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. It's a. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. 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 . 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. "We recognize the significant value in having a national exchange listing in the United States that will provide META with better access to the capital markets," commented George Palikaras, Metamaterial's President and Chief Executive Officer. The META Note is for a 24-month term and bears interest at 8%, with principal and interest due in a lump sum at maturity. Additional disclosure: I am not a financial adviser. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. Recall that the company plans to merge with Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. ), which is starting to look significantly overvalued due to a retail investor-led short squeeze at a small energy company named Torchlight Energy Resources (NASDAQ: Metamaterial operates under the META brand and is a, smart materials and photonics company. 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. For additional information on Torchlight, please visit www.torchlightenergy.com. Here is a DD write up and estimate by user u/Mr_Delmont. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. "We look forward to driving significant value for shareholders in our mission to make every product smarter and more sustainable by utilizing the power of light and advanced materials.". Such statements are based on the current expectations and views of future events of the management of META and are based on assumptions and subject to risks and uncertainties. In its. The combined company, formerly known as Torchlight Energy Resources, Inc., will change its name and focus its business to align with the current business of Metamaterial. How can investors take part in this move? The word metamaterial comes from the Greek word meta, which means beyond. With and end of year range of $8-$20 depending on production numbers and new partnerships. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. Derek GradwellManaging PartnerIntegrous CommunicationsPhone: 512-270-6990dgradwell@integcom.usir@torchlightenergy.com, Graham FarrellHarbor Access LLC(416) 842 9003Graham.Farrell@HarborAccessllc.com, Mark KomonoskiDirector Capital Markets and IRMetamaterial Inc.Phone: 1-877-255-8483mark@metamaterial.com. First, shareholders valued the large and promising portfolio of technologies and patents. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Theres even room for more lines. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to reach agreement on definitive agreements, 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 management's ability to manage and to operate the business. However, I think things have gotten out of hand with the valuation of Metamaterial and it has little to do with the company itself. The recent loan from Torchlight does not figure into the numbers below. The deal includes plans to divest the legacy energy assets. As stated in this recent Motley Fool article: On Feb. 16 Torchlight Energy announced that one of its lenders had converted $1.5 million worth of debt into 1 million shares of the company's stock. Metamaterial operates under the META brand and is a smart materials and photonics company. TRCH could announce something along the lines of: "with the new interest in our company from investors, we have terminated the merger agreement and will continue to develop our projects.". If you have an ad-blocker enabled you may be blocked from proceeding. 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. Oil prices are expected to rise to $80-$100 a barrel in the next six months. MMAT has no desire to keep any of TRCH's assets in the combined company. Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlights oil and gas assets that occurs on the earlier ofDecember 31, 2021or six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlights remaining oil and gas assets, subject to certain conditions. Metamaterial shareholders may elect to receive either shares of Torchlight common stock or shares of a Canadian subsidiary of Torchlight, which will be exchangeable into Torchlight common stock (the Exchangeable Shares). I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at research@whitediamondresearch.com.Follow us on twitter @whiteresearch. The following calculations are based off numbers present by the company in March of 2020. In its own words, the firm specializes in the design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. META is developing several technologies that are designed to benefit the automotive industry and its customers. It is intended to reposition Torchlight into the multi-billion-dollar Advanced Materials market1 as a global cleantech and technology leader. Metamaterial designs, develops, and manufactures. Investors appear to be responding to rumors about the company working with Tesla. 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. Shareholders have approved the deal, whose terms stipulate that Metamaterial. 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. Is there a short squeeze? META has a growing patent portfolio with three core. 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. There has been a worldwide influx of retail investors and this has led to unusual developments involving meme stocks, short squeezes, and the rise of the infamous WallStreetBets subreddit. On that date, the company . 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. The company detailed its paying of a special dividend to its shareholders, as well as a reverse stock split. I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. Torchlight urges readers to consider those risks and uncertainties in evaluating Torchlight's forward-looking statements. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. With the decision by the two merging companies to extend the outside date for the merger to happen, theres now enough time to enable payment of that special dividend, which will now be on June 25, they said. Looking forward to March 12th. Disclosure: I am/we are short TRCH. Metamaterial has some interesting products at the moment. I am not receiving compensation for it (other than from Seeking Alpha). The merger was analyzed by SA contributor Safety In Value back in March. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. 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.. - YouTube 0:00 / 12:23 #Metamaterials #TRCH Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE. 2023 InvestorPlace Media, LLC. - Andr Kostolany. The company stated that it believes it will be positioned to capture a significant portion of this market by being able to mass manufacture, on a cost-effective basis, the required holographic optical components for the augmented reality smart glasses market. What could be a risk, is if the merger is called off. However, there are still some Metamaterial shares available in Canada. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. CTO and Chairman Dr. Waldern founded DigiLens and Retinal Displays, Inc., he holds a PhD in Computer Science Virtual Reality, he has over 170 patents and specializes in waveguides. I wrote this article myself, and it expresses my own opinions. I think the main risk for the bear case is a second short squeeze. You can view it here. Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE SENSE! On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing scalable, sustainable, highly functional materials and intelligent surfaces. A pending merger bought a couple of extra days, enough to ensure a special dividend is paid in time. 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. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/trch-stock-the-big-news-that-has-torchlight-energy-soaring-today/. This transaction is similar to the popular deals involving. META Executive Team has an extremely deep educational background in the hard sciences with a lot of experience creating innovative products. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. 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. All statements in this release that are not based on historical fact are "forward looking statements." Copyright Their technology can allow multiple transparent 5G antennas for IoT integration and their nanomaterials can improve the angular scan range of LIDAR used in self-driving vehicles. 1125 N. Charles St, Baltimore, MD 21201. That short squeeze lasted just one week. The preferred share will provide shareholders of record, the right of participation in the net proceeds of the sale of Torchlights oil and gas assets, subject to certain holdbacks and time constraints. 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. If the dividend or share buyback yield is high - even better. 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. Several of the videos on Torchlight have over 50,000 views each. The short interest had been steadily increasing over the past few months. Torchlight. 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. A video interview with both CEO's and Torchlight's Chairman will be available this week and separately announced with links provided. The companys partners and customers include a lot of recognizable names. Metamaterial and it has little to do with the company itself. Torchlight will loan to Metamaterial an additionalUS$500,000, in exchange for an unsecured promissory note in substantially the same form as the 8% unsecured convertible promissory note that evidences Torchlights loan to Metamaterial ofUS$500,000onSeptember 20, 2020. In 2020 to date, META has been granted 11 new patents. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered. 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. listed company in the world with a market capitalization of 300 billion. ", "META's management, led by George Palikaras has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customer's capabilities," said Greg McCabe, Torchlights Chairman. All articles are my opinion - they are not suggestions to buy or sell any securities. META is changing the way we use, interact and benefit from light. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. META's CEO, George Palikaras to be appointed CEO of the Combined Company, along with the appointment of a new CFO. We specialize in the technology and healthcare sectors. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. META is currently trading at $2.66 I anticipate a near doubling with a successful merger vote. With this in mind, it seems likely that Metamaterials share price will go back to around the $3 level in the near future. I have been investing in stocks since 2007.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. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. Like the other metamaterials . Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. 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. His Substack newsletter,TLV Strategist, covers the Israel business scene. As you can see, there are many possible valuations. 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. which is measured in Tesla (T). 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. 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. This transaction will enhance our ability to pursue a broad range of opportunities and attract additional world-class talent. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. Opening a small short position on the CSE could be a good idea. It would probably fall on this news, as it has also appreciated significantly over the last few months likely due to the anticipated merger. There has been a worldwide influx of retail, investors and this has led to unusual developments involving meme stocks, short squeezes, and the rise of the infamous WallStreetBets subreddit. Many of META's functional materials and metamaterials are designed to increase the efficient use of light and other energy forms. A short is more appealing when there's a clear endgame in sight. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. Electro Optical & Infrared Systems (EO/IR). Recall that the company plans to merge with Metamaterial(OTCMKTS:MMATF), which makes advanced materials. This confirms to us that our analysis on TRCH is correct. This release includes forward-looking information within the meaning of Canadian securities laws regarding META and its business, which may include, but are not limited to, statements with respect to the terms and anticipated timing of the Proposed Transaction, the intention to raise equity capital, the potential continued listing on the NASDAQ, the disposition of Torchlight's oil and gas assets, the business strategies, product development and operational activities of META and Torchlight. cade cowell parents, david robinson height and wingspan, why was ross martin replaced on wild wild west, For $ 450k ( 350k to Torchlight ) interact and benefit from light roadmap '' navigating! ( 350k to Torchlight ) position on the CSE could be a risk, is if the dividend share! 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