A short is more appealing when there's a clear endgame in sight. "We look forward to driving significant value for shareholders in our mission to make every product smarter and more sustainable by utilizing the power of light and advanced materials.". With its four full-time employees, Torchlights business doesnt seem like it should attract the sort of social media love that it has. quotes delayed at least 15 minutes, all others at least 20 minutes. 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. This year is weird. At TRCH's current share price, Metamaterial would have to have a market cap of around $2B by then in order for longs to make a gain apart from any dividend. Our Standards: The Thomson Reuters Trust Principles. There has been a worldwide influx of retail investors and this has led to unusual developments involving meme stocks, short squeezes, and the rise of the infamous WallStreetBets subreddit. It has appreciated substantially. In connection with the proposed merger, Tesla has filed with the SEC a Registration Statement on Form S-4 (Registration Statement No. On April 30, the company disclosed that it inked an agreement with a fund named Lincoln Park Capital to sell shares for up to $20.8 million. We are very excited to sign the definitive agreement with Metamaterial, statedJohn Brda, Torchlights CEO. They have been investing money into research and development, IP acquisitions and scaling their operations. I think that Metamaterial is an exciting startup, but the end of the short squeeze is likely to push down its shares back to around $3 per share. for their shell and get to keep the energy business. Is this happening to you frequently? 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. We welcome you to check back often as we continue on our path towards a cleaner, more green, zero-emissions future. I am not receiving compensation for it (other than from Seeking Alpha). Stocks rally, bonds tumble as China manufacturing rebounds, inflation weighs, Biden says 'I'm gonna raise some taxes' in March budget proposal, Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel, Exclusive: Tesla readies revamp of Model Y codenamed 'Juniper', China scoffs at FBI claim that Wuhan lab leak likely caused COVID pandemic, U.S. Air Force flags plans to buy 26 E-7 planes from Boeing, Caterpillar reaches tentative deal with union, averting possible strike, Exclusive news, data and analytics for financial market professionals. However, there are still some Metamaterial shares available in Canada. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. Lorem ipsum dolor sit amet, consectetur adipiscing elit. This transaction is similar to the popular deals involving. The webcast link will be made available and announced shortly. 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. For additional information on Torchlight, please visitwww.torchlightenergy.com. Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. have over 50,000 views each. 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. 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. Our extensive technology platform is software and AI-design driven. $12M is about the value of a clean empty shell Nasdaq listing. I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. There is no share available for short selling at Torchlight. 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. As a result,. 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. However, something unusual has been happening over the past few days. Accordingly, readers should not place undue reliance on any forward-looking statements or information. 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. 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. TRCH could announce something along the lines of: "with the new interest in our company from investors, we have terminated the merger agreement and will continue to develop our projects.". 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. Electro Optical & Infrared Systems (EO/IR). Torchlight investors will get non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to close the proposed transaction, the ability of the parties to raise necessary equity capital, approval of the transaction and continued listing by the NASDAQ, approval of the Canadian Securities Exchange, receipt of shareholder approval and required third party and regulatory consents, the risk that Torchlight may not be able to dispose of its oil and gas assets on favorable terms or at all, risks related to the technology industry, market strategic and operational activities, and managements ability to manage and to operate the business. Several of the videos on Torchlight have over 50,000 views each. 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 . The proxy statement/prospectus will be mailed to Torchlights Shareholders. 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. Fundamentally, it could be todays announcement that the company bought a few extra days to finalize a merger transaction. Is there a short squeeze? Therefore, they will be spun-off into another company. The reason why investing in short squeezes is a bad idea is because they dont last long. They acquired this land at $10,471 per acre, this land was 74% proved and developed . This February META acquired Interglass Technology AG of Switzerland, their IP and over 70 patents. 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. 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. 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. Post from CEO of Metamaterial saying first step of merger is complete. 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. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. All statements that address operating performance or events or developments Torchlight expects or anticipates will occur in the future, such as stated objectives or goals, Torchlight's refinement of strategy, Torchlight's attempts to secure additional financing, Torchlight's exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. An entity owned by Greg McCabe, Torchlight's Chairman, provided a bridge loan to Torchlight for USD $1.5 Million with a conversion feature of $.375 per common share of Torchlight. Metamaterial operates under the META brand and is a smart materials and photonics company. 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. 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. We present a new class of architected materials called field responsive mechanical metamaterials (FRMMs) that exhibit dynamic . We have an over 80% success rate, see our reports at whitediamondresearch.com. If no sales occur, then they will receive an equity interest in a spin-off entity that holds TRCH remaining oil and gas assets.". Torchlight also announced that it implemented a 1 . We believe this Transaction provides our shareholders with the best opportunity moving forward. Stoking some of the chat is a merger announcement on June 11 regarding Torchlight and Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. It's a totally unrelated company to TRCH's oil and gas exploration business. Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE SENSE! 1125 N. Charles St, Baltimore, MD 21201. Our Tesla Roadster expertise is particularly unparalleled and our electronics lab offers advanced services including PEM repair and rebuilds, ESS Battery Pack repair and recovery, firmware upgrades, and a variety of aftermarket products. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. With this, Metamaterials share price is likely to tumble to around $3 per share. 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. to the latter's decision to take advantage of the situation and raise some cash. I have no business relationship with any company whose stock is mentioned in this article. Not only will their loyalty be rewarded with ownership in Metamaterials, they will also retain full value in our oil and gas assets through the Special Dividend.". 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. 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. Aerospace and Defense- META has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. Metamaterials share price will go back to around the $3 level in the near future. It is intended to reposition Torchlight into the multi-billion-dollar Advanced Materials market1 as a global cleantech and technology leader. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. 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. Opening a small short position on the CSE could be a good idea. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). For those who . 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. With and end of year range of $8-$20 depending on production numbers and new partnerships. Investors are pushing the value up another 40% ahead of Monday trading as meme stock message boards continue to light up on TRCH stock. META shall appoint the 5 remaining members of the Board, which members must include the required number of independent members to maintain the NASDAQ listing requirement. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. In 2020 to date, META has been granted 11 new patents. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. We believe the reason for this is speculation over the merger and sale of the assets. META has a growing patent portfolio with three core. Like I explained in my article on KULR Technology Group (KULR), this is what I like to see in a startup a rapidly growing market and great products and partnerships. Do you remember the GameStop (NYSE:GME) short squeeze? Just look at the share price and volume for Torchlight. Its a win-win situation for both. 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. But . That was a huge move for the exploration and production company because it helped to clean up Torchlight's balance sheet. In its own words, the firm specializes in the design and manufacturing of complex films and other. 333-213390) containing a joint proxy statement/prospectus of SolarCity and Tesla. Founded META in 2011, prior to that he founded MediWise, a wireless medical sensor company, he was also an antenna design engineer with AceAxis. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. Housing Market Crash Alert: Mark Your Calendars for Feb. 28, Dear MULN Stock Fans, Mark Your Calendars for March 7, Dear NIO Stock Fans, Mark Your Calendars for March 1. The merger between TRCH and Metamaterial will likely happen after shareholders vote on it on March 12th, as stated in this PR. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. If you have an ad-blocker enabled you may be blocked from proceeding. The assets of Torchlight energy include three project sites, an experienced management team, access to capital, and a NASDAQ listing. 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. I am excited to work with the META team and equally excited about the outcome for our faithful Torchlight shareholders.. Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. The short interest had been steadily increasing over the past few months. It all happens at the free AI Super Summit. . Metamaterial and it has little to do with the company itself. Perform your own due diligence and consult a financial professional before trading. I could not find anyone willing to go on record. Oil averaged $40.75 that month. Entry into a transaction will be subject to satisfactory completion of due diligence by both parties, negotiation of a Definitive Agreement and audits of Torchlight and META. 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. As well as the conversion of the company's debt to equity. Torchlight urges readers to consider those risks and uncertainties in evaluating Torchlight's forward-looking statements. Special Dividend Intended to be Issued to Torchlight Shareholders at Closing. The industry leader for online information for tax, accounting and finance professionals. Perform your own due diligence and consult a financial professional before trading. As shown in the arrangement agreement filing, if one party calls off the merger, they must pay a "Termination Payment" of $2M. To learn more visit www.metamaterial.com. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. Sign up below to get this incredible offer! META has a growing patent portfolio and is currently developing new materials with diverse applications in concert with companies in the automotive, aerospace, energy, consumer electronics and. The following is a summary of the key terms of the Proposed Transaction as contemplated by the LOI. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Higher field strength systems cost much more. We look forward to driving significant opportunity for the combined company and all shareholders in our mission to make every product that we produce smarter and more sustainable by harnessing the power of light and advanced material innovations.. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. 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. For additional information on Torchlight, please visit www.torchlightenergy.com. This will allow them to apply their embedded metamaterial and functional film elements with precision cast corrective lenses. Meta Materials will be buying all issued and outstanding shares of Nanotech stock for a set price of $1.25 per share as a part of the merger. 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. TRCH stock had more than doubled this month. I wrote this article myself, and it expresses my own opinions. All quotes delayed a minimum of 15 minutes. Torchlight announced Friday that its. It would probably fall on this news, as it has also appreciated significantly over the last few months likely due to the anticipated merger. At this point I think their customer service reps probably have PhDs. As Cathie Wood stated in the last ARK webinar, she is anticipating a bifurcated V-shaped recovery which will reward companies that have invested in innovation rather than in pandering to shareholders. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. 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. 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