Metamaterial wants a clean balance sheet for the merger to happen, it has nothing to do with freeing up the debt for TRCH's oil and gas projects. 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. If you have an ad-blocker enabled you may be blocked from proceeding. On that date, the company . Opening a small short position on the CSE could be a good idea. I think the main risk for the bear case is a second short squeeze. I have been investing in stocks since 2007.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 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. META is developing several technologies that are designed to benefit the automotive industry and its customers. It appears to only want the Nasdaq listing. Higher field strength systems cost much more. META is changing the way we use, interact with, and benefit from light and other forms of energy. The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. 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. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. 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. Metamaterial has some interesting products at the moment. For additional information on Torchlight, please visitwww.torchlightenergy.com. "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.". The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. 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. The merger was analyzed by SA contributor Safety In Value back in March. 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. Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. 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.. Please disable your ad-blocker and refresh. $12M is about the value of a clean empty shell Nasdaq listing. I am long in TRCH at 36K shares and long in MMATF at 60K shares. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. We believe the reason for this is speculation over the merger and sale of the assets. Short squeezes rarely last long and Torchlight is selling shares, which is a very good scenario to take a short position. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. "We recognize the significant value in having a national exchange listing in the United States that will provide META with better access to the capital markets," commented George Palikaras, Metamaterial's President and Chief Executive Officer. It has gone up significantly since the merger announcement. Certain stockholders of each of Torchlight and Metamaterial have executed customary voting and support agreement pursuant to which persons representing approximately 16% of Torchlights and approximately 48% of Metamaterials outstanding voting power have agreed to vote in favor of the Transaction, subject to customary applicable terms. Days later, on June 14, Torchlight declared a special dividend of Series A Preferred Stock, to be issued on a one-for-0ne basis to common stock holders on June 24. See here for a complete list of exchanges and delays. 1125 N. Charles St, Baltimore, MD 21201. 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. to the latter's decision to take advantage of the situation and raise some cash. They acquired this land at $10,471 per acre, this land was 74% proved and developed . It has appreciated substantially. I wrote this article myself, and it expresses my own opinions. 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. Metamaterials are a subset of functional materials, according to the company. Torchlight investors will get non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. 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. In 2019 META acquired North, Inc and their roll-to-roll holographic manufacturing tech. Nasdaq Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (OTCPK:VLKAF) briefly became the most valuable listed company in the world with a market capitalization of 300 billion. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. 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. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. It has been our goal for META to be a NASDAQ-listed company, stated George Palikaras, President & CEO of Metamaterial. The merger was analyzed by SA contributor Safety In Value back in March. This transaction is similar to the popular deals involving. The short interest had been steadily increasing over the past few months. Once these assets are sold their net proceeds will be divided among shareholders in the form of a special dividend. 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. Special Dividend Intended to be Issued to Torchlight Shareholders at Closing. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. (you can quote me on this). 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. These will be ultra-thin, light, flexible, can be applied to flat or curved surfaces and will be able to add onboard power and charging. 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. Is this happening to you frequently? I have no business relationship with any company whose stock is mentioned in this article. The Registration Statement was declared effective by the SEC on October 12, 2016, and SolarCity and Tesla mailed the definitive . Metamaterial Inc. is also developing unique microwave imaging algorithms in collaboration with King's College . This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. Its a win-win situation for both. Torchlight legacy shareholders will be entitled to a distribution of any values attributable to the sale of Torchlight's existing oil and gas business asset (net of Torchlight's debt, and closing expenses incurred in connection with such sale, subject to a 10% holdback to be held for a 12 month period to address any potential liabilities relating to the sale of the oil and gas assets of TRCH's pre-closing business). 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. 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. I intend to hold my shares for a minimum of two years. 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. 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. In connection with the Transaction, Torchlight and Metamaterial respectively obtained fairness opinions. Torchlights management will remain, in an advisory role focused on winding down Torchlights legacy business and maximizing the value obtained from the divestiture of Torchlights oil and gas assets. In its. They have been investing money into research and development, IP acquisitions and scaling their operations. Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. The META Note is for a 24-month term and bears interest at 8%, with principal and interest due in a lump sum at maturity. I think the short squeeze is unlikely to last for long and Metamaterial looks like a sell. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California. The company hasn't made any significant progress since our report with selling or developing any of its 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. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. Stoking some of the chat is a merger announcement on June 11 regarding Torchlight and Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known. However, a termination of the merger would likely a be a bad event for Metamaterial's share price, because then it would be stuck trading on the Canadian exchange and would have to find a new Nasdaq reverse merger candidate. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. 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. 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). 1125 N. Charles St, Baltimore, MD 21201. That was a huge move for the exploration and production company because it helped to clean up Torchlight's balance sheet. 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 The following calculations are based off numbers present by the company in March of 2020. Whats behind the move? Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. Metamaterials are a subset of functional materials, according to the company. 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. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. META has a growing patent portfolio with three core technologies; holographic, lithographic, and wireless sensing, designed for high volume applications. This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures., METAs management, led by George Palikaras, has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customers capabilities, saidGreg McCabe, Torchlights Chairman. It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. The following is a summary of the key terms of the Proposed Transaction as contemplated by the LOI. That short squeeze lasted just one week. Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. as legal advisors. View Details 1425 W. 12th Place Suite 101 Tempe, AZ 85281 | Office: (623) 388-3634 sales@mergermetals.com 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 Torchlight's expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. Looking like March 12 for merger date? They can provide a heads-up display across the windshield with almost immediate defogging and de-icing. 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.. 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. special purpose acquisition companies (SPACs). 29 2021, Published 1:58 p.m. Additional disclosure: I am not a financial adviser. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. META is an award winning Global Cleantech 100 company with products that support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy and offer more performance. And that's AFTER the merger definite agreement was announced. Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals, down 67% from 2018, according to Rystad Energy, an Oslo-based research firm. A video interview with both CEO's and Torchlight's Chairman will be available this week and separately announced with links provided. Assuming that TRCH's assets are worthless, based on Metamaterial's market cap, that values TRCH at $198 x 25% = $49.50M, which equals a share price of $49.5M/143M = $0.35. If you have an ad-blocker enabled you may be blocked from proceeding. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). 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. As well as the conversion of the company's debt to equity. Copyright 2023 InvestorPlace Media, LLC. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. A pending merger bought a couple of extra days, enough to ensure a special dividend is paid in time. 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. 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. This confirms to us that our analysis on TRCH is correct. It's a. Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. 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"). Ive already covered one short squeeze selling opportunity in 2021. 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. Shares of Meta Material Inc (MMAT.O) gave up premarket gains to fall 20% on Monday, the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy . Torchlight (TRCH) and Metamaterials (MMATF) Merger: HOW MUCH MONEY WILL WE GET! The webcast link will be made available and announced shortly. They acquired this land at $10,471 per acre. Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE SENSE! Electro Optical & Infrared Systems (EO/IR). like what happened at GameStop in March. Post from CEO of Metamaterial saying first step of merger is complete. Torchlight will loan to Metamaterial an additionalUS$500,000, in exchange for an unsecured promissory note in substantially the same form as the 8% unsecured convertible promissory note that evidences Torchlights loan to Metamaterial ofUS$500,000onSeptember 20, 2020. Is this happening to you frequently? NASDAQ is the world's 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." Please disable your ad-blocker and refresh. Metamaterial closed at only $0.58 on 12/14/20. I wrote this article myself, and it expresses my own opinions. Looking forward to March 12th. 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. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. June 28 (Reuters) - Shares of Meta Material Inc (MMAT.O) gave up premarket gains to fall 20% on Monday, the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy Resources, which was at the center of huge speculative bets by small individual traders. 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. Medical Applications META has a strong research base in photonics as well as wireless technologies, they are currently able to enhance the signals 200-500% on MRIs with their resonators and intensity correction algorithms. 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. 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. Torchlight and Metamaterial urge investors, Shareholders and other interested persons to read, when available, the proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the proposed business combination transaction. Therefore, this reverse merger is basically an admission of failure by TRCH and its shareholders, they couldn't gain any traction with their oil and gas assets to maintain their spot on the Nasdaq. 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. Eg Tesla (TSLA). The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. 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. However, I think things have gotten out of hand with the valuation of Metamaterial and it has little to do with the company itself. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. Need more information or have an interview request? - Disclosure: I am not a financial adviser. Effectively, TRCH's business will be extracted from the Nasdaq listing and put aside into an OTC listing where it will go to "die". As a result, META has won a number of industry awards and federal government grants for its pioneering work, including being named among the "2019 Global Cleantech 100", by Cleantech Group. 2023 InvestorPlace Media, LLC. Additional details will be announced if and when a Definitive Agreement is reached. The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. Aerospace and Defense- META has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies. 2008 when German auto giant Volkswagen ( exchanges and delays are not based on fact. 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Net proceeds will be made available and announced shortly a couple of extra days enough... Any Tesla vehicle with repair services, parts, upgrades, and from... Nearly the valuation or attention that it could on the NASDAQ work with them and equally about!
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