There are at least a few parallels between Meta Materials and Senseonics (NYSEAMERICAN: SENS). When it completed the business combination with Torchlight Energy Resources the accompanying press release noted that it would discuss recent events and future growth initiatives on July 6. It is apparent that it is attempting to further establish its position within health and wellness in particular.
Meta Materials technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Ostensibly that cash will be directed toward materials development alone since its newly purchased oil assets are being sold.īased on those assumptions, is MMAT stock worth establishing a position in? A Closer Look at TRCH Stock As a result of the combination, it has $160 million in cash with nearly zero debt. The focal point moving forward for potential investors is whether Meta Materials makes sense as an investment. T orchlight CEO John Brda will remain with the new business combination while its oil & gas assets are disposed of. Meta Materials shareholders are expected to own 75% of the combined company, while Torchlight shareholders get 25%. Nevertheless, it seems that the terms of the deal were enough to entice shareholders to agree to the merger. Yet the acquirer profile looked to be a larger oil E&P company. TRCH stock had long been considered an acquisition target. The synergies leading to the business combination are somewhat unclear. Torchlight Energy Resources was an oil & gas exploration firm that operated in Texas. Meta Materials is a company that develops functional materials and nanocomposites. In its most recent filing, TRCH reported that its oil and natural gas revenues for the first three months of 2021 were 97% lower than they were a year ago.Source: Minerva Studio /
#TORCHLIGHT STOCKS FREE#
Nevertheless, TRCH isn’t turning a profit like the US shale industry is, which is poised to generate some $30 billion of free cash this year. Oil prices have rebounded from a collapse in demand caused by the pandemic, which may help Torchlight (TRCH) to increase its share price. In December, Torchlight announced plans to merge with Metamaterial, a Canadian company noted for its expertise in “complex films and metamaterials.” Will rising demand boost TRCH? In contrast, Bloomberg wrote about the sudden rise in the Torchlight stock price, that its shares more than doubled in a week following a discussion on Reddit about a possible short squeeze. In order to close the Arrangement by June 30, 2021, TRCH will need to obtain approvals from required authorities.
#TORCHLIGHT STOCKS SERIES#
Dividends will be paid on June 25th for Series A Preferred Stock.By extending the record date until June 24, 2021, the special Series A Preferred Stock dividend, declared on June 14, 2021, can be paid on June 25th.Yesterday, Torchlight announced that TRCH and Metamaterial Inc have extended the date by which the business combination transaction (the “Arrangement”) needs to be completed to June 30, 2021. As an explorer, TRCH targets well-established plays such as the Permian Basin in West and Central Texas. In order to achieve its primary objective, TRCH purchases and develops domestic oil fields.
Located in Plano, Texas, Torchlight is an Exploration and Production (E&P) company with a high growth rate. On extending the deadline for its business combination transaction, TRCH stock has been gaining traction. A total of 129.61 million shares are outstanding, and the market value of the company currently stands at $1.24 billion.
For the past three months, TRCH stock has advanced by 333.19%, while over the past six months it has declined by 2059.34%. In the last year, TRCH shares have increased by 2481.99%, and they increased by 177.09% in the past week. The number of TRCH shares traded was 378.95 million, compared with an average of 26.41 million per day over the past 50 days. During Monday’s regular trading session, Torchlight gained 58.21% to close at $9.92. ( TRCH) shares were up 7.06% to $10.62 in after-hours trading at last check.
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