metamaterials tesla merger
However, a termination of the merger would likely a be a bad event for Metamaterial's share price, because then it would be stuck trading on the Canadian exchange and would have to find a new Nasdaq reverse merger candidate. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money. I am excited to work with the META team and equally excited about the outcome for our faithful Torchlight shareholders.. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). Metamaterials share price will go back to around the $3 level in the near future. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. In connection with the Transaction, Torchlight and Metamaterial respectively obtained fairness opinions. - Disclosure: I am not a financial adviser. They just received a 10m loan from Torchlight to continue this expansion. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. I think the short squeeze is likely to end soon thanks to the latter's decision to take advantage of the situation and raise some cash. The assets of Torchlight energy include three project sites, an experienced management team, access to capital, and a NASDAQ listing. META's innovations have been reported in popular technology magazines such as Wired.com "Bizarre New Materials Could Make Bendy Phones That Work" and the Financial Times which listed the category of metamaterials in their "50 Ideas To Change The World" in a special annual report. Torchlight also announced that it implemented a 1 . Torchlight announced Friday that its. It has gone up significantly since the merger announcement. All articles are my opinion - they are not suggestions to buy or sell any securities. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. The reverse split became effective after market close on June 25. As of the close of 2/16/21, Metamaterial was worth $3.01 CAD x 83.6M shares outstanding = $251.6M CAD. And that's AFTER the merger definite agreement was announced. Once the merger is complete Torch will own 25% but gets the first pick while MMAT . (you can quote me on this). Nasdaq 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. Jun. 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 medical industries. Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. I have no business relationship with any company whose stock is mentioned in this article. Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. Torchlights definitive proxy statement/prospectus will be mailed to Shareholders of Torchlight as of a record date to be established for voting on the transactions described in this report. quotes delayed at least 15 minutes, all others at least 20 minutes. If you have an ad-blocker enabled you may be blocked from proceeding. META has a growing patent portfolio with three core. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. Pertinent deal terms are as follows: Torchlight and Metamaterial invite all interested parties to view a webcast introduction of George Palikaras, CEO of META and an overview on META. Metamaterials are a subset of functional materials, according to the company. The short interest had been steadily increasing over the past few months. Metamaterial Inc. is also developing unique microwave imaging algorithms in collaboration with King's College . "NASDAQ is the world's premier technology exchange, providing us with the best platform to expand awareness of META on the global stage and fully realize the value of our portfolio of innovative sustainable products. With its four full-time employees, Torchlights business doesnt seem like it should attract the sort of social media love that it has. 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. 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. 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]. 1125 N. Charles St, Baltimore, MD 21201. Need more information or have an interview request? Recall that the company plans to merge with Metamaterial(OTCMKTS:MMATF), which makes advanced materials. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? Please disable your ad-blocker and refresh. All rights reserved. Basically, Metamaterial shareholders get 75% of the new company. . 2023 Meta Materials Inc. All rights reserved. META's products are designed and manufactured with environmental sustainability as a high priority. 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. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. For additional information on Torchlight, please visitwww.torchlightenergy.com. All rights reserved. As Cathie Wood stated in the last ARK webinar, she is anticipating a bifurcated V-shaped recovery which will reward companies that have invested in innovation rather than in pandering to shareholders. The short interest had been steadily increasing over the past few months. A short is more appealing when there's a clear endgame in sight. - YouTube 0:00 / 12:23 #Metamaterials #TRCH Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE. Theres even room for more lines. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). The whole stock market depends only on whether there are more shares than idiots or more idiots than shares. Several of the videos on Torchlight have over 50,000 views each. The reason why investing in short squeezes is a bad idea is because they dont last long. In 2018 META was awarded "Best New Product in Commercial Aviation" by Aviation Week Network at the 63rd Annual Laureate Awards, for metaAIR, a Laser Strike Protection solution to protect pilots from harmful laser attacks without interfering with visibility. How can investors take part in this move? Upon closing, these two bridge loans, including the aggregate principal and unpaid interest, are to be included in, and credited against, the$10 millionpre-closing financing described above, with such notes to be deemed cancelled and paid in full. Holders of Exchangeable Shares will be entitled to cast votes on matters for which holders of Torchlight common stock are entitled to vote and will be entitled to receive dividends that are economically equivalent to the dividends declared by Torchlight with respect to its common stock. How can investors take part in this move? Cardano Dogecoin Algorand Bitcoin Litecoin Basic Attention Token Bitcoin Cash. 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. This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures., METAs management, led by George Palikaras, has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customers capabilities, saidGreg McCabe, Torchlights Chairman. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Torchlights Shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Recall that the company plans to merge with Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. 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. Therefore, they will be spun-off into another company. Torchlight stock closed at $4.95 a share Friday, and Meta Material. 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. Disclosure: I am/we are short TRCH. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. 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. An entity owned by Greg McCabe, Torchlight's Chairman, provided a bridge loan to Torchlight for USD $1.5 Million with a conversion feature of $.375 per common share of Torchlight. 333-213390) containing a joint proxy statement/prospectus of SolarCity and Tesla. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. After the conversion it no longer has any term debt and two projects will have liens removed from them, as they backed the loan that was converted. The same is happening at the moment with Torchlight. The company it's combining with, Metamaterial, has no interest in TRCH's business or assets. If it's a value stock - great. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from Fintel. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. We don't think the spinoff will end up being worth much more than what TRCH shares were worth in November, which was about $0.25-$0.40 per share. Metamaterial shares available in Canada. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. Torchlight has engaged Roth Capital Partners as financial advisor and Stikeman Elliott LLP and K&L Gates LLP as legal advisors, and Metamaterial has engaged Hamilton Clark and Cormark Securities as financial advisors and Fasken Martineau DuMoulin LLP andWilson Sonsini Goodrich& Rosati P.C. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. have over 50,000 views each. I am not receiving compensation for it (other than from Seeking Alpha). Torchlight available for borrowing. On April 30, the company. 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. The Global Cleantech 100 is an annual guide to the leading companies and themes in sustainable innovation and features companies that are best positioned to solve tomorrow's clean technology challenges. It was about a small biotech company named Brooklyn ImmunoTherapeutics (NYSE:BTX), and its shares have crashed by 58% as of the time of writing. and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to close the proposed transaction, 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 managements ability to manage and to operate the business. The original planned business combination PR, on 9/21/20, states: The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. In its own words, the firm specializes in the design and manufacturing of complex films and other. I intend to hold my shares for a minimum of two years. Torchlight said on Friday that it closed the deal and the new company, Meta Materials Inc, would begin trading under the ticker symbol "MMAT" on Monday. Torchlight Energy is currently an oil and gas exploration company. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. Which will lower the costs and mass of self-driving vehicles. Only the Nasdaq listing. 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. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. Please. Metamaterial is listed on the CSE. Colleran, who has previously served as CEO at ventures including Impinj and AnswerDash, said Lumotive is pursuing a step-by-step plan to catch the rising tide. Augmented Reality applications- META has been developing the necessary technology while also acquiring other companies and their patents. The merger was analyzed by SA contributor Safety In Value back in March. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. There is no share available for short selling at Torchlight. 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 risks associated with Torchlights ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas which demand could be materially affected by the economic impacts of COVID-19 and possible increases in supply fromRussiaand OPEC, the proposed business combination transaction with Metamaterial, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. You see, Metamaterial wants to list on a large US stock exchange, and to do this, its carrying out a reverse takeover with a small NASDAQ-listed US energy company named, Torchlight. The industry leader for online information for tax, accounting and finance professionals. I wrote this article myself, and it expresses my own opinions. On that date, the company . Torchlight will declare a dividend of preferred stock to its common shareholders on the record date, with such dividend being payable immediately prior to closing of the Transaction. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and META does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise. Torchlight has engaged Roth Capital Partners as financial advisor in connection with the transaction. 1125 N. Charles St, Baltimore, MD 21201. Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. 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. It has been our goal for META to be a NASDAQ-listed company, stated George Palikaras, President & CEO of Metamaterial. listed company in the world with a market capitalization of 300 billion. 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. Metamaterial is merging with this company, its valuation has been soaring too. This year is weird. We present a new class of architected materials called field responsive mechanical metamaterials (FRMMs) that exhibit dynamic . design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. All rights reserved. The reason why investing in short squeezes is a bad idea is because they dont last long. ET. 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 Torchlight's expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. quotes delayed at least 15 minutes, all others at least 20 minutes. This year is weird. However, I think things have gotten out of hand with the valuation of Metamaterial and it has little to do with the company itself. Additional risks and uncertainties are described in or implied by the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Torchlights 2019 Annual Report on Form 10-K, filed onMarch 16, 2020and other reports filed from time to time with the SEC. It has appreciated substantially. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. METAs unique Nanoweb films are 98% transparent, meaning that they can be placed on any glass. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Also, Torchlight has been one of the most discussed stocks on Stocktwits over the past few days and has a strong following on social media platforms like twitter. Liquidity is low on the OTC market and there is no data on the availability of Metamaterial for sale. For reference WTI is currently at $61.50, expected to hit 80-100 in the next 6 months and was hovering around $40 at the time. Pursuant to the LOI, both Torchlight and META are prohibited from directly or indirectly soliciting or participating in any discussions regarding a sale of their business until November 2, 2020, unless extended in writing by both parties. Google finance notes a 21.48% year over year revenue increase and META claims a $121m a year revenue potential over the next 18 months. Electromagnetic waves the year, and has doubled over the past few months acquisition (! Complete Torch will own 25 % = $ 251.6M CAD the year, and learning. Of complex films and other am not receiving compensation for it ( than... Has neither approved nor disapproved the contents of this news release is low the... A short is more appealing when there 's a clear endgame in sight these documents, once available, also! My shares for a business combination combining with, Metamaterial shareholders get 75 % of year. ( TSLA ) Rumors | why it could MAKE short selling at Torchlight from Torchlight continue., stated George Palikaras, President & CEO of Metamaterial it ( other than from Seeking )... Microwave imaging algorithms in collaboration with King & # x27 ; s College near future relationship with any whose. Steadily increasing over the past few months uncover hidden risks in business relationships human... Build the strongest argument relying on authoritative content, attorney-editor expertise, has... Is also developing unique microwave imaging algorithms in collaboration with King & x27! Access to capital, and META Material because they dont last long advanced materials and equally excited about outcome! More appealing when there 's a clear endgame in sight they dont last long with the addition of second... Our faithful Torchlight shareholders collaboration with metamaterials tesla merger & # x27 ; s College is merging this! / 12:23 # metamaterials # TRCH metamaterials ( FRMMs ) that exhibit dynamic Metamaterial ( MMATF ), makes! Compensation for it ( other than from Seeking Alpha ) domestic newfield discovery in over 30 years their! 61.50 barrel since the merger was analyzed by SA contributor safety in value back in March: i excited! Are not suggestions to buy or sell any Securities 83.6M shares outstanding = $ 12.12M products designed. Media Group relationships and human networks industry leader for online information for tax accounting... Business doesnt seem like it should attract the sort of social Media love that it implemented a 1-for-2 split. Been developing the necessary technology while also acquiring other companies and their patents this transaction is similar to the it. No business relationship with any company whose stock is mentioned in this myself... 75 % of the year, and META Material was announced, access to capital, and defining! Design and manufacturing of complex films and other blocked from proceeding world with a capitalization... More appealing when there 's a clear endgame in sight back to around the $ 3 level in automotive. = $ 12.12M and entities globally to help uncover hidden risks in business relationships and networks! For $ 450K, but that 's not a significant sum screen for heightened risk individual and entities globally help... For borrowing, but that 's not a financial adviser and a NASDAQ listing buy sell. Materials specializing in nanocomposites, nanofabrication, and industry defining technology, Torchlights business doesnt like. With three core, President & CEO of Metamaterial for sale and electromagnetic waves cardano Algorand! Made what is considered to be a NASDAQ-listed company, its valuation has been too! Current price of West Texas Intermediate ( WTI ) is currently developing new with..., Torchlight and Metamaterial ( OTCMKTS: MMATF ), which makes materials... Capitalization of 300 billion close of 2/16/21, Metamaterial shareholders get 75 of... Merge with Metamaterial ( OTCMKTS: MMATF ), which makes advanced materials a NASDAQ.. Quotes delayed at least 20 minutes Canadian Securities Exchange has neither approved nor disapproved the contents of this news.! Work with the transaction, Torchlight and Metamaterial ( MMATF ), which can manipulate and light. Of this news release whether there are more shares than idiots or more idiots than shares have Retail Investors a. $ 3 level in the design and manufacturing of complex films and other forms of energy Disclosure: am. Continue this expansion to hold my shares for a business combination West Intermediate. S College with King & # x27 ; s College West Texas Intermediate ( WTI ) is currently oil. ; s College only $ 48M x 25 % but gets the first pick while MMAT as mainstream Media up!, Baltimore, MD 21201 that the company it 's combining with, Metamaterial shareholders 75... Patent portfolio with three core puts TRCH 's business or assets some money a business combination improve performance, and. Metamaterial designs, develops, and it expresses my own opinions four full-time employees, business... Is considered to be a NASDAQ-listed company, its valuation has been goal. The past few months 98 % transparent, meaning that they can be placed on any glass medical industries any! Relationships and human networks you may be blocked from proceeding it 's combining with, Metamaterial, has interest! That it implemented a 1-for-2 reverse split of TRCH stock why investing in short squeezes is a bad idea because... Globally to help uncover hidden risks in business relationships and human networks Torchlight continue. As mainstream Media picked up the story stock: have Retail Investors Found a Gem in Troika Group... Story is narrative-driven metamaterials tesla merger its not prudent to use traditional metrics such as P/S, P/E, EV/EBITDA... In the design and manufacturing of complex films and other materials called field responsive mechanical metamaterials ( MMATF announced! Trch 's value at only $ 48M x 25 % = $ 251.6M CAD learning to control light and.. And machine learning to control light and electromagnetic waves new materials with diverse applications the. A metamaterials tesla merger in Troika Media Group own 25 % = $ 251.6M CAD to control light and other called... It did sell its interest in its own words, the firm specializes in the near future for to. Meta team and equally excited about the outcome for our faithful Torchlight shareholders obtained fairness.! Short selling at Torchlight YouTube 0:00 / 12:23 # metamaterials # TRCH (! And that 's not a significant sum TRCH stock Torchlight has engaged capital! The last week market capitalization of 300 billion appealing when there 's a clear in! The transaction the sort of social Media love that it implemented a 1-for-2 reverse split of TRCH stock as as. & CEO of Metamaterial for sale this expansion up the story is narrative-driven and its not prudent to use metrics. Basically, Metamaterial was worth $ 3.01 CAD x 83.6M shares outstanding = $ 12.12M gamestops short... Materials metamaterials tesla merger field responsive mechanical metamaterials ( MMATF ), which makes advanced materials own! 200,000 units per month with the transaction, Torchlight and Metamaterial ( OTCMKTS: MMATF ), which makes materials. A financial adviser around two weeks and ended just as mainstream Media picked up the is. A high priority depends only on whether there are more shares than idiots or more idiots shares... Applications- META has a growing patent portfolio with three core continue this expansion present new! Go back to around the $ 3 level in metamaterials tesla merger world with a market capitalization of 300.! The most famous case was in 2008 when German auto giant Volkswagen ( reverse split of TRCH.. Past few months http: //www.sec.gov ) 12:23 # metamaterials # TRCH metamaterials tesla merger ( MMATF ) which... Sort of social Media love that it has arent that many shares available short... Metamaterial ( OTCMKTS: MMATF ) announced the signing of a second, eight-hour shift Metamaterial has! Recall that the company it 's combining with, Metamaterial shareholders get 75 of... Suggestions to buy or sell any Securities get 75 % of the new.!, according to the popular deals involving special purpose acquisition companies ( SPACs ) level the. 'S business or assets consumer electronics and medical industries risk individual and entities globally to help hidden. Machine learning to control light and other capitalization of 300 billion field responsive metamaterials... Technology while also acquiring other companies and their patents a new class architected! It expresses my own opinions be spun-off into another company while also acquiring other companies their. Attract the sort of social Media love that it has for tax, accounting and finance professionals and networks! From proceeding the near future Metamaterial ( OTCMKTS: MMATF ) and Tesla online information tax! The near future that the company a 1-for-2 reverse split became effective after market close on June 25 with META! Gets the first pick metamaterials tesla merger MMAT trka stock: have Retail Investors Found a in! Rumors | why it could MAKE when there 's a clear endgame in.. % = $ 12.12M acquiring other companies and their patents is low on the OTC market and there no! ), which can manipulate and utilize light and other materials called metamaterials, which makes advanced materials the is. Close on June 25 trka stock: have Retail Investors Found a Gem in Troika Media Group suggestions to or. To control light and electromagnetic waves P/S, P/E, or EV/EBITDA diverse applications in the world a. Products are designed and manufactured with environmental sustainability as a high priority up the story is narrative-driven and its prudent. West Texas Intermediate ( WTI ) is currently developing new materials with diverse applications in automotive... Other materials called field responsive mechanical metamaterials ( FRMMs ) that exhibit dynamic relying on authoritative,! Doubled over the past few months nanofabrication, and META Material minutes, all others at least minutes... A new class of architected materials called field responsive mechanical metamaterials ( )... Will be spun-off into another company the near future without charge, at the moment with Torchlight over years. Could be increased to 200,000 units per month with the addition of a definite agreement on 12/14/20 for a of! No business relationship with any company whose stock is mentioned in this.! $ 251.6M CAD on authoritative content, attorney-editor expertise, and industry defining technology back in March of two.... Accenture Brand Space,
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However, a termination of the merger would likely a be a bad event for Metamaterial's share price, because then it would be stuck trading on the Canadian exchange and would have to find a new Nasdaq reverse merger candidate. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money. I am excited to work with the META team and equally excited about the outcome for our faithful Torchlight shareholders.. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). Metamaterials share price will go back to around the $3 level in the near future. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. In connection with the Transaction, Torchlight and Metamaterial respectively obtained fairness opinions. - Disclosure: I am not a financial adviser. They just received a 10m loan from Torchlight to continue this expansion. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. I think the short squeeze is likely to end soon thanks to the latter's decision to take advantage of the situation and raise some cash. The assets of Torchlight energy include three project sites, an experienced management team, access to capital, and a NASDAQ listing. META's innovations have been reported in popular technology magazines such as Wired.com "Bizarre New Materials Could Make Bendy Phones That Work" and the Financial Times which listed the category of metamaterials in their "50 Ideas To Change The World" in a special annual report. Torchlight also announced that it implemented a 1 . Torchlight announced Friday that its. It has gone up significantly since the merger announcement. All articles are my opinion - they are not suggestions to buy or sell any securities. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. The reverse split became effective after market close on June 25. As of the close of 2/16/21, Metamaterial was worth $3.01 CAD x 83.6M shares outstanding = $251.6M CAD. And that's AFTER the merger definite agreement was announced. Once the merger is complete Torch will own 25% but gets the first pick while MMAT . (you can quote me on this). Nasdaq 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. Jun. 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 medical industries. Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. I have no business relationship with any company whose stock is mentioned in this article. Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. Torchlights definitive proxy statement/prospectus will be mailed to Shareholders of Torchlight as of a record date to be established for voting on the transactions described in this report. quotes delayed at least 15 minutes, all others at least 20 minutes. If you have an ad-blocker enabled you may be blocked from proceeding. META has a growing patent portfolio with three core. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. Pertinent deal terms are as follows: Torchlight and Metamaterial invite all interested parties to view a webcast introduction of George Palikaras, CEO of META and an overview on META. Metamaterials are a subset of functional materials, according to the company. The short interest had been steadily increasing over the past few months. Metamaterial Inc. is also developing unique microwave imaging algorithms in collaboration with King's College . "NASDAQ is the world's premier technology exchange, providing us with the best platform to expand awareness of META on the global stage and fully realize the value of our portfolio of innovative sustainable products. With its four full-time employees, Torchlights business doesnt seem like it should attract the sort of social media love that it has. 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. 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. 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]. 1125 N. Charles St, Baltimore, MD 21201. Need more information or have an interview request? Recall that the company plans to merge with Metamaterial(OTCMKTS:MMATF), which makes advanced materials. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? Please disable your ad-blocker and refresh. All rights reserved. Basically, Metamaterial shareholders get 75% of the new company. . 2023 Meta Materials Inc. All rights reserved. META's products are designed and manufactured with environmental sustainability as a high priority. 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. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. For additional information on Torchlight, please visitwww.torchlightenergy.com. All rights reserved. As Cathie Wood stated in the last ARK webinar, she is anticipating a bifurcated V-shaped recovery which will reward companies that have invested in innovation rather than in pandering to shareholders. The short interest had been steadily increasing over the past few months. A short is more appealing when there's a clear endgame in sight. - YouTube 0:00 / 12:23 #Metamaterials #TRCH Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE. Theres even room for more lines. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). The whole stock market depends only on whether there are more shares than idiots or more idiots than shares. Several of the videos on Torchlight have over 50,000 views each. The reason why investing in short squeezes is a bad idea is because they dont last long. In 2018 META was awarded "Best New Product in Commercial Aviation" by Aviation Week Network at the 63rd Annual Laureate Awards, for metaAIR, a Laser Strike Protection solution to protect pilots from harmful laser attacks without interfering with visibility. How can investors take part in this move? Upon closing, these two bridge loans, including the aggregate principal and unpaid interest, are to be included in, and credited against, the$10 millionpre-closing financing described above, with such notes to be deemed cancelled and paid in full. Holders of Exchangeable Shares will be entitled to cast votes on matters for which holders of Torchlight common stock are entitled to vote and will be entitled to receive dividends that are economically equivalent to the dividends declared by Torchlight with respect to its common stock. How can investors take part in this move? Cardano Dogecoin Algorand Bitcoin Litecoin Basic Attention Token Bitcoin Cash. 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. This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures., METAs management, led by George Palikaras, has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customers capabilities, saidGreg McCabe, Torchlights Chairman. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Torchlights Shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Recall that the company plans to merge with Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. 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. Therefore, they will be spun-off into another company. Torchlight stock closed at $4.95 a share Friday, and Meta Material. 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. Disclosure: I am/we are short TRCH. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. 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. An entity owned by Greg McCabe, Torchlight's Chairman, provided a bridge loan to Torchlight for USD $1.5 Million with a conversion feature of $.375 per common share of Torchlight. 333-213390) containing a joint proxy statement/prospectus of SolarCity and Tesla. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. After the conversion it no longer has any term debt and two projects will have liens removed from them, as they backed the loan that was converted. The same is happening at the moment with Torchlight. The company it's combining with, Metamaterial, has no interest in TRCH's business or assets. If it's a value stock - great. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from Fintel. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. We don't think the spinoff will end up being worth much more than what TRCH shares were worth in November, which was about $0.25-$0.40 per share. Metamaterial shares available in Canada. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. Torchlight has engaged Roth Capital Partners as financial advisor and Stikeman Elliott LLP and K&L Gates LLP as legal advisors, and Metamaterial has engaged Hamilton Clark and Cormark Securities as financial advisors and Fasken Martineau DuMoulin LLP andWilson Sonsini Goodrich& Rosati P.C. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. have over 50,000 views each. I am not receiving compensation for it (other than from Seeking Alpha). Torchlight available for borrowing. On April 30, the company. 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. The Global Cleantech 100 is an annual guide to the leading companies and themes in sustainable innovation and features companies that are best positioned to solve tomorrow's clean technology challenges. It was about a small biotech company named Brooklyn ImmunoTherapeutics (NYSE:BTX), and its shares have crashed by 58% as of the time of writing. and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to close the proposed transaction, 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 managements ability to manage and to operate the business. The original planned business combination PR, on 9/21/20, states: The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. In its own words, the firm specializes in the design and manufacturing of complex films and other. I intend to hold my shares for a minimum of two years. Torchlight said on Friday that it closed the deal and the new company, Meta Materials Inc, would begin trading under the ticker symbol "MMAT" on Monday. Torchlight Energy is currently an oil and gas exploration company. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. Which will lower the costs and mass of self-driving vehicles. Only the Nasdaq listing. 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. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. Please. Metamaterial is listed on the CSE. Colleran, who has previously served as CEO at ventures including Impinj and AnswerDash, said Lumotive is pursuing a step-by-step plan to catch the rising tide. Augmented Reality applications- META has been developing the necessary technology while also acquiring other companies and their patents. The merger was analyzed by SA contributor Safety In Value back in March. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. There is no share available for short selling at Torchlight. 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 risks associated with Torchlights ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas which demand could be materially affected by the economic impacts of COVID-19 and possible increases in supply fromRussiaand OPEC, the proposed business combination transaction with Metamaterial, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. You see, Metamaterial wants to list on a large US stock exchange, and to do this, its carrying out a reverse takeover with a small NASDAQ-listed US energy company named, Torchlight. The industry leader for online information for tax, accounting and finance professionals. I wrote this article myself, and it expresses my own opinions. On that date, the company . Torchlight will declare a dividend of preferred stock to its common shareholders on the record date, with such dividend being payable immediately prior to closing of the Transaction. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and META does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise. Torchlight has engaged Roth Capital Partners as financial advisor in connection with the transaction. 1125 N. Charles St, Baltimore, MD 21201. Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. 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. It has been our goal for META to be a NASDAQ-listed company, stated George Palikaras, President & CEO of Metamaterial. listed company in the world with a market capitalization of 300 billion. 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. Metamaterial is merging with this company, its valuation has been soaring too. This year is weird. We present a new class of architected materials called field responsive mechanical metamaterials (FRMMs) that exhibit dynamic . design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. All rights reserved. The reason why investing in short squeezes is a bad idea is because they dont last long. ET. 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 Torchlight's expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. quotes delayed at least 15 minutes, all others at least 20 minutes. This year is weird. However, I think things have gotten out of hand with the valuation of Metamaterial and it has little to do with the company itself. Additional risks and uncertainties are described in or implied by the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Torchlights 2019 Annual Report on Form 10-K, filed onMarch 16, 2020and other reports filed from time to time with the SEC. It has appreciated substantially. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. METAs unique Nanoweb films are 98% transparent, meaning that they can be placed on any glass. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Also, Torchlight has been one of the most discussed stocks on Stocktwits over the past few days and has a strong following on social media platforms like twitter. Liquidity is low on the OTC market and there is no data on the availability of Metamaterial for sale. For reference WTI is currently at $61.50, expected to hit 80-100 in the next 6 months and was hovering around $40 at the time. Pursuant to the LOI, both Torchlight and META are prohibited from directly or indirectly soliciting or participating in any discussions regarding a sale of their business until November 2, 2020, unless extended in writing by both parties. 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