![]() 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. For additional information on Torchlight, please visit Forward-Looking Statement Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. (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. ![]() I look forward to working with the management of Meta Materials Inc. "We plan to continue our efforts related to our asset divestiture to provide a positive outcome for Preferred A Stockholders as well as entering this new chapter for the combined Company. ![]() for their long time support, enthusiasm and efforts in making this merger a success," commented John Brda, Torchlight's Chief Executive Officer. "I would like to take this opportunity to thank all of Torchlight's shareholders, its Board and the team at Metamaterial Inc. as of Monday morning) for each share of Metamaterial Inc., to reflect the reverse split impact on total outstanding shares of Torchlight. shareholders owned the same approximate 75% after the reverse split, the exchange ratio was divided by 2, to 1.845 shares of Torchlight (which will be renamed Meta Materials Inc. shareholders owning approximately 75% of the resulting post-merger company, Meta Materials Inc, subject to financings prior to the closing of the business combination. This exchange ratio was planned to result in the Metamaterial Inc. shareholders would receive 3.690 shares of Torchlight common stock in exchange for each of their shares of Metamaterial. Prior to the implementation of the reverse stock split, it was expected that Metamaterial, Inc. Commencing on JTorchlight's name will be changed to "Meta Materials Inc." and its common stock will begin trading on NASDAQ under the ticker symbol "MMAT." were completed on Jand therefore Torchlight expects that the business combination will be effective on Jas of 12:01 AM EDT. Torchlight also announced that the steps necessary to close the business combination with Metamaterial Inc. The 1 for 2 ratio represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders. The reverse split, which will become effective after market closing on June 25, 2021, was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. ![]() (NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), today announced that it paid the special Series A Preferred Stock dividend on a 1 for 1 basis to its stockholders of record on June 24, 2021. We’ve got stories covering the top five penny stocks on the move today, why blockchain stocks are taking a beating, and plenty of other news worth looking into.PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc. offers incredibly in-depth daily coverage of the stock market and today is no different. Of course, there’s plenty more stock market newsworth looking into today besides just this. TRCH stock was up 42.3% as of noon Monday and is up 1,152.1% since the start of the year. That’s a massive surge in activity compared to its daily average trading volume of about 16 million shares.As of this writing, more than 225 million shares of TRCH stock have changed hands.Those predictions are coming true as the company is seeing incredibly heavy trading of its shares today.It’s also worth pointing out that TRCH stock was talked about as a potential short squeeze target over the weekend.It’s set to be paid out to investors in TRCH stock on June 25.Luckily, they won’t have to wait long for the merger dividend.Ĩ High-Risk Stocks to Buy That Are Worth Taking a Chance On.That’s a massive range for the special merger dividend that investors will have to hold out for.However, analysts are expecting to range from anywhere between $1 per share and $20 per share.Investors that are wondering how much the dividend will payout still don’t have any concrete details. ![]() They will also have to continue to hold those shares through June 24 to be eligible for the dividend.Starting off, it’s worth noting that investors will have to be on record as holding TRCH stock starting on June 22.Here’s everything investors need to know about the merger and what kind of dividend holders of TRCH stock can expect. ![]()
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