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Tag: TRCH Stock Price

  • Here is how Torchlight Energy Resources Inc. (TRCH) performed on Friday?

    Torchlight Energy Resources Inc. (TRCH) shares lost 6.06% in after-hours on Friday, June 25, 2021, and closed the week at $4.65 per share. Earlier in the morning session of Friday, TRCH’s stock gained 4.21% to close Friday’s morning session at $4.95 per share. TRCH shares have risen 1212.30% over the last 12 months, and they have moved down 21.05% in the past week. Over the past three months, the stock has gained 167.57%, while over the past six months, it has plummeted 686.46%.

    Let’s discuss its recent news and developments briefly.

    Special Series A Preferred Stock dividend and 1:2 stock split

    On June 25, 2021, Torchlight Energy Resources, Inc 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.

    Torchlight also implemented a 1 for 2 reverse stock split of its Common Stock. The reverse split was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021, and will become effective aftermarket closing on June 25, 2021.

    Completion of the business combination with Metamaterial Inc

    On June 25, 2021, Torchlight also announced the completion of necessary steps to close the business combination with Metamaterial Inc., and therefore Torchlight expects that the business combination will be effective on June 28, 2021, as of 12:01 AM EDT.

    Torchlight’s name will be changed to “Meta Materials Inc.” and its common stock will begin trading on NASDAQ under the ticker symbol MMAT, from June 28, 2021.

    Business combination announcement

    On December 14, 2020, Torchlight Energy Resources and Metamaterial Inc signed a definitive agreement for a business combination of Torchlight and Metamaterial. Torchlight shareholders will retain an approximate 25% equity whereas shareholders of Metamaterial will get 75% equity interest in a combined company.

    Special dividend announcement

    On June 14, 2021, Torchlight Energy Resources, Inc declared a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on June 24, 2021 (subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid).

    Special stockholders meeting

    On June 11, 2021, Torchlight Energy Resources, Inc announced the results from the special meeting of its stockholders, which was held virtually earlier today in connection with the previously announced business combination transaction with Metamaterial, Inc.

    All five proposals to be voted on at the special meeting were approved by the Torchlight stockholders. Torchlight will file a Form 8-K to disclose the final results of the stockholder vote.

    Conclusion

    As of today (June 28) Torchlight Energy Resources’ name will be changed and it will begin trading on NASDAQ under the ticker symbol MMAT so we wish MMAT to surge exceptionally well on its first day and will analyze its performance after few days.

  • How Come The Torchlight (TRCH) Stock Grew 7% After Hours?

    Torchlight Energy Resources Inc. (TRCH) shares were up 7.06% to $10.62 in after-hours trading at last check. During Monday’s regular trading session, Torchlight gained 58.21% to close at $9.92. 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.

    In the last year, TRCH shares have increased by 2481.99%, and they increased by 177.09% in the past week. For the past three months, TRCH stock has advanced by 333.19%, while over the past six months; it has declined by 2059.34%. A total of 129.61 million shares are outstanding, and the market value of the company currently stands at $1.24 billion. On extending the deadline for its business combination transaction, TRCH stock has been gaining traction.

    What was that move all about?

    Located in Plano, Texas, Torchlight is an Exploration and Production (E&P) company with a high growth rate. In order to achieve its primary objective, TRCH purchases and develops domestic oil fields. As an explorer, TRCH targets well-established plays such as the Permian Basin in West and Central Texas.

    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.

    • 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.
    • Dividends will be paid on June 25th for Series A Preferred Stock.
    • In order to close the Arrangement by June 30, 2021, TRCH will need to obtain approvals from required authorities.

    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 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?

    Oil prices have rebounded from a collapse in demand caused by the pandemic, which may help Torchlight (TRCH) to increase its share price. 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. 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.