7/6/2023 0 Comments Torchlight dividend payout![]() ![]() This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the 'safe harbor' created by those sections. For additional information on Torchlight, please visit Forward-Looking Statement Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. (TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. is expected to close before the end of June. Holders of Series A Preferred Stock will be entitled, on a pro rata basis, to any future net proceeds or other potential benefits derived from the disposition of the oil and gas assets of Torchlight, subject to certain holdbacks. Stockholders of record on June 24, 2021, will be entitled to receive the dividend which will consist of one share of Series A Preferred Stock for each one share of common stock owned on that date (subject to adjustment for any reverse split of Torchlight's common stock after the record date but before the dividend is paid). This Special Dividend is to be issued in connection with the previously announced business combination transaction with Metamaterial, Inc. (NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), today announced that it has 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 J(subject to adjustment for any reverse split of Torchlight's common stock after the record date but before the dividend is paid). PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. ![]() On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. For them, Meta Materials might provide big returns at current prices. But that risk profile describes many other investors. I’m fairly conservative when it comes to jumping into technology pre-commercialization. They may or may not ever come to market, but that’s the bet here. The company didn’t elaborate on the commercialization timeline for glucoWISE products. So, if investors assume that it is going to focus primarily on the diabetes management sector then there are significant catalysts for shares. Meta Materials meanwhile posted a $CAD 55.08 million loss in Q1.īut remember, Meta Materials is nearly debt-free following the merger. It posted a $249.51 million net loss in the period. Senseonics, like Meta Materials, realized a significant loss in Q1. The difference is that Meta Materials’ solution is non-invasive. Senseonics is a diabetes management firm that is progressing toward the commercialization of an implantable glucose monitor. There are at least a few parallels between Meta Materials and Senseonics (NYSEAMERICAN: SENS). When it completed the business combination with Torchlight Energy Resources the accompanying press release noted that it would discuss recent events and future growth initiatives on July 6. It is apparent that it is attempting to further establish its position within health and wellness in particular. 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. Ostensibly that cash will be directed toward materials development alone since its newly purchased oil assets are being sold.īased on those assumptions, is MMAT stock worth establishing a position in? A Closer Look at TRCH Stock As a result of the combination, it has $160 million in cash with nearly zero debt. The focal point moving forward for potential investors is whether Meta Materials makes sense as an investment. T orchlight CEO John Brda will remain with the new business combination while its oil & gas assets are disposed of. Meta Materials shareholders are expected to own 75% of the combined company, while Torchlight shareholders get 25%. Nevertheless, it seems that the terms of the deal were enough to entice shareholders to agree to the merger. Yet the acquirer profile looked to be a larger oil E&P company. TRCH stock had long been considered an acquisition target. The synergies leading to the business combination are somewhat unclear. Torchlight Energy Resources was an oil & gas exploration firm that operated in Texas. Meta Materials is a company that develops functional materials and nanocomposites. ![]()
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