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. That short squeeze lasted just one week. META partnered with Airbus to develop and commercialize this technology. Higher field strength systems cost much more. The following is the 3-month chart for TRCH: TRCH closed at $0.46 on 12/17/20. There are no Torchlight shares available for borrowing, but the same cant be said for Metamaterial. I am not receiving compensation for it (other than from Seeking Alpha). 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).". 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. Certain stockholders of each of Torchlight and Metamaterial have executed customary voting and support agreement pursuant to which persons representing approximately 16% of Torchlights and approximately 48% of Metamaterials outstanding voting power have agreed to vote in favor of the Transaction, subject to customary applicable terms. In December 2020, Torchlight Energy Resources and Metamaterial had announced a definitive agreement was signed for a business combination. 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. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. Nasdaq How can investors take part in this move? It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. Torchlight has engaged Roth Capital Partners as financial advisor and Stikeman Elliott LLP and K&L Gates LLP as legal advisors, and Metamaterial has engaged Hamilton Clark and Cormark Securities as financial advisors and Fasken Martineau DuMoulin LLP andWilson Sonsini Goodrich& Rosati P.C. The webcast link will be made available and announced shortly. However, there are still some. 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. TRCH shareholders will receive a 25% equity interest in the combined company, while MMAT shareholders will receive a 75% interest. All rights reserved. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at [email protected] us on twitter @whiteresearch. HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. This year is weird. have over 50,000 views each. Looking forward to March 12th. As a result,. 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. 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. Special Dividend Intended to be Issued to Torchlight Shareholders at Closing. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. If you have an ad-blocker enabled you may be blocked from proceeding. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. METAs unique Nanoweb films are 98% transparent, meaning that they can be placed on any glass. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. META is developing several technologies that are designed to benefit the automotive industry and its customers. I could not find anyone willing to go on record. Ultimately, the deal is worth over $70 million.. 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.. If the dividend or share buyback yield is high - even better. Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials, Inc. official. With this reverse merger Metamaterials will be brought into the main market with Torch becoming the shell company. All quotes delayed a minimum of 15 minutes. $12M is about the value of a clean empty shell Nasdaq listing. The company isnt popular on WallStreetBets, but you can find, Also, Torchlight has been one of the most discussed stocks on. MMAT has no desire to keep any of TRCH's assets in the combined company. 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. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. Whatever value TRCH's oil and gas projects end up being won't be significant in our opinion. Whats behind the move? If the dividend or share buyback yield is high - even better. Metamaterial shares available in Canada. For those who . 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. Metamaterial closed at only $0.58 on 12/14/20. 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. I wrote this article myself, and it expresses my own opinions. Metamaterials Technologies, known as META ( MMATF :US MMAT :CAN) is currently trading at $2.66 as of 02.27.2021. 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. PLANO, TexasandHALIFAX, NS,Dec. 14, 2020/CNW/ Torchlight Energy Resources, Inc. (NASDAQ: TRCH), an oil and gas exploration company (Torchlight) and Metamaterial Inc. (Metamaterial or META) (CSE: MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing onDecember 14, 2020of a definitive agreement negotiated at arms length for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the Transaction). TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? This year is weird. Our extensive technology platform is software and AI-design driven. 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. I have no business relationship with any company whose stock is mentioned in this article. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. Google finance notes a 21.48% year over year revenue increase and META claims a $121m a year revenue potential over the next 18 months. Is this happening to you frequently? Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including risks associated with Torchlights ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas which demand could be materially affected by the economic impacts of COVID-19 and possible increases in supply fromRussiaand OPEC, the proposed business combination transaction with Metamaterial, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. Torchlight Energy Resources, Inc. (TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. TRCH shareholders will get 25% of the combined company, which at MMATF's market cap, puts TRCH's current value at 35c per share, assuming its assets are worthless. Copyright 2023 InvestorPlace Media, LLC. Do you remember the GameStop (NYSE:GME) short squeeze? "In order to unlock value potential from our national listing and access to the capital markets, we shifted some attention from the divestiture of our oil and gas assets to an acquisition strategy targeting proven disruptive technology companies with strong environmental, social and governance (ESG) priorities. Torchlights definitive proxy statement/prospectus will be mailed to Shareholders of Torchlight as of a record date to be established for voting on the transactions described in this report. They acquired this land at $10,471 per acre. Here is a DD write up and estimate by user u/Mr_Delmont. All rights reserved. This will also trigger a special dividend to shareholders of Torchlight. To learn more visit www.metamaterial.com. Is there a short squeeze? Colleran, who has previously served as CEO at ventures including Impinj and AnswerDash, said Lumotive is pursuing a step-by-step plan to catch the rising tide. 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. 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. Opening a small short position on the CSE could be a good idea. I think the main risk for the bear case is a second short squeeze. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. It also announced plans for the merger of the company to close today. 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. 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. (you can quote me on this). On December 14, 2020, the companies signed an agreement for the . 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