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. Torchlight and Metamaterial will prepare a proxy statement/prospectus for Torchlights Shareholders to be filed with the SEC. "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. 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. Post from CEO of Metamaterial saying first step of merger is complete. 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. The Proposed Transaction remains subject to completion of a due diligence review by each party and negotiation of definitive agreements and the structure may change due to tax or other transaction considerations. Additional disclosure: I am not a financial adviser. The merger was analyzed by SA contributor Safety In Value back in March. ", "META's management, led by George Palikaras has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customer's capabilities," said Greg McCabe, Torchlights Chairman. With its four full-time employees, Torchlights business doesnt seem like it should attract the sort of social media love that it has. The webcast link will be made available and announced shortly. that it inked an agreement with a fund named Lincoln Park Capital to sell shares for up to $20.8 million. You can view it, Metamaterial shareholders get 75% of the new company. What could be a risk, is if the merger is called off. 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. Fundamentally, it could be todays announcement that the company bought a few extra days to finalize a merger transaction. There can be no assurances that a transaction will be consummated as a result of the LOI. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. Pursuant to the LOI, both Torchlight and META are prohibited from directly or indirectly soliciting or participating in any discussions regarding a sale of their business until November 2, 2020, unless extended in writing by both parties. How can investors take part in this move? This transaction will enhance our ability to pursue a broad range of opportunities and attract additional world-class talent. Metamaterial closed at only $0.58 on 12/14/20. That short squeeze lasted just one week. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. Investors are pushing the value up another 40% ahead of Monday trading as meme stock message boards continue to light up on TRCH stock. There can be no assurances that the Transaction will be consummated. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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. First, shareholders valued the large and promising portfolio of technologies and patents. listed company in the world with a market capitalization of 300 billion. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. Which will lower the costs and mass of self-driving vehicles. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Torchlights directors in its Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019, which was filed with the SEC onMarch 16, 2020. Only the Nasdaq listing. 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. I wrote this article myself, and it expresses my own opinions. No forward-looking statement can be guaranteed. Metamaterials are a subset of functional materials, according to the company. 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. Of . Torchlight shares will be static, METAs shares will be adjusted to maintain the ratio of 75% META share ownership and 25% Torchlight share ownership. 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. Torchlight has assets focused in West andCentral Texaswhere their targets are established plays such as the Permian Basin. Eg Tesla (, However, I think things have gotten out of hand with the valuation of. Metamaterials Technologies, known as META ( MMATF :US MMAT :CAN) is currently trading at $2.66 as of 02.27.2021. As you can see, there are many possible valuations. Copyright They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. I have no business relationship with any company whose stock is mentioned in this article. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Effectively, TRCH's business will be extracted from the Nasdaq listing and put aside into an OTC listing where it will go to "die". Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known. 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. 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). Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. 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. Biosensors - they are in the development process of a non-puncture blood glucose monitoring system. 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.. Perform your own due diligence and consult a financial professional before trading. All statements in this release that are not based on historical fact are "forward looking statements." As a result,. The proxy statement/prospectus will be mailed to Torchlights Shareholders. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. Accordingly, readers should not place undue reliance on any forward-looking statements or information. 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. 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. Cardano Dogecoin Algorand Bitcoin Litecoin Basic Attention Token Bitcoin Cash. Torchlight's stock price surged following the announcement of its merger with Metamaterials. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . Torchlights Shareholders will also be able to obtain a copy of such documents, without charge, by directing a request to:John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite 3600,Plano, Texas75093; e-mail:[emailprotected]. 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 cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties. 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. The reason why investing in short squeezes is a bad idea is because they dont last long. CTO Jonathan Waldern stated, Under a new brand name, metaFUSION, we are now applying that proven technology and other functionality directly encapsulated into eyeglasses, to compliment waveguide-based displays similar to HoloLens.. META has a growing patent portfolio with three core technologies; holographic, lithographic, and wireless sensing, designed for high volume applications. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I was told that 50 cents a barrel was a valid price for the amount of potential oil with the limited studies that have been done. However, there are still some. The combined entity will continue to service a clientele of world-class OEM customers for a range of applications in the automotive, aerospace and defense, energy, consumer electronics and medical markets. Its a win-win situation for both. Again, assuming that TRCH's assets are worthless and not including any special dividend, if the merger happened today, TRCH shareholders would face a 90% loss on their investment. See here for a complete list of exchanges and delays. I am long in TRCH at 36K shares and long in MMATF at 60K shares. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. Additional details will be announced if and when a Definitive Agreement is reached. The whole stock market depends only on whether there are more shares than idiots or more idiots than shares. META is changing the way we use, interact with, and benefit from light and other forms of energy. 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. In its. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. 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. 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. The following is a summary of the key terms of the pending Transaction as contemplated by the Arrangement Agreement. All statements in this release that are not based on historical fact are forward looking statements. These statements may be identified by words such as estimates, anticipates, projects, plans, strategy, goal, or planned, seeks, may, might, will, expects, intends, believes, should, and similar expressions, or the negative versions thereof, and which also may be identified by their context. This discovery coincided with economic collapse of oil due to Covid crisis. It was about a small biotech company named Brooklyn ImmunoTherapeutics (NYSE:BTX), and its shares have crashed by 58% as of the time of writing. Please disable your ad-blocker and refresh. The same is happening at the moment with Torchlight. have over 50,000 views each. They acquired this land at $10,471 per acre. 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. They just received a 10m loan from Torchlight to continue this expansion. Torchlight's management is to remain in an advisory role focused on winding down the Torchlight legacy business and maximizing the value obtained from the divestiture of the Torchlight oil and gas assets. View Details 1425 W. 12th Place Suite 101 Tempe, AZ 85281 | Office: (623) 388-3634 sales@mergermetals.com 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. Torchlight. 3rd party valuation of potential recoverable hydrocarbons, 2. Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. For reference WTI is currently at $61.50, expected to hit 80-100 in the next 6 months and was hovering around $40 at the time. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. Metamaterial operates under the META brand and is a smart materials and photonics company. Torchlight Energy Resources, Inc. (TRCH), based inPlano, 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.

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