I am not receiving compensation for it (other than from Seeking Alpha). They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. Metamaterial ( OTCPK:MMATF) is merging with Torchlight Energy Resources ( TRCH ). Accordingly, readers should not place undue reliance on any forward-looking statements or information. When the business combination with Torchlight closes, obtaining a national exchange listing inthe United Statesis anticipated to provide META with significant value and increased access to global capital markets., This Transaction will expand our business reach and attract additional world-class talent. The companys main focus has historically been on the acquisition and development of highly profitable domestic oil fields, with interests in Texas, including the Permian Basin and the Eagle Ford Shale. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. Is this happening to you frequently? The company it's combining with, Metamaterial, has no interest in TRCH's business or assets. "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. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. 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. 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. CSO and co-Founder Themos Kallos is Chief Science Officer with Ph.D. in Electrical Engineering with expertise in applied physics, metamaterials, wireless communications, and electromagnetic simulations. If a Definitive Agreement is entered into, it is expected that the closing of a transaction will include customary closing conditions, including NASDAQ and CSE approval and approval by the shareholders of both companies, in addition to the closing conditions described above. 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. The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) is trading at over 10% pre-market as of 7:14 AM ET. Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing. 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. His Substack newsletter,TLV Strategist, covers the Israel business scene. Electro Optical & Infrared Systems (EO/IR). Through this reverse merger Torchlight receives a 25% stake in META. As this is not investment advice anyways, here are some possible valuations. 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. TRCH shareholders will get 25% of the combined company, which at MMATF's market cap, puts TRCH's current value at 35c per share, assuming its assets are worthless. It sounds like the merger vote will occur sometime around mid-March. All quotes delayed a minimum of 15 minutes. . 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. 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. Metamaterial Inc. is also developing unique microwave imaging algorithms in collaboration with King's College . 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. , this is what I like to see in a startup a rapidly growing market and great products and partnerships. Like I explained in my article on KULR Technology Group (KULR), this is what I like to see in a startup a rapidly growing market and great products and partnerships. $12M is about the value of a clean empty shell Nasdaq listing. 2023 InvestorPlace Media, LLC. In connection with the Transaction, Torchlight and Metamaterial respectively obtained fairness opinions. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. which is measured in Tesla (T). Torchlight Energy is engaging in a reverse merger, we believe because it has accepted that its assets are practically worthless. The newly merged company begins trading today as the Nasdaq's first 'metamaterials' stock. Copyright 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. However, I think things have gotten out of hand with the valuation of Metamaterial and it has little to do with the company itself. It's a. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. 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. Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. I have no business relationship with any company whose stock is mentioned in this article. On April 30, the company. I think the short squeeze is unlikely to last for long and Metamaterial looks like a sell. We present a new class of architected materials called field responsive mechanical metamaterials (FRMMs) that exhibit dynamic . That gave it a market cap of only $48M. Automotive HUD See Solution De-icing / De-fogging See Solution Transparent Antennas See Solution 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. Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. Sign up below to get this incredible offer! 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. CEO and Founder -George Palikaras Ph.D. 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. Aerospace and Defense- META has extensive experience providing laser protection, de-icing and de-fogging products to aviation companies. 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. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. The deal includes plans to divest the legacy energy assets. - PennyQueen, Projected Markets for Metamaterials to 2023, Smart Materials: Opportunities in Structural Electronics and Electrics to 2030, Article on GlobeNewswire About Global Photovoltaic Markets, Worldwide Revenue from Electric Vehicles Since 2010, Internet of Things Forecasts and Market Estimates, largest domestic newfield discovery in over 30 years, under contract for $450k (350k to Torchlight), Conoco Phillips acquired Concho Resources. NASDAQ is the worlds premier technology exchange, providing us with the best platform to expand awareness of Metamaterial on the global stage and fully realize the value of our portfolio of innovative, sustainable products. commented Ram Ramkumar, Metamaterials Chairman. The proxy statement/prospectus will be mailed to Torchlights Shareholders. 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. "During the past six months the oil and gas market has softened due to the economic slowdown resulting from the pandemic," stated John Brda, Torchlight's CEO. Please disable your ad-blocker and refresh. That would bring a per share value to TRCH of $12.12M/143M = ~$0.08. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. PLANO, TX and HALIFAX, NS / ACCESSWIRE / September 21, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. ("META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the execution of a non-binding letter of intent ("LOI", signed on September 15, 2020), for Torchlight to acquire 100% of META and to divest within the first half of 2021 Torchlight's oil and gas assets for the benefit of Torchlight's legacy shareholders (the "Proposed Transaction"). The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. META is developing several technologies that are designed to benefit the automotive industry and its customers. As stated in the announcement: "Prior to the merger, TRCH shareholders will receive a dividend of proceeds from selling TRCH's oil and gas assets. Edited after IR clarification ) the special dividend will be mailed to Torchlights Shareholders legacy assets! Are practically worthless of META believes that the assumptions underlying these statements are,. 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