Aerospace and Defense- META has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies. It all happens at the free AI Super Summit. 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 PLANO, TX and HALIFAX, NS / ACCESSWIRE / September 21, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. ("META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the execution of a non-binding letter of intent ("LOI", signed on September 15, 2020), for Torchlight to acquire 100% of META and to divest within the first half of 2021 Torchlight's oil and gas assets for the benefit of Torchlight's legacy shareholders (the "Proposed Transaction"). Disclosure: I am/we are short TRCH. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. I wrote this article myself, and it expresses my own opinions. Upon completion of the Transaction, shareholders of Metamaterial are expected to hold an approximate 75% equity interest in the combined company while Torchlight shareholders will retain an approximate 25% equity interest in the combined company, subject to the pre-closing financing described below. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. For further information: Investor Relations and Media Contacts: Graham Farrell, Harbor Access LLC (416) 842 9003[emailprotected], Mark Komonoski, Director Capital Markets and IRMetamaterial Inc. 877-255-8483[emailprotected], Torchlight Derek Gradwell Integrous Communications 512-270-6990[emailprotected],[emailprotected], Meta Materials Inc. The whole stock market depends only on whether there are more shares than idiots or more idiots than shares. Prior to closing, Torchlight must raise gross proceeds of at least$10 millionthrough the issuance of common stock or securities convertible into or exercisable for common stock, less the value of loans Torchlight has made to Metamaterial. 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. ), 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: Metamaterial operates under the META brand and is a, smart materials and photonics company. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at Torchlight. That short squeeze lasted just one week. A short is more appealing when there's a clear endgame in sight. However, there are still some Metamaterial shares available in Canada. META has a growing patent portfolio with three core. Merger Metals LLC has over 40 years of Industry Experience. The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally. 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. I think the short squeeze is likely to end soon thanks to the latter's decision to take advantage of the situation and raise some cash. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. 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. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. Oil averaged $40.75 that month, Conoco Phillips acquires Concho resources in 9.7 BN all stock transaction, adding 550,000 acres in the Permian basin and 200,000 b/d. Metamaterial shares available in Canada. 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 those risks and uncertainties described in or implied by the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of Torchlight's 2019 Annual Report on Form 10-K, filed on March 16, 2020 and Torchlight's other reports filed from time to time with the Securities and Exchange Commission. Perform your own due diligence and consult a financial professional before trading. On December 14, 2020, the companies signed an agreement for the . They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties. I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. The oil and gas exploration and production company based out of Plano, Texas, has become something of a regular on meme chats and threads, likeReddits r/WallStreetBets and other subreddits, in recent weeks. Since 2011, approximately CAD $60MM has been invested in META, yielding a sizable IP portfolio. The board of Torchlight realized that their resource rich holdings were not enough to survive and thrive in the changing economy, and that a new path was necessary. that it inked an agreement with a fund named Lincoln Park Capital to sell shares for up to $20.8 million. Readers are cautioned to not place undue reliance upon any such forward-looking statements, which speak only as of the date made. That was a huge move for the exploration and production company because it helped to clean up Torchlight's balance sheet. Is this happening to you frequently? META's products are designed and manufactured with environmental sustainability as a high priority. If you have an ad-blocker enabled you may be blocked from proceeding. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). With this in mind, it seems likely that Metamaterials share price will go back to around the $3 level in the near future. META has also partnered with Lockheed Martin and the Canadian Government's Sustainable Development Technology Canada (SDTC) fund to develop metaSOLARTM a new solar energy product suitable for the transportation industry. Prior to closing, all debt of Torchlight is to be converted into common stock or repaid in full, excepting senior secured debt that may alternatively be modified such that the debtholders sole recourse in respect thereof will be against Torchlights pre-closing oil and gas assets. There are no shares of Torchlight available for borrowing. CEO and Founder -George Palikaras Ph.D. Need more information or have an interview request? MMAT has no desire to keep any of TRCH's assets in the combined company. 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. Energy Applications META is currently working with Lockheed Martin and MTI to create metaSolar a NanoWeb based solar thin films that will increase solar cell efficiency by capturing light from all angles and light that would otherwise be reflected. Torchlight Energy is engaging in a reverse merger, we believe because it has accepted that its assets are practically worthless. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. This transaction is similar to the popular deals involving. All rights reserved. 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"). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Metamaterial does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise. - Andr Kostolany. have over 50,000 views each. . Whats behind the move? 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Torchlight investors will get non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. 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. They have also created electromagnetic interference protection that can play a large roll in infrastructure defense. TRCH stock had more than doubled this month. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. 3rd party valuation of potential recoverable hydrocarbons, 2. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. 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. Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? 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. Therefore, they will be spun-off into another company. Effectively, TRCH's business will be extracted from the Nasdaq listing and put aside into an OTC listing where it will go to "die". 2023 InvestorPlace Media, LLC. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. If it's a value stock - great. 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. 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.". Do you remember the GameStop (NYSE:GME) short squeeze? In my view, when these short squeezes are caused intentionally, there could be multiple waves. Once the two companies combine, it will just be Metamaterial. Is there a short squeeze? With its four full-time employees, Torchlights business doesnt seem like it should attract the sort of social media love that it has. The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. The closing of the Transaction is subject to the satisfaction or waiver of customary closing conditions, including approvals by NASDAQ and the Canadian Securities Exchange (CSE), Canadian court approval, and approval by the shareholders of both companies. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. 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. 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. Torchlight announced Friday that its. (you can quote me on this). Such persons can also read Torchlights Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019, for a description of the security holdings of its officers and directors and their respective interests as security holders in the consummation of the transactions described herein. ET. If it's a value stock - great. Please. Opening a small short position on the CSE could be a good idea. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. 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 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. The webcast link will be made available and announced shortly. It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. They just received a 10m loan from Torchlight to continue this expansion. 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. 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. 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. You can view it, Metamaterial shareholders get 75% of the new company. We believe the reason for this is speculation over the merger and sale of the assets. 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. Copyright 2023 InvestorPlace Media, LLC. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. Opening a small short position on the CSE could be a good idea. It has gone up significantly since the merger announcement. Torchlight available for borrowing. 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. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to reach agreement on definitive agreements, 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 management's ability to manage and to operate the business. There is no share available for short selling at Torchlight. The company stated that it believes it will be positioned to capture a significant portion of this market by being able to mass manufacture, on a cost-effective basis, the required holographic optical components for the augmented reality smart glasses market. Post from CEO of Metamaterial saying first step of merger is complete. No forward-looking statement can be guaranteed. Upon closing, these two bridge loans, including the aggregate principal and unpaid interest, are to be included in, and credited against, the$10 millionpre-closing financing described above, with such notes to be deemed cancelled and paid in full. 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. 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. 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. 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. 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.". Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Found a Gem in Troika Media Group inHalifax, Nova Scotiaand has R & D and Sales offices inLondon UKand... To support any Tesla vehicle with repair services, Inc. all rights reserved here to support any Tesla with. Stated George Palikaras, President & CEO of Metamaterial saying first step of merger is complete i this. 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