Torchlight Energy Resources effectively no longer exists following its June 28 merger with Meta Materials (NASDAQ: MMAT) stock. The news of a dividend payment, a reverse stock split of TRCH stock, and the business combination were enough to spike interest throughout June. Source: Minerva Studio / Shutterstock.com
Why did torchlight Energy Resources stock fall 26% in March?
Shares of U.S exploration and production company Torchlight Energy Resources ( NASDAQ:TRCH) fell a painful 26% in March according to data from S&P Global Market Intelligence. That said, at one point they were actually higher by roughly 15%. The mood turned negative as an update about the company's proposed merger started to filter out.
What happened to trch stock after the merger vote?
Following TRCH’s press release on the merger vote finally happening, its stock rose by 11 percent on May 7. As of the close on June 8, the stock price had climbed by nearly 70 percent since the closing price on May 6. The stock price has factored in a lot of upside already.
What will happen to metamaterial’s stock after the Torchlight shareholder vote?
After the formal approval, shareholders could bid the price up on Metamaterial’s business prospects as well as the upside from the dividend offered to Torchlight’s existing shareholders. On the other hand, there could be a downside as well immediately following the vote as investors follow the “buy the rumor, sell the news” adage.
Why did Brda and trch merge with torchlight?
Through this merger, Brda and TRCH wanted to unlock value potential from its national listing and access the capital markets. As a part of the deal, Metamaterial was to gain a listing on Nasdaq. Torchlight’s shareholders would gain access to the multi-billion-dollar markets that Metamaterial serves.
What is going on with torchlight?
Commencing on June 28, 2021 Torchlight's name will be changed to "Meta Materials Inc." and its common stock will begin trading on NASDAQ under the ticker symbol "MMAT." Prior to the implementation of the reverse stock split, it was expected that Metamaterial, Inc.
Is Torchlight stock a good buy?
Is Torchlight Energy Resources stock A Buy? Torchlight Energy Resources holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Why is torch stock down?
Shares of U.S. energy company Torchlight Energy Resources (TRCH) declined as much as 16% in early trading on Monday. While falling oil and natural gas prices didn't help the situation today, the news driving the drop was likely an update on the company's planned reverse merger with Metamaterial (MMAT. F).
Should I buy MMAT stock?
The financial health and growth prospects of MMAT, demonstrate its potential to underperform the market. It currently has a Growth Score of F. Recent price changes and earnings estimate revisions indicate this would not be a good stock for momentum investors with a Momentum Score of F.
Who bought Torchlight?
Metamaterial IncThe company is being acquired by industrial materials maker Metamaterial Inc (MMAT.CD) in a deal that analysts said will likely see its main business being sold or hived off. Torchlight was also the second top-traded stock on Tuesday, with shares changing hands more than 213 million times.
What happened to Torchlight resources?
Torchlight Energy Resources effectively no longer exists following its June 28 merger with Meta Materials (NASDAQ:MMAT) stock. The news of a dividend payment, a reverse stock split of TRCH stock, and the business combination were enough to spike interest throughout June.
What happens to Torchlight stock after merger?
As a result, after market close today, Torchlight's name will be changed to Meta Materials Inc. In addition, the company's common stock will begin trading on NASDAQ under the ticker symbol MMAT.
Who is torchlight merging with?
Meta Materials Inc.(NASDAQ: TRCH) Closes $1.9 Billion Merger with Meta Materials Inc. (NASDAQ: MMAT) Torchlight Energy Resources (NASDAQ: TRCH), an oil and gas exploration company based in Plano, Texas, has closed on its previously announced business combination with Meta Materials Inc.
Is TRCH going to go up?
Technical analysis forecast of Torchlight Energy Stock is that its in a uptrend for shortterm, and I will avoid taking a SHORT or SELL trade in this stock. Look for opportunities to BUY or go LONG in Torchlight Energy TRCH at this time. Stock is rising and might rise more.
What is the future of MMAT?
Meta Materials Inc (NASDAQ:MMAT) The 3 analysts offering 12-month price forecasts for Meta Materials Inc have a median target of 3.50, with a high estimate of 5.00 and a low estimate of 2.25. The median estimate represents a +105.88% increase from the last price of 1.70.
Is MMAT undervalued?
No Analyst Ratings found....Predicted Opening Price for Meta Materials Inc. of Monday, June 13, 2022.Fair opening price June 13, 2022Current price$1.52$1.51 (Undervalued)
Who owns MMAT stock?
Top 10 Owners of Meta Materials IncStockholderStakeShares bought / soldThe Vanguard Group, Inc.1.72%+325,332Morgan Stanley & Co. LLC1.23%+1,421,281Geode Capital Management LLC1.19%-298,368Northern Trust Investments, Inc.(...0.65%+24,0206 more rows
A Closer Look at TRCH Stock
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.
Peer Stocks
There are at least a few parallels between Meta Materials and Senseonics (NYSEAMERICAN: SENS ). Senseonics is a diabetes management firm that is progressing toward the commercialization of an implantable glucose monitor. The difference is that Meta Materials’ solution is non-invasive.
What happens after the Torchlight deal is consummated?
In fact, after the deal is fully consummated, the plan is for the combined entity to jettison Torchlight Energy's energy operations.
Why do long term investors buy stocks?
Long-term investors buy a stock to benefit from the long-term growth of a company, not in the hope that they can sell the stock at a higher price to someone else and make a quick buck (profiting from what is often called the greater fool theory ).
What is torchlight on Reddit?
Some of these traders are hoping to ignite a short squeeze by driving up the stock's price and forcing short-sellers to exit their positions. Their goal is to cause so much pain for short-sellers that they rush to buy back the shares they shorted, which could help accelerate the steep rise in the stock's price.
Who is the Motley Fool?
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.
How much did Torchlight Energy sell?
Once on the brink of bankruptcy, Torchlight Energy Resources ( TRCH) sold $100 million in shares as it looks to take advantage of its new meme stock status. TRCH stock fell Tuesday.
When did Torchlight merge with Metamaterial?
Then on Monday, Torchlight said it was extending closing its merger with Metamaterial to June 30 from June 24 to allow time to spay the special Series A preferred stock dividend.
Who is the CEO of Torchlight?
Torchlight CEO John Brda is excited about the merger. He said that as the shift happens in the marketplace, companies like Meta that are focusing on sustainable technologies are coming in at the right time. Article continues below advertisement. Source: Metamaterial Facebook.
What is torchlight energy?
Torchlight Energy Resources is an oil and gas exploration company. Due to the changing investor and consumer sentiment in favor of renewable and green energy, Torchlight decided to shift its focus entirely. In December 2020, the company signed a definitive agreement with Canada’s Metamaterial for a merger. There have been a lot of delays in the ...
What is the ticker symbol for Metamaterial?
If the merger vote is successful, Metamaterial will start trading on Nasdaq under the ticker symbol "MMAT.". After the formal approval, shareholders could bid the price up on Metamaterial’s business prospects as well as the upside from the dividend offered to Torchlight’s existing shareholders.
Will torchlight pay dividends?
As part of the deal, Torchlight’s oil and gas assets will be sold off and the proceeds will be used to pay a special dividend to its existing shareholders. However, if the sale can't be completed within the stipulated time, Torchlight shareholders will be entitled to receive pro-rata equity interest in the spin-off entity ...
When will Torchlight Energy merge with Metamaterial?
In mid-December 2020 Torchlight Energy and Metamaterial announced plans to merge. It's a complex deal that is, basically, a backdoor way for Canada-based Metamaterial to get a U.S. listing.
Is torchlight energy a stock?
Torchlight Energy is no longer just an energy stock. It's really a special situations play, which is a space that's probably only appropriate for more aggressive investors. The delay here could just be a timing issue or it could be more, but for most investors it would be best to sit on the sidelines until the deal is done.
