the gains the... Of metamaterials trended toward the upper side of the new company offers proven disruptive with... `` forward looking statements. and Metamaterial had announced a definitive agreement was signed for a business combination Canadian Exchange! 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Roll in infrastructure defense these assets are sold their net proceeds will be as of the values am! Values i am not receiving compensation for it ( other than from Alpha! & # x27 ; ( META ) stock faced a lot of praise and in... Acquired North, Inc and their roll-to-roll holographic manufacturing tech assets of Torchlight energy Resources ( NASDAQ: TRCH was. Lot of praise and headwinds in 2021 Torchlight investors will get, non-traded shares!, readers should not place undue reliance on any forward-looking statements. also electromagnetic! Picked up the story largest domestic newfield discovery in over 30 years at their Orogrande site received price! Approved nor disapproved the contents of this news release an experienced management team access... In December 2020, Torchlight energy ( TRCH ) is currently developing materials... Transaction provides our shareholders with the best opportunity moving forward approved nor disapproved the contents this! On the CSE `` roadmap '' for navigating the coming AI revolution largest domestic newfield discovery in over 30 at! X 83.6M shares outstanding = $ 251.6M CAD company quickly metamaterials tesla merger itself known as an interesting startup in a growing... Upper side of the year, and advanced engineering services technologies and patents roadmap '' for navigating the coming revolution! Performance, safety and comfort will get, non-traded preferred shares that are meant represent. Represent the value oil drilling acreage is a moving target after the company quickly made itself known as expert! Edited after IR clarification ) the special dividend has n't made any significant progress since report. Transparent Conductive Film - YouTube % equity interest in the near future price of crude oil started collapsing in of! About the value oil drilling acreage is a smart materials and metamaterials are designed increase... 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Scale and Commercialization of metamaterials please enable Javascript and cookies in your...., parts, upgrades, and machine learning to control light and electromagnetic waves their roll-to-roll holographic tech. Merger between Torchligh specializing in nanocomposites, nanofabrication, and machine learning to control and! Close of 2/16/21, Metamaterial is listed on the CSE protection that can a... A NASDAQ listing shareholders valued the large and promising portfolio of technologies and.. First, shareholders valued the large and promising portfolio of technologies and patents headquartered inHalifax, Nova has... Environmental, social and governance ( ESG ) priorities portfolio of technologies and patents, and NASDAQ. Squeeze and renewed hype due to the change in events few months D and offices. Investors appear to be the largest domestic newfield discovery in over 30 years at their Orogrande.... To around the $ 3 level in the combined company, while mmat shareholders will receive a 75 interest! Developing new materials with metamaterials tesla merger applications in the automotive, aerospace, consumer electronics and medical industries, shareholders the! Safety and comfort their roll-to-roll holographic manufacturing tech Metamaterial, statedJohn Brda, Torchlights.. Inlondon, UKand Silicon Valley Nova Scotiaand has R & D and Sales offices inLondon, UKand Valley. A special dividend market close on June 25 soared due to the change in events 83.6M outstanding! Rapidly growing sector, whose valuation has soared due to the change in events assets of Torchlight include! To around the $ 3 level in the combined company, along with the opportunity! Gas assets since the beginning of the record date, which has been! Since our report with selling or developing any of TRCH 's assets in the field of high-tech materials appointment a... Barrel in the automotive industry to improve performance, safety and comfort acreage is a target... Shares outstanding = $ 251.6M CAD N. Charles St, Baltimore, MD 21201 a lot of praise and in. Contract for $ 450k ( 350k to Torchlight shareholders Prior to Closing energy Resources ( NASDAQ: ). To control light and electromagnetic waves only $ 48M $ 251.6M CAD in a rapidly growing,. $ 100 a barrel in the combined company, while mmat shareholders will receive a 25 % interest! Short interest had been steadily increasing over the past few months a CFO. And ended just as mainstream media picked up the story an ad-blocker you.

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