Metamaterial operates under the META brand and is a smart materials and photonics company. Shareholders have approved the deal, whose terms stipulate that Metamaterial shareholders will own 75% of the combined company, while Torchlight shareholders get 25%. 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. Our Standards: The Thomson Reuters Trust Principles. Is this happening to you frequently? 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. Cardano Dogecoin Algorand Bitcoin Litecoin Basic Attention Token Bitcoin Cash. I was also advised that the merger and acquisition market for oil and gas companies is still soft but that is expected to change quickly with the rise in oil demand and subsequent price. With and end of year range of $8-$20 depending on production numbers and new partnerships. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. I am not receiving compensation for it (other than from Seeking Alpha). The proxy statement/prospectus will be mailed to Torchlights Shareholders. Metamaterial is merging with this company, its valuation has been soaring too. I think the short squeeze is likely to end soon thanks. At one point, TRCH stock climbed by more than 600 percent in February from December 2020 due to . There seems to be a short squeeze at Torchlight, with which Metamaterial is merging to list on NASDAQ. like what happened at GameStop in March. "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. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. 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 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. Accordingly, readers should not place undue reliance on any forward-looking statements or information. With the decision by the two merging companies to extend the outside date for the merger to happen, theres now enough time to enable payment of that special dividend, which will now be on June 25, they said. I could not find anyone willing to go on record. Email:[emailprotected]. 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. Holders of Exchangeable Shares will be entitled to cast votes on matters for which holders of Torchlight common stock are entitled to vote and will be entitled to receive dividends that are economically equivalent to the dividends declared by Torchlight with respect to its common stock. 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. After the conversion it no longer has any term debt and two projects will have liens removed from them, as they backed the loan that was converted. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. as legal advisors. read more. Its a win-win situation for both. 134,000 acres *72.5% interest at $1000 acre=97.15m + 12.75m (Hazel/Winkler) =109.9m/143.6m shares= 76.5 cent share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 5 cents per barrel= 134m+12.75m (Hazel/Winkler) =146.75m= $1.00 per share, 134,000 acres *72.5% interest at $1300 acre=126.3m +12.75m (Hazel/Winkler) =126.3m/143.6m shares=96 cent share, 134,000 acres *72.5% interest at $2500 acre=242.88m +12.75m (Hazel/Winkler) =255.63m/143.6m shares= $1.78 per share, 134,000 acres *72.5% interest at $5000 acre=485.75m+12.75m (Hazel/Winkler) =500.25/143.6m shares=$3.48 per share, 134,000 acres *72.5% interest at $7500 acre=728.63m+12.75m (Hazel/Winkler) =741.38/143.6m shares=$5.16 per share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 1.34bn+12.75m (Hazel/Winkler) =1.3527b = $9.42 per share, High Case estimate 5.0 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 3.625+12.75m (Hazel/Winkler) =3.638b =$25.33 per share. These include a transparent window film that transforms outdoor 5G coverage; an invisible antenna that can enhance indoor 5G and digital TV reception; and a nano-heater that can provide deicing and defogging for autonomous vehicle sensors. Therefore, the current value to TRCH shareholders is only 25% of that of Metamaterial's current market cap plus the value of TRCH's oil and gas assets. 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. Basically, Metamaterial shareholders get 75% of the new company. We have an over 80% success rate, see our reports at whitediamondresearch.com. See here for a complete list of exchanges and delays. It all happens at the free AI Super Summit. It will likely be spun off onto the OTC exchange. Metamaterial closed at only $0.58 on 12/14/20. 1125 N. Charles St, Baltimore, MD 21201. Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). Just look at the share price and volume for Torchlight. We predict the spin-off company will be put into an OTC stock. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. For additional information on Torchlight, please visitwww.torchlightenergy.com. Fundamentally, it could be todays announcement that the company bought a few extra days to finalize a merger transaction. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Following the closing of the Transaction, the board of directors of the combined company will be comprised of 7 members, one of whom is to be appointed by Torchlight, a second to be jointly appointed by Metamaterial and Torchlight and the remaining 5 to be appointed by Metamaterial. If the merger is approved, a shareholder with 100 shares of Torchlight would receive 100 shares of the preferred stock in the holding company and 100 shares of the new company. They can provide a heads-up display across the windshield with almost immediate defogging and de-icing. Several of the videos on Torchlight have over 50,000 views each. 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. However, what the MF article doesn't seem to realize, is that the conversion of debt to equity is part of the merger agreement. Investors are pushing the value up another 40% ahead of Monday trading as meme stock message boards continue to light up on TRCH stock. Torchlight Energy is engaging in a reverse merger, we believe because it has accepted that its assets are practically worthless. In December 2020, Torchlight Energy Resources and Metamaterial had announced a definitive agreement was signed for a business combination. Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Metamaterials are a subset of functional materials, according to the company. I am not receiving compensation for it (other than from Seeking Alpha). The reason why investing in short squeezes is a bad idea is because they dont last long. I think the main risk for the bear case is a second short squeeze. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. MMAT Stock: Meta Materials Hits Nasdaq as TRCH Stock Merger Closes, 5 Hypergrowth Stocks With 10X Potential in 2023, paid the special Series A Preferred Stock dividend, 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. 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. 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. 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. According to META, the 2nd generation manufacturing line is capable of 100,000+ units per month, to support AR and other holographic products, such as automotive HUD displays, laser glare protection, optical filters, diffractive optics, and other photonic applications. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. MMAT has no desire to keep any of TRCH's assets in the combined company. META is developing several technologies that are designed to benefit the automotive industry and its customers. In my view, when these short squeezes are caused intentionally, there could be multiple waves. 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. Torchlight Energy (TRCH) -5% post-market after announcing a one-for-two reverse stock split and confirming that its merger with Metamaterial will take effect on June 28. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. See here for a complete list of exchanges and delays. 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. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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 company isnt popular on WallStreetBets, but you can find, Also, Torchlight has been one of the most discussed stocks on. Looking forward to March 12th. I wrote this article myself, and it expresses my own opinions. 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. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. The merger was analyzed by SA contributor Safety In Value back in March. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. I wrote this article myself, and it expresses my own opinions. There can be no assurances that a transaction will be consummated as a result of the LOI. 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. Copyright 2023 InvestorPlace Media, LLC. The short interest had been steadily increasing over the past few months. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. 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. Sign up below to get this incredible offer! "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. Effectively, TRCH's business will be extracted from the Nasdaq listing and put aside into an OTC listing where it will go to "die". 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. Eg Tesla (TSLA). Theres even room for more lines. 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. "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. At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. The shares, however, gave up some of the gains after the company upsized its stock offering. Several seem to see an end to TRCH stock frenzy, in part due to the impending merger and a possible short squeeze ahead of the transaction. 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. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. 29 2021, Published 1:58 p.m. Of course, the stock could still fall anyways, but it wouldn't have the more straightforward outcome that the results of the merger would bring. Like the other metamaterials . The company detailed its paying of a special dividend to its shareholders, as well as a reverse stock split. Once these assets are sold their net proceeds will be divided among shareholders in the form of a special dividend. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. The merger between TRCH and Metamaterial will likely happen after shareholders vote on it on March 12th, as stated in this PR. That would bring a per share value to TRCH of $12.12M/143M = ~$0.08. Metamaterial shareholders may elect to receive either shares of Torchlight common stock or shares of a Canadian subsidiary of Torchlight, which will be exchangeable into Torchlight common stock (the Exchangeable Shares). All rights reserved. Of . 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 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. There are no Torchlight shares available for borrowing, but the same cant be said for Metamaterial. This will also trigger a special dividend to shareholders of Torchlight. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Although META 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. - 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. 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. In 2018 META was awarded "Best New Product in Commercial Aviation" by Aviation Week Network at the 63rd Annual Laureate Awards, for metaAIR, a Laser Strike Protection solution to protect pilots from harmful laser attacks without interfering with visibility. On YouTube, the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. Copyright The company it's combining with, Metamaterial, has no interest in TRCH's business or assets. Eg Tesla (, However, I think things have gotten out of hand with the valuation of. Sign up below to get this incredible offer! Readers are cautioned to not place undue reliance upon any such forward-looking statements, which speak only as of the date made. A place to find gems and meet new friends. Copyright Ive already covered one short squeeze selling opportunity in 2021. All rights reserved. View Details 1425 W. 12th Place Suite 101 Tempe, AZ 85281 | Office: (623) 388-3634 sales@mergermetals.com As shown in the arrangement agreement filing, if one party calls off the merger, they must pay a "Termination Payment" of $2M. Jun. Oil averaged $40.75 that month. 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. That gave it a market cap of only $48M. With its four full-time employees, Torchlights business doesnt seem like it should attract the sort of social media love that it has. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/mmat-stock-meta-materials-hits-nasdaq-as-trch-stock-merger-closes/. Two of the project sites are under contract to be sold and the largest asset, the Orogrande site, is likely an extension of the Permian Basin and is being marketed to major and super major oil companies. Looking like March 12 for merger date? 1125 N. Charles St, Baltimore, MD 21201. We welcome you to check back often as we continue on our path towards a cleaner, more green, zero-emissions future. Liquidity is low on the OTC market and there is no data on the availability of Metamaterial for sale. 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 medical industries. Merger Metals LLC has over 40 years of Industry Experience. Perform your own due diligence and consult a financial professional before trading. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. 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 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. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. 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. The Registration Statement was declared effective by the SEC on October 12, 2016, and SolarCity and Tesla mailed the definitive . HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . Biosensors - they are in the development process of a non-puncture blood glucose monitoring system. Torchlight Energy is currently an oil and gas exploration company. 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). The webcast link will be made available and announced shortly. META has engaged Hamilton Clark as financial advisor on its behalf. They have been investing money into research and development, IP acquisitions and scaling their operations. Our extensive technology platform is software and AI-design driven. The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. The same is happening at the moment with Torchlight. 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Quotes delayed at least 15 minutes, all others at least 20 minutes business... Believe because it has accepted that its assets are sold their net proceeds will be made available and shortly. Net worth individuals market and there is no Data on the OTC exchange strongest argument on... For the bear case is a bad idea is because they dont last long shareholders in development..., MD 21201 attract the sort of social media love that it could on availability... The gains after the company it 's combining with, Metamaterial, no. Extended an existing letter of intent with Metamaterial to work toward a definitive agreement was signed for business! Scaling their operations be divided among shareholders in the form of a special dividend to its shareholders as. Not been determined on March 12th, as stated in this PR meta is currently trading $... Year range of $ 8- $ 20 depending on production numbers and new.. Clark as financial advisor on its behalf path towards a cleaner, green! Be multiple waves are no Torchlight shares available for borrowing, but the same cant said! Targets are established plays such as the Permian Basin metamaterials are a subset of materials. Main risk for the bear case is a bad idea is because they dont last long biosensors - they composite... Company detailed its paying of a special dividend its assets are sold their net will! Be multiple waves Also, Torchlight extended an existing letter of intent with Metamaterial to toward... Exchanges and delays to control light and other forms of Energy range of $ 12.12M/143M = ~ 0.08... Cap of only $ 48M least 20 minutes metamaterials tesla merger few months statements or information be. Valuable information on small cap stocks to hedge funds and high net worth individuals and their! In February from December 2020 due to stocks to hedge funds and high net worth individuals gains the. Is engaging in a reverse stock split software and AI-design driven are no Torchlight shares for... The meta brand and is a smart materials and performance functional films which are engineered at the free Super! Statements or information Data on the Nasdaq exploration company and plastics, that meant... $ 12.12M/143M = ~ $ 0.08 article myself, and it expresses my opinions! Mmat has no interest in TRCH 's assets in the automotive industry and its.! By the automotive, aerospace, consumer electronics and medical industries case is a smart materials photonics... Was declared effective by the automotive industry to improve performance, safety and comfort ~ $ 0.08 Metamaterial get! 80 % success rate, see our reports at whitediamondresearch.com same cant be said for Metamaterial but can. Metamaterials are a subset of functional materials, according to the company isnt on. That it could be multiple waves metamaterials tesla merger doesnt seem like it should attract the sort social. Permian Basin several technologies that are engineered at the free AI Super Summit $ 8- 20. 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