Torchlight Energy (NASDAQ:TRCH) -5% post-market after announcing a one-for-two reverse stock split and confirming that its merger with Metamaterial will take effect on June 28. On that date, the company will become Meta Materials and begin trading on Nasdaq with the MMAT ticker.
Similarly, Is TRCH a pump and dump?
Introduction. We are short Torchlight Energy Resources, Inc. (TRCH) because we believe it is a classic pump-and-dump run by a questionable management team in our opinion, with some of the leadership having previous run-ins with securities regulators.
Why did TRCH go up? TRCH stock soared yesterday after users of the Reddit group r/TRCH announced in the early hours Monday that shareholders should « Torch the short » to get shares to 20 on Monday and 100 by Tuesday. The stock was also getting mentions in comments in the popular r/WallStreetBets Reddit group.
Thereof, What does TRCH merger mean?
Metamaterial (OTCPK:MMATF) is merging with Torchlight Energy Resources (TRCH). The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm, which is a clean energy business, while Torchlight (a subscale oil and gas company) gets paid for their shell.
Is Meta materials a good stock to buy?
Meta Materials Inc (MMAT) is near the top in its industry group according to InvestorsObserver. MMAT gets an overall rating of 56. That means it scores higher than 56 percent of stocks. Meta Materials Inc gets a 73 rank in the Electronic Components industry.
Why is TRCH up?
Shares of Torchlight Energy Resources ( TRCH ) soared 58% on Monday after the oil and gas driller extended the closing date of its merger with advanced materials manufacturer Metamaterial.
What happens to my TRCH stock after merger?
TRCH will sell its assets or spin them off before the business combination happens; the combined company will get none of TRCH’s assets. 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.
What happens to Torchlight stock after merger?
Meta Materials shareholders are expected to own 75% of the combined company, while Torchlight shareholders get 25%. Torchlight CEO John Brda will remain with the new business combination while its oil & gas assets are disposed of.
How much did GME short sellers lose?
Now, fresh data from S3 Partners, LLC reveals that during August, the short sellers lost another $100 million to bring their losses this year to $6.5 billion by August end.
Is TRCH a meme stock?
(NASDAQ:TRCH) is a “meme stock” that is better because it has raised money.
What will TRCH dividend be?
Investors that are wondering how much the dividend will payout still don’t have any concrete details. However, analysts are expecting to range from anywhere between $1 per share and $20 per share. That’s a massive range for the special merger dividend that investors will have to hold out for.
What happens TRCH options?
The TRCH component of the TRCH1 deliverable will settle through National Securities Clearing Corporation (NSCC). OCC will delay settlement of the Series A Preferred Share component of the TRCH1 deliverable until the trading status of Series A Preferred Shares is determined.
Why is meta materials stock dropping?
What happened. Shares of Meta Materials ( MMAT -3.87% ), a developer of materials for use in various high-tech applications, plunged after the company reported earnings on Wednesday morning.
Is MMAT expected to go up?
Future price of the stock is predicted at 9.8440156107842$ (521.074% ) after a year according to our prediction system. This means that if you invested $100 now, your current investment may be worth 621.074$ on 2023 April 03, Monday.
Who owns MMAT stock?
Top 10 Owners of Meta Materials Inc
| Stockholder | Stake | Shares owned |
|---|---|---|
| SSgA Funds Management, Inc. | 6.17% | 17,584,762 |
| BlackRock Fund Advisors | 4.46% | 12,687,361 |
| The Vanguard Group, Inc. | 1.68% | 4,786,041 |
| Geode Capital Management LLC | 1.34% | 3,822,648 |
What is the float of TRCH?
Overview:
| Market Capitalization, $K | 785,778 |
|---|---|
| % of Insider Shareholders | 17.49% |
| % of Institutional Shareholders | 8.31% |
| Float, K | 130,979 |
| % Float | 82.51% |
• 25 juin 2021
How do I buy TRCH stock?
Torchlight Energy Resources shares (TRCH) are listed on the NASDAQ and all prices are listed in US Dollars.
…
How to buy shares in Torchlight Energy Resources
- Compare share trading platforms. …
- Open your brokerage account. …
- Confirm your payment details. …
- Research the stock. …
- Purchase now or later.
What is TRCH new symbol?
Commencing on June 28, 2021 Torchlight’s name will be changed to « Meta Materials Inc. » and its common stock will begin trading on NASDAQ under the ticker symbol « MMAT. »
How many shares of MMAT are there?
Share Statistics
Meta Materials has 294.49 million shares outstanding.
Who is buying Torchlight?
The company is being acquired by industrial materials maker Metamaterial Inc (MMAT.CD) in a deal that analysts said will likely see its main business being sold or hived off. Torchlight was also the second top-traded stock on Tuesday, with shares changing hands more than 213 million times.
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