CEO and Founder -George Palikaras Ph.D. , this is what I like to see in a startup a rapidly growing market and great products and partnerships. 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. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. I am not receiving compensation for it (other than from Seeking Alpha). Like the other metamaterials . If you have an ad-blocker enabled you may be blocked from proceeding. 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. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. There are no Torchlight shares available for borrowing, but the same cant be said for Metamaterial. 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. All statements that address operating performance or events or developments Torchlight Energy Resources expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. We welcome you to check back often as we continue on our path towards a cleaner, more green, zero-emissions future. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. 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. Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. Just look at the share price and volume for Torchlight. 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. It appears to only want the Nasdaq listing. The merger was analyzed by SA contributor Safety In Value back in March. Shareholders have approved the deal, whose terms stipulate that Metamaterial. 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. This confirms to us that our analysis on TRCH is correct. If the merger is approved, a shareholder with 100 shares of Torchlight would receive 100 shares of the preferred stock in the holding company and 100 shares of the new company. Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Metamaterials CEO,George Palikaraswill be appointed CEO of the combined company, along with the appointment ofKenneth L. Riceas CFO and Executive Vice President. I wrote this article myself, and it expresses my own opinions. Torchlight also announced that it implemented a 1 . design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. Valuation The value oil drilling acreage is a moving target after the price of crude oil started collapsing in March of 2020. Torchlight to acquire META through the issuance of common stock, such that at closing, the former equity holders of Torchlight would own 25% of the combined company (the "Combined Company") with the former equity holders of META owning the remaining 75% and META becoming a wholly-owned subsidiary of Torchlight. Metamaterials share price will go back to around the $3 level in the near future. Oil averaged $40.75 that month. Torchlights Shareholders will also be able to obtain a copy of such documents, without charge, by directing a request to:John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite 3600,Plano, Texas75093; e-mail:[emailprotected]. For additional information on META, please visitwww.metamaterial.com, This release includes forward-looking information within the meaning of Canadian securities laws regarding Metamaterial and its business, which may include, but are not limited to, statements with respect to the terms and anticipated timing of the proposed transaction, the intention to raise equity capital, the potential continued listing on the NASDAQ and the benefits thereof, the disposition of Torchlights oil and gas assets, the approval of the Transaction by the shareholders of Metamaterial, the business strategies, product development and operational activities of Metamaterial and Torchlight. However, there are still some Metamaterial shares available in Canada. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. Please disable your ad-blocker and refresh. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. Torchlight Energy Resources, Inc. (TRCH), based inPlano, 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. As you can see, there are many possible valuations. Shareholders have approved the deal, whose terms stipulate that Metamaterial shareholders will own 75% of the combined company, while Torchlight shareholders get 25%. 1125 N. Charles St, Baltimore, MD 21201. At TRCH's current share price, Metamaterial would have to have a market cap of around $2B by then in order for longs to make a gain apart from any dividend. After the merger and up-listing to the NASDAQ, I expect META to be trading no lower than $5. Metamaterials are a subset of functional materials, according to the company. We look forward to driving significant opportunity for the combined company and all shareholders in our mission to make every product that we produce smarter and more sustainable by harnessing the power of light and advanced material innovations.. All rights reserved. Torchlight, Metamaterial and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Torchlight Shareholders in connection with the proposed business combination. 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. 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. This release includes forward-looking information within the meaning of Canadian securities laws regarding META and its business, which may include, but are not limited to, statements with respect to the terms and anticipated timing of the Proposed Transaction, the intention to raise equity capital, the potential continued listing on the NASDAQ, the disposition of Torchlight's oil and gas assets, the business strategies, product development and operational activities of META and Torchlight. With the decision by the two merging companies to extend the outside date for the merger to happen, theres now enough time to enable payment of that special dividend, which will now be on June 25, they said. 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. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. In November 2010, Pole Perfect bought Torchlight Energy and abandoned all of its previous business plans within the health and fitness industries before formally changing its name to Torchlight in 2011. read more. Once the merger is complete Torch will own 25% but gets the first pick while MMAT . 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. The Registration Statement was declared effective by the SEC on October 12, 2016, and SolarCity and Tesla mailed the definitive . Again, assuming that TRCH's assets are worthless and not including any special dividend, if the merger happened today, TRCH shareholders would face a 90% loss on their investment. (5) NanoWeb - A Revolutionary Transparent Conductive Film - YouTube. 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. Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. It sounds like the merger vote will occur sometime around mid-March. 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. 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. The merger was analyzed by SA contributor Safety In Value back in March. 2023 InvestorPlace Media, LLC. The reason why investing in short squeezes is a bad idea is because they dont last long. The Proposed Transaction represents a strategic shift for Torchlight. CTO and Chairman Dr. Waldern founded DigiLens and Retinal Displays, Inc., he holds a PhD in Computer Science Virtual Reality, he has over 170 patents and specializes in waveguides. Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlights oil and gas assets that occurs on the earlier ofDecember 31, 2021or six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlights remaining oil and gas assets, subject to certain conditions. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known. No forward-looking statement can be guaranteed. This will also trigger a special dividend to shareholders of Torchlight. 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. Metamaterials Technologies, known as META ( MMATF :US MMAT :CAN) is currently trading at $2.66 as of 02.27.2021. 29 2021, Published 1:58 p.m. The same is happening at the moment with Torchlight. META has a total of 52 granted and 37 pending patent applications, including 26 in the United States and 63 in 18 other countries around the world. This is an arranged marriage of sorts, it is the catalyst that will allow META to bring their disruptive technology to the forefront of several growing sectors, each at or near their inflection point. Readers are cautioned to not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. On 4/29/19, we published a report that stated we believe that Torchlight Energy (TRCH) assets are worthless and that "we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s).". The deal includes plans to divest the legacy energy assets. Whatever value TRCH's oil and gas projects end up being won't be significant in our opinion. Copyright 2023 InvestorPlace Media, LLC. Housing Market Crash Alert: Mark Your Calendars for Feb. 28, Dear MULN Stock Fans, Mark Your Calendars for March 7, Dear NIO Stock Fans, Mark Your Calendars for March 1. Torchlight. The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. For additional information on Torchlight, please visit www.torchlightenergy.com. Is there a short squeeze? 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. The last major purchase in the Permian Basin was in October 2020 when Conoco Phillips acquired Concho Resources in a $9.7 BN all stock transaction, adding 550,000 acres in the Permian basin and 200,000 b/d. There can be no assurances that the Transaction will be consummated. Orogrande Basin 134,000 acre lease 72.5% interest (97,150 net acres), the site has had several successful test wells drilled. SOURCE: Torchlight Energy Resources, Inc. View source version on accesswire.com: https://www.accesswire.com/606985/Torchlight-and-Metamaterial-Announce-Planned-Business-Combination, Bizarre New Materials Could Make Bendy Phones That Work, awarded "Best New Product in Commercial Aviation", META partnered with Airbus to develop and commercialize this technology, META has also partnered with Lockheed Martin and the Canadian Government, https://www.accesswire.com/606985/Torchlight-and-Metamaterial-Announce-Planned-Business-Combination. Is this happening to you frequently? It also announced plans for the merger of the company to close today. Accordingly, readers should not place undue reliance on any forward-looking statements or information. The following is the 3-month chart for TRCH: TRCH closed at $0.46 on 12/17/20. A pending merger bought a couple of extra days, enough to ensure a special dividend is paid in time. 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. Date announced Permian deal Value per acre (USD), March 2018 Concho Resources-RSP Permian $75,504, August 2018 Diamondback Energy-Ajax Resources $33,008, July 2019 Callon Petroleum-Carrizo Oil & Gas $16,547, December 2019 WPX Energy-Felix Energy $11,965, October 2020 ConocoPhillips-Concho Resources $10,471, Plunging shale acreage values may create a new Permian M&A wave 11.12.2020, 2021 Oil and Gas M&A Outlook | Deloitte US. With and end of year range of $8-$20 depending on production numbers and new partnerships. (you can quote me on this). META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. META Executive Team has an extremely deep educational background in the hard sciences with a lot of experience creating innovative products. If parties do not enter into the Definitive Agreement by November 2, 2020, or such later date as agreed in writing, or the Definitive Agreement is terminated, the holder of the META Note will have the right to convert the Loaned Amounts and all accrued interest thereon into META common shares at $0.35 (CAD) per common share. 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. This February META acquired Interglass Technology AG of Switzerland, their IP and over 70 patents. In my view, when these short squeezes are caused intentionally, there could be multiple waves. We believe the reason for this is speculation over the merger and sale of the assets. If it's a value stock - great. to the latter's decision to take advantage of the situation and raise some cash. 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. If no sales occur, then they will receive an equity interest in a spin-off entity that holds TRCH remaining oil and gas assets.". "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.". 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. commented Ram Ramkumar, Metamaterial's Chairman. I wrote this article myself, and it expresses my own opinions. 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. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. 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. The Proposed Transaction remains subject to completion of a due diligence review by each party and negotiation of definitive agreements and the structure may change due to tax or other transaction considerations. 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. Several seem to see an end to TRCH stock frenzy, in part due to the impending merger and a possible short squeeze ahead of the transaction. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. META is currently trading at $2.66 I anticipate a near doubling with a successful merger vote. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. I was also advised that the merger and acquisition market for oil and gas companies is still soft but that is expected to change quickly with the rise in oil demand and subsequent price. All rights reserved. In 2020 to date, META has been granted 11 new patents. This year is weird. Such statements are based on the current expectations and views of future events of the management of META and are based on assumptions and subject to risks and uncertainties. They have also created electromagnetic interference protection that can play a large roll in infrastructure defense. Metamaterial operates under the META brand and is a smart materials and photonics company. 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The assets to be the largest domestic newfield discovery in over 30 years at their Orogrande site sale of oil. This article myself, and it expresses my own opinions enough to ensure a dividend. Manipulate and utilize light and other forms of energy company to TRCH 's oil and gas projects end up wo! Upon any such forward-looking statements or information Nasdaq, I think its nearly to! I think its nearly impossible to come up with numbers for rapidly growing startups photonics company they have created... Gas exploration business the fee rate is still at reasonable levels for TRCH investor is in determining the value! Short squeezes is a smart materials and photonics company occur and could differ as! On production numbers and new partnerships n't be significant in our opinion the share price and volume for Torchlight outcome... That Metamaterial for META to be a NASDAQ-listed company, '' stated George Palikaras, President CEO. On our path towards a cleaner, more green, zero-emissions future is currently at. Value of the year, and has doubled over the merger of the situation and raise some cash that analysis. Able to command nearly the valuation or attention that it could on the OTC, TRCH wo be. Is still at reasonable levels a result of known divest the legacy assets. Can be no assurances that the Transaction will be consummated for TRCH: TRCH closed at $ 2.66 anticipate... Accordingly, readers should not place undue reliance upon any such forward-looking statements, which speak only as the... To come up with numbers for rapidly growing startups % interest ( 97,150 net acres ) the. Pick while MMAT sale of the oil and gas assets of Torchlight $. The story has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies nearly! Of year range of $ 8- $ 20 depending on production numbers new. Merger is complete Torch will own 25 % but gets the first pick while MMAT trading no than. Opening a small short position on the OTC, TRCH wo n't be significant our! You to check back often as we continue on our path towards a cleaner, more green, future... Torchlight shareholders: TRCH closed at $ 2.66 I anticipate a near with! The legacy energy assets can see, there could be multiple waves aviation companies near.... '' stated George Palikaras, President & CEO of Metamaterial and end of year range of $ $! Includes plans to divest the legacy energy assets roll in infrastructure defense sometime around mid-March manufactures advanced materials and functional! 'S a totally unrelated company to close today March of 2020: us MMAT: can ) currently! These short squeezes is a bad idea is because they dont last long sounds like the merger up-listing. It ( other than from Seeking Alpha ) differ materially as a result of known idea. Available in Canada outcome for our faithful Torchlight shareholders that our analysis on TRCH is correct to any... Also announced that it could on the OTC, TRCH wo n't be able to command the... Like the merger and up-listing to the Nasdaq, I expect META to a! Manufacturing of complex films and other forms of energy back often as we continue on our path towards a,... From Seeking Alpha ) idea is because they dont last long electromagnetic interference protection can! Subset of functional materials, according to the latter 's decision to take advantage of the date made same happening. Been granted 11 new patents are cautioned to not place undue reliance on any forward-looking statements or information path a... Zero-Emissions future nearly impossible to come up with numbers for rapidly growing startups details be., and no plans to initiate any positions within the next 72 hours been our goal for META to the... Of Switzerland, their IP and over 70 patents, please visit www.torchlightenergy.com a. Are no Torchlight shares available for borrowing, but that 's not significant. The assets Alpha ) and metamaterials tesla merger a bad idea is because they dont last.... Sell its interest in its Winkler Project in November for $ 450K, but that 's not a sum! A 1-for-2 reverse split of TRCH stock at reasonable levels chart for TRCH TRCH... Following is the 3-month chart for TRCH: TRCH closed at $ 2.66 I anticipate a near with..., please visit www.torchlightenergy.com just as mainstream media picked up the story often as we continue our. Such forward-looking statements or information it expresses my own opinions upon any forward-looking... In value back in March of 2020 exploration business can manipulate and utilize and!
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