Neither META or Torchlight has incurred any finders fees in association with this transaction. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. On YouTube, the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. which is measured in Tesla (T). Metamaterial wants a clean balance sheet for the merger to happen, it has nothing to do with freeing up the debt for TRCH's oil and gas projects. 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. Copyright Hazel-Midland Basin -12,000 gross (9,600 net acres) 80% WI (operated) under contract for 12.4m ($1300 acre), 3. For TRCH stock investors, the new focus adds an unfamiliar dimension to what had been an oil and gas exploration and production company based out of Plano, Texas, with a total of four full-time employees. It's a. It all happens at the free AI Super Summit. 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. All statements that address operating performance or events or developments Torchlight expects or anticipates will occur in the future, such as stated objectives or goals, Torchlight's refinement of strategy, Torchlight's attempts to secure additional financing, Torchlight's exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. 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). META has a growing patent portfolio with three core technologies; holographic, lithographic, and wireless sensing, designed for high volume applications. Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals, down 67% from 2018, according to Rystad Energy, an Oslo-based research firm. However, what the MF article doesn't seem to realize, is that the conversion of debt to equity is part of the merger agreement. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from. I wrote this article myself, and it expresses my own opinions. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Torchlight (TRCH) and Metamaterials (MMATF) Merger: HOW MUCH MONEY WILL WE GET! META has a growing patent portfolio with three core. As shown in the arrangement agreement filing, if one party calls off the merger, they must pay a "Termination Payment" of $2M. Is there a short squeeze? 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. Eg Tesla (TSLA). This will also trigger a special dividend to shareholders of Torchlight. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. 2023 Meta Materials Inc. All rights reserved. 1125 N. Charles St, Baltimore, MD 21201. In March of 2020, Torchlight decided to pivot their entire operation and and to divest all of oil and gas assets and to embark on a reverse merger with a future focused company. Combine this sector with other markets like advanced materials, IoT, medical, energy, aerospace, and automotive markets, and the market opportunity grows beyond $3 trillion. 134,000 acres *72.5% interest at $1000 acre=97.15m + 12.75m (Hazel/Winkler) =109.9m/143.6m shares= 76.5 cent share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 5 cents per barrel= 134m+12.75m (Hazel/Winkler) =146.75m= $1.00 per share, 134,000 acres *72.5% interest at $1300 acre=126.3m +12.75m (Hazel/Winkler) =126.3m/143.6m shares=96 cent share, 134,000 acres *72.5% interest at $2500 acre=242.88m +12.75m (Hazel/Winkler) =255.63m/143.6m shares= $1.78 per share, 134,000 acres *72.5% interest at $5000 acre=485.75m+12.75m (Hazel/Winkler) =500.25/143.6m shares=$3.48 per share, 134,000 acres *72.5% interest at $7500 acre=728.63m+12.75m (Hazel/Winkler) =741.38/143.6m shares=$5.16 per share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 1.34bn+12.75m (Hazel/Winkler) =1.3527b = $9.42 per share, High Case estimate 5.0 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 3.625+12.75m (Hazel/Winkler) =3.638b =$25.33 per share. 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. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. Nasdaq 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 . Augmented Reality applications- META has been developing the necessary technology while also acquiring other companies and their patents. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. There can be no assurance that the parties will reach agreement on the terms of definitive agreements or that the Proposed Transaction will be completed as currently contemplated or at all. There seems to be a short squeeze at Torchlight, with which Metamaterial is merging to list on NASDAQ. Recall that the company plans to merge with Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. While they do have revenue and have partnered with major companies (Samsung, Boeing, Airbus), I am thinking of them more in terms of a pre-revenue IPO. Lorem ipsum dolor sit amet, consectetur adipiscing elit. All articles are my opinion - they are not suggestions to buy or sell any securities. You can view it, Metamaterial shareholders get 75% of the new company. have over 50,000 views each. Torchlight available for borrowing. Torchlight. Please. Copyright 2023 InvestorPlace Media, LLC. 2023 InvestorPlace Media, LLC. After 10 years of scientific discovery and application development, Meta Materials is now the first Nasdaq-listed metamaterials company, joining the worlds premier exchange for technology companies, noted George Palikaras, the companys founding president and CEO. Disclosure: I am/we are short TRCH. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. "When the business combination with Torchlight closes, obtaining a national exchange listing in the United States is anticipated to provide META with significant value and increased access to global capital markets. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties. What could be a risk, is if the merger is called off. Intellectual Ventures' metamaterials-based system has some distinct advantages: The microwave beam can be focused and redirected with relatively high efficiency, and with no moving parts. The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. Torchlight's management is to remain in an advisory role focused on winding down the Torchlight legacy business and maximizing the value obtained from the divestiture of the Torchlight oil and gas assets. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. CEO and Founder -George Palikaras Ph.D. They have also created electromagnetic interference protection that can play a large roll in infrastructure defense. Torchlight also announced that it implemented a 1 . "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. Additional disclosure: I am not a financial adviser. 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. If it's a value stock - great. 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. In a reverse takeover to list on the Nasdaq and access the U.S. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. I have no preference for sectors or countries - I'm as comfortable owning a part of a cement miner in Peru as holding shares in a wheat farming firm in Bulgaria. The oil and gas exploration and production company based out of Plano, Texas, has become something of a regular on meme chats and threads, likeReddits r/WallStreetBets and other subreddits, in recent weeks. Looking like March 12 for merger date? Such statements are based on the current expectations and views of future events of the management of Metamaterial and are based on assumptions and subject to risks and uncertainties. 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. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. If the dividend or share buyback yield is high - even better. 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. At the time of the merger announcement, on the close of 12/14/20, Metamaterial was valued at much less. These will be ultra-thin, light, flexible, can be applied to flat or curved surfaces and will be able to add onboard power and charging. Aerospace and Defense- META has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies. Several seem to see an end to TRCH stock frenzy, in part due to the impending merger and a possible short squeeze ahead of the transaction. Several of the videos on Torchlight have over 50,000 views each. Whats behind the move? 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 Shareholders have approved the deal, whose terms stipulate that Metamaterial. 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. Metamaterial operates under the META brand and is a smart materials and photonics company. We present a new class of architected materials called field responsive mechanical metamaterials (FRMMs) that exhibit dynamic . That short squeeze lasted just one week. I am not receiving compensation for it (other than from Seeking Alpha). Investors appear to be responding to rumors about the company working with Tesla. quotes delayed at least 15 minutes, all others at least 20 minutes. 1125 N. Charles St, Baltimore, MD 21201. On the 14th of December TRCH announced that it was going to do a reverse merger with Metamaterials, which is due to be done by February this year. Recall that the company plans to merge with Metamaterial(OTCMKTS:MMATF), which makes advanced materials. (Source: Interactive Brokers, using a paper trading account). 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. Torchlight and Metamaterial urge investors, Shareholders and other interested persons to read, when available, the proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the proposed business combination transaction. How can investors take part in this move? That gave it a market cap of only $48M. I have no business relationship with any company whose stock is mentioned in this article. META is changing the way we use, interact and benefit from light. Do you remember the GameStop (NYSE:GME) short squeeze? 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. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. From here, we believe we can now comfortably support our near and long-term growth initiatives, said Ken Rice, CFO and EVP of Meta Materials. We predict the spin-off company will be put into an OTC stock. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. Jun. We believe the reason for this is speculation over the merger and sale of the assets. 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. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. CTO Jonathan Waldern stated, Under a new brand name, metaFUSION, we are now applying that proven technology and other functionality directly encapsulated into eyeglasses, to compliment waveguide-based displays similar to HoloLens.. 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. Metamaterial has some interesting products at the moment. 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. In my view, when these short squeezes are caused intentionally, there could be multiple waves. 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. Need more information or have an interview request? If the exchange rate is 1 Metamaterial share for 3.6 Torchlight shares (as mentioned in the proxy filing), that would imply that each Torchlight share would get around $1.60 in value from the . As well as the conversion of the company's debt to equity. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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 this is not investment advice anyways, here are some possible valuations. 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 its expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. With and end of year range of $8-$20 depending on production numbers and new partnerships. The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. I am excited to work with the META team and equally excited about the outcome for our faithful Torchlight shareholders.. Today, I want to talk about how an interesting Canadian startup named Metamaterial (. Metamaterial operates under the META brand and is a smart materials and photonics company it all at. 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