Short squeezes rarely last long and Torchlight is selling shares, which is a very good scenario to take a short position. You can view it, Metamaterial shareholders get 75% of the new company. Electro Optical & Infrared Systems (EO/IR). $12M is about the value of a clean empty shell Nasdaq listing. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including those risks and uncertainties described in or implied by the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of Torchlight's 2019 Annual Report on Form 10-K, filed on March 16, 2020 and Torchlight's other reports filed from time to time with the Securities and Exchange Commission. Upon completion of the Proposed Transaction, shareholders of META are expected to hold a 75% interest in the combined entity. valued at much less. Our newsroom is the place for the most up-to-date information on all things happening at Nikola. Torchlight and Metamaterial will prepare a proxy statement/prospectus for Torchlights Shareholders to be filed with the SEC. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Looking forward to March 12th. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). I wrote this article myself, and it expresses my own opinions. Meta Materials' (META) stock faced a lot of praise and headwinds in 2021. At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. Stocks rally, bonds tumble as China manufacturing rebounds, inflation weighs, Biden says 'I'm gonna raise some taxes' in March budget proposal, Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel, Exclusive: Tesla readies revamp of Model Y codenamed 'Juniper', China scoffs at FBI claim that Wuhan lab leak likely caused COVID pandemic, U.S. Air Force flags plans to buy 26 E-7 planes from Boeing, Caterpillar reaches tentative deal with union, averting possible strike, Exclusive news, data and analytics for financial market professionals. 134,000 acres *72.5% interest at $1000 acre=97.15m + 12.75m (Hazel/Winkler) =109.9m/143.6m shares= 76.5 cent share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 5 cents per barrel= 134m+12.75m (Hazel/Winkler) =146.75m= $1.00 per share, 134,000 acres *72.5% interest at $1300 acre=126.3m +12.75m (Hazel/Winkler) =126.3m/143.6m shares=96 cent share, 134,000 acres *72.5% interest at $2500 acre=242.88m +12.75m (Hazel/Winkler) =255.63m/143.6m shares= $1.78 per share, 134,000 acres *72.5% interest at $5000 acre=485.75m+12.75m (Hazel/Winkler) =500.25/143.6m shares=$3.48 per share, 134,000 acres *72.5% interest at $7500 acre=728.63m+12.75m (Hazel/Winkler) =741.38/143.6m shares=$5.16 per share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 1.34bn+12.75m (Hazel/Winkler) =1.3527b = $9.42 per share, High Case estimate 5.0 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 3.625+12.75m (Hazel/Winkler) =3.638b =$25.33 per share. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. META Executive Team has an extremely deep educational background in the hard sciences with a lot of experience creating innovative products. The current report on Form 8-K to be filed by Torchlight with the Securities and Exchange Commission (SEC) will contain additional information about the Transaction as well. The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. His Substack newsletter,TLV Strategist, covers the Israel business scene. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. That short squeeze lasted just one week. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California. 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. This year is weird. Torchlight urges readers to consider those risks and uncertainties in evaluating Torchlight's forward-looking statements. You can view it here. Investors appear to be responding to rumors about the company working with Tesla. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money for their shell and get to keep the energy business. It has gone up significantly since the merger announcement. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. 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. Whats behind the move? Torchlight shares will be static, METAs shares will be adjusted to maintain the ratio of 75% META share ownership and 25% Torchlight share ownership. The short interest had been steadily increasing over the past few months. Ive already covered one short squeeze selling opportunity in 2021. His Substack newsletter,TLV Strategist, covers the Israel business scene. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to reach agreement on definitive agreements, the ability of the parties to raise necessary equity capital, approval of the transaction and continued listing by the NASDAQ, approval of the Canadian Securities Exchange, receipt of shareholder approval and required third party and regulatory consents, the risk that Torchlight may not be able to dispose of its oil and gas assets on favorable terms or at all, risks related to the technology industry, market strategic and operational activities, and management's ability to manage and to operate the business. It has been our goal for META to be a NASDAQ-listed company, stated George Palikaras, President & CEO of Metamaterial. This discovery coincided with economic collapse of oil due to Covid crisis. Metamaterial ( OTCPK:MMATF) is merging with Torchlight Energy Resources ( TRCH ). Following the Closing of the Transaction the board of directors of the combined company shall be comprised of 7 members (a) one of whom shall be appointed by Torchlight , subject to the approval of META and (b) one of whom shall be jointly agreed to by META and Torchlight . Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money. 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. See here for a complete list of exchanges and delays. 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. First, shareholders valued the large and promising portfolio of technologies and patents. I have no business relationship with any company whose stock is mentioned in this article. This year is weird. 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). Although META has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. 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. That gave it a market cap of only $48M. Metamaterials are a subset of functional materials, according to the company. The proxy statement/prospectus will be mailed to Torchlights Shareholders. But remember, Metamaterial is listed on the CSE. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? Crypto. 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. Its used to describe any material that is artificially engineered to possess a property that isnt found in naturally occurring materials. As shown in Metamaterial's executive statements above, there is no mention at all of any value to TRCH or its assets. META has a growing patent portfolio with three core. 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. I wrote this article myself, and it expresses my own opinions. 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 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. 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. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. 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