All statements in this release that are not based on historical fact are "forward looking statements." While they do have revenue and have partnered with major companies (Samsung, Boeing, Airbus), I am thinking of them more in terms of a pre-revenue IPO. I wrote this article myself, and it expresses my own opinions. The newly merged company begins trading today as the Nasdaq's first 'metamaterials' stock. 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. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. The dividend will be one preferred share on a pro rata basis of the holding company holding the net proceeds (or assets if they have not yet sold). See here for a complete list of exchanges and delays. All rights reserved. valued at much less. They have been investing money into research and development, IP acquisitions and scaling their operations. The Proposed Transaction represents a strategic shift for Torchlight. Investors appear to be responding to rumors about the company working with Tesla. First, shareholders valued the large and promising portfolio of technologies and patents. 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's stock price surged following the announcement of its merger with Metamaterials. NASDAQ is the worlds premier technology exchange, providing us with the best platform to expand awareness of Metamaterial on the global stage and fully realize the value of our portfolio of innovative, sustainable products. commented Ram Ramkumar, Metamaterials Chairman. Nasdaq However, there are still some Metamaterial shares available in Canada. Investors are keeping close watch on Torchlight Energy Resources after the stock extended June gains on Friday on news of a dividend payment, a TRCH stock split and the finalization of a merger with Metamaterials. 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. His Substack newsletter,TLV Strategist, covers the Israel business scene. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. I think the short squeeze is likely to end soon thanks. I intend to hold my shares for a minimum of two years. 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. special purpose acquisition companies (SPACs). 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. No forward-looking statement can be guaranteed. 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. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. META has a growing patent portfolio with three core. There seems to be a short squeeze at Torchlight, with which Metamaterial is merging to list on NASDAQ. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. quotes delayed at least 15 minutes, all others at least 20 minutes. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Whats behind the move? The recent loan from Torchlight does not figure into the numbers below. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known. Its a win-win situation for both. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. They have also created electromagnetic interference protection that can play a large roll in infrastructure defense. In a reverse takeover to list on the Nasdaq and access the U.S. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. 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. Through this reverse merger Torchlight receives a 25% stake in META. It all happens at the free AI Super Summit. ET. 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.. Metamaterial closed at only $0.58 on 12/14/20. The following is the 3-month chart for TRCH: TRCH closed at $0.46 on 12/17/20. But remember, Metamaterial is listed on the CSE. Like the other metamaterials . Aerospace and Defense- META has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies. I have no business relationship with any company whose stock is mentioned in this article. Except as otherwise required by the federal securities laws, Torchlight disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in its expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. This discovery coincided with economic collapse of oil due to Covid crisis. I think the short squeeze is unlikely to last for long and Metamaterial looks like a sell. His Substack newsletter,TLV Strategist, covers the Israel business scene. 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. Additional Information and Where to Find It. I could not find anyone willing to go on record. META is changing the way we use, interact and benefit from light. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from Fintel. The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. Lorem ipsum dolor sit amet, consectetur adipiscing elit. . 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. We believe its oil and gas assets are worthless, or worth very little, and that will be confirmed in time if the company won't be able to sell them, as we expect to happen. 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. Post from CEO of Metamaterial saying first step of merger is complete. 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. 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. On April 30, the company. design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. Torchlight has engaged Roth Capital Partners as financial advisor in connection with the transaction. 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. There can be no assurance that the parties will reach agreement on the terms of definitive agreements or that the Proposed Transaction will be completed as currently contemplated or at all. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. If a Definitive Agreement is entered into, it is expected that the closing of a transaction will include customary closing conditions, including NASDAQ and CSE approval and approval by the shareholders of both companies, in addition to the closing conditions described above. However, there are still some. After the merger is complete META will be the company name and it will be listed on the NASDAQ. META is changing the way we use, interact with, and benefit from light and other forms of energy. Metamaterial Inc. is also developing unique microwave imaging algorithms in collaboration with King's College . Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. 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. Torchlight Energy is engaging in a reverse merger, we believe because it has accepted that its assets are practically worthless. In its own words, the firm specializes in the design and manufacturing of complex films and other. I think the main risk for the bear case is a second short squeeze. Here is a DD write up and estimate by user u/Mr_Delmont. Metamaterial and it has little to do with the company itself. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. 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. Please disable your ad-blocker and refresh. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Short squeezes rarely last long and Torchlight is selling shares, which is a very good scenario to take a short position. "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. 1125 N. Charles St, Baltimore, MD 21201. Automotive Applications These applications are the root of current Tesla rumors, but these technologies can and will be applied across the next generation of cars. With and end of year range of $8-$20 depending on production numbers and new partnerships. This year is weird. 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. 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. Of . 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. Combine this sector with other markets like advanced materials, IoT, medical, energy, aerospace, and automotive markets, and the market opportunity grows beyond $3 trillion. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. 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. The whole stock market depends only on whether there are more shares than idiots or more idiots than shares. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. The company isnt popular on WallStreetBets, but you can find viral posts on the RobinHoodPennyStocks, pennystocks, and smallstreetbets subreddits touting it as a potential short squeeze. On December 14, 2020, the companies signed an agreement for the . While Torchlight's refinement of strategy 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. We predict the spin-off company will be put into an OTC stock. This Proposed Transaction is the first step in that effort, providing our shareholders with access to the multi-billion-dollar target market and new applications that are being revolutionized with sustainable technologies, while allowing them to participate in the future upside from our oil and gas asset divestitures. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. 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 a result,. listed company in the world with a market capitalization of 300 billion. That was a huge move for the exploration and production company because it helped to clean up Torchlight's balance sheet. We believe this Transaction provides our shareholders with the best opportunity moving forward. Disclosure: I am/we are short TRCH. The following is a summary of the key terms of the pending Transaction as contemplated by the Arrangement Agreement. Have been investing money into research and development, IP acquisitions and scaling operations. Transaction as contemplated by the Arrangement agreement learning to control light and other the key terms the. Historical fact are `` forward looking statements. the strongest argument relying on authoritative content, attorney-editor expertise and... 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