The Proposed Transaction represents a strategic shift for Torchlight. 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. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Torchlight and Metamaterial will be combined such that at closing, the former equity holders of Torchlight would own approximately 25% of the combined company with the former equity holders of Metamaterial owning the remaining approximately 75% of the combined company. The webcast link will be made available and announced shortly. CFO & EVP - Ken Rice has a JD, MBA and a Master of Laws in taxation, he works as in-house counsel and is charge of financing efforts and progressing Metas medical products initiatives. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Once the two companies combine, it will just be Metamaterial. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. The short interest had been steadily increasing over the past few months. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. The market for metamaterials is almost non-existent at the moment but is projected to grow to $10.7 billion SAM by 2030. ?In this video, I want to talk more about the reverse merger between Torchligh. Founded META in 2011, prior to that he founded MediWise, a wireless medical sensor company, he was also an antenna design engineer with AceAxis. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. Crypto. Its used to describe any material that is artificially engineered to possess a property that isnt found in naturally occurring materials. Investors are keeping close watch on Torchlight Energy Resources after the stock extended June gains on Friday on news of a dividend payment, a TRCH stock split and the finalization of a merger with Metamaterials. It also announced plans for the merger of the company to close today. , this is what I like to see in a startup a rapidly growing market and great products and partnerships. 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. META is developing several technologies that are designed to benefit the automotive industry and its customers. 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. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money. The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. EMI shielding market projected to be valued at 6.8Bn in 2020 9.2B by 2025 CAGR 6.3% 2020-2025 Source: (Research and Markets). However, there are still some. Is there a short squeeze? However, what the MF article doesn't seem to realize, is that the conversion of debt to equity is part of the merger agreement. On April 30, the company. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at Torchlight. 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. Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials, Inc. official. design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. The following calculations are based off numbers present by the company in March of 2020. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. CEO and Founder -George Palikaras Ph.D. Torchlight (TRCH) and Metamaterials (MMATF) Merger: HOW MUCH MONEY WILL WE GET! 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. You can view it, Metamaterial shareholders get 75% of the new company. 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. Perform your own due diligence and consult a financial professional before trading. I am long in TRCH at 36K shares and long in MMATF at 60K shares. The following is a summary of the key terms of the pending Transaction as contemplated by the Arrangement Agreement. They have been investing money into research and development, IP acquisitions and scaling their operations. Biosensors - they are in the development process of a non-puncture blood glucose monitoring system. To learn more visit www.metamaterial.com. For further information: Investor Relations and Media Contacts: Graham Farrell, Harbor Access LLC (416) 842 9003[emailprotected], Mark Komonoski, Director Capital Markets and IRMetamaterial Inc. 877-255-8483[emailprotected], Torchlight Derek Gradwell Integrous Communications 512-270-6990[emailprotected],[emailprotected], Meta Materials Inc. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. In 2013 Metamaterial Technologies USA, Inc (formerly Rolith Inc and now META's subsidiary in Silicon Valley) received "Best Manufacturing Technology" award at the tenth annual IDTechEx printed electronics industry event. Opening a small short position on the CSE could be a good idea. June 28 (Reuters) - 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 Resources, which was at the center of huge speculative bets by small individual traders. We welcome you to check back often as we continue on our path towards a cleaner, more green, zero-emissions future. "In order to unlock value potential from our national listing and access to the capital markets, we shifted some attention from the divestiture of our oil and gas assets to an acquisition strategy targeting proven disruptive technology companies with strong environmental, social and governance (ESG) priorities. Such persons can also read Torchlights Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019, for a description of the security holdings of its officers and directors and their respective interests as security holders in the consummation of the transactions described herein. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. With this reverse merger Metamaterials will be brought into the main market with Torch becoming the shell company. That was a huge move for the exploration and production company because it helped to clean up Torchlight's balance sheet. No forward-looking statement can be guaranteed. Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing. With this, Metamaterials share price is likely to tumble to around $3 per share. All rights reserved. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known. Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE SENSE! 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 As of this date certain stockholders of each of Torchlight and Metamaterial have executed customary voting and support agreement pursuant to which persons representing approximately 16% of Torchlight's and approximately 48% of Metamaterial's outstanding voting power have agreed to vote in favor of the transaction. META is changing the way we use, interact and benefit from light. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. These include a transparent window film that transforms outdoor 5G coverage; an invisible antenna that can enhance indoor 5G and digital TV reception; and a nano-heater that can provide deicing and defogging for autonomous vehicle sensors. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. Torchlight has engaged Roth Capital Partners as financial advisor in connection with the transaction. 1125 N. Charles St, Baltimore, MD 21201. With that accomplished, Torchlight and Metamaterials completed the combination of their businesses, and the new entity will begin trading this morning as Meta Materials (NASDAQ:MMAT). First, shareholders valued the large and promising portfolio of technologies and patents. Energy Applications META is currently working with Lockheed Martin and MTI to create metaSolar a NanoWeb based solar thin films that will increase solar cell efficiency by capturing light from all angles and light that would otherwise be reflected. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. Metamaterials CEO,George Palikaraswill be appointed CEO of the combined company, along with the appointment ofKenneth L. Riceas CFO and Executive Vice President. See here for a complete list of exchanges and delays. It all happens at the free AI Super Summit. Therefore, the current value to TRCH shareholders is only 25% of that of Metamaterial's current market cap plus the value of TRCH's oil and gas assets. Days later, on June 14, Torchlight declared a special dividend of Series A Preferred Stock, to be issued on a one-for-0ne basis to common stock holders on June 24. 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. Metamaterial ( OTCPK:MMATF) is merging with Torchlight Energy Resources ( TRCH ). Looking like March 12 for merger date? 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