His Substack newsletter,TLV Strategist, covers the Israel business scene. 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. Investors appear to be responding to rumors about the company working with Tesla. Metamaterial ( OTCPK:MMATF) is merging with Torchlight Energy Resources ( TRCH ). GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. Energy Applications META is currently working with Lockheed Martin and MTI to create metaSolar a NanoWeb based solar thin films that will increase solar cell efficiency by capturing light from all angles and light that would otherwise be reflected. They can provide a heads-up display across the windshield with almost immediate defogging and de-icing. Merger Metals LLC has over 40 years of Industry Experience. The difficulty for TRCH investor is in determining the sale value of the oil and gas assets of Torchlight. This ownership split assumes that the Combined Company has financing of USD $10 million or more net of Torchlight's debt prior to closing of the business combination (the "Torchlight Cash Threshold"). All rights reserved. As you can see, there are many possible valuations. All rights reserved. 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. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday's opening bell under the ticker symbol MMAT. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties. That short squeeze lasted just one week. It will likely be spun off onto the OTC exchange. Lorem ipsum dolor sit amet, consectetur adipiscing elit. At this point I think their customer service reps probably have PhDs. and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to close the proposed transaction, 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 managements ability to manage and to operate the business. There can be no assurances that a transaction will be consummated as a result of the LOI. If you have an ad-blocker enabled you may be blocked from proceeding. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. You can view it, Metamaterial shareholders get 75% of the new company. Email:[emailprotected]. META's CEO, George Palikaras to be appointed CEO of the Combined Company, along with the appointment of a new CFO. Liquidity is low on the OTC market and there is no data on the availability of Metamaterial for sale. The Proposed Transaction represents a strategic shift for Torchlight. Valuation The value oil drilling acreage is a moving target after the price of crude oil started collapsing in March of 2020. Electro Optical & Infrared Systems (EO/IR). META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California. Torchlight legacy shareholders will be entitled to a distribution of any values attributable to the sale of Torchlight's existing oil and gas business asset (net of Torchlight's debt, and closing expenses incurred in connection with such sale, subject to a 10% holdback to be held for a 12 month period to address any potential liabilities relating to the sale of the oil and gas assets of TRCH's pre-closing business). Often but not always, forward-looking information can be identified by the use of words such as expect, intends, anticipated, believes or variations (including negative variations) of such words and phrases, or state that certain actions, events or results may, could, would or will be taken, occur or be achieved. But . No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Again, assuming that TRCH's assets are worthless and not including any special dividend, if the merger happened today, TRCH shareholders would face a 90% loss on their investment. Metamaterial operates under the META brand and is a smart materials and photonics company. I intend to hold my shares for a minimum of two years. . It has gone up significantly since the merger announcement. All articles are my opinion - they are not suggestions to buy or sell any securities. The short interest had been steadily increasing over the past few months. 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. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. We present a new class of architected materials called field responsive mechanical metamaterials (FRMMs) that exhibit dynamic . 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. 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. read more. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. It all happens at the free AI Super Summit. In 2020 to date, META has been granted 11 new patents. Is this happening to you frequently? Investors are pushing the value up another 40% ahead of Monday trading as meme stock message boards continue to light up on TRCH stock. Perform your own due diligence and consult a financial professional before trading. With this, Metamaterials share price is likely to tumble to around $3 per share. 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. There can be no assurances that the Transaction will be consummated. All articles are my opinion - they are not suggestions to buy or sell any securities. META has a total of 52 granted and 37 pending patent applications, including 26 in the United States and 63 in 18 other countries around the world. Is there a short squeeze? The reverse split became effective after market close on June 25. like what happened at GameStop in March. 29 2021, Published 1:58 p.m. 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. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. META is an award winning Global Cleantech 100 company with products that support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy and offer more performance. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. Readers are cautioned to not place undue reliance upon any such forward-looking statements, which speak only as of the date made. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. Is this happening to you frequently? Do you remember the GameStop (NYSE:GME) short squeeze? 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.. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. That equals $251.6/1.27 = $198M USD. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. 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. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). 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. I have no business relationship with any company whose stock is mentioned in this article. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. CFO & EVP - Ken Rice has a JD, MBA and a Master of Laws in taxation, he works as in-house counsel and is charge of financing efforts and progressing Metas medical products initiatives. Although Metamaterial has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Oil prices are expected to rise to $80-$100 a barrel in the next six months. I could not find anyone willing to go on record. Stoking some of the chat is a merger announcement on June 11 regarding Torchlight and Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. as legal advisors. Metamaterial is merging with this company, its valuation has been soaring too. The combined entity will continue to service a clientele of world-class OEM customers for a range of applications in the automotive, aerospace and defense, energy, consumer electronics and medical markets. Automotive HUD See Solution De-icing / De-fogging See Solution Transparent Antennas See Solution We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. The recent loan from Torchlight does not figure into the numbers below. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. Please disable your ad-blocker and refresh. "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. which is measured in Tesla (T). Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. 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. Our Tesla Roadster expertise is particularly unparalleled and our electronics lab offers advanced services including PEM repair and rebuilds, ESS Battery Pack repair and recovery, firmware upgrades, and a variety of aftermarket products. 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. Metamaterials CEO,George Palikaraswill be appointed CEO of the combined company, along with the appointment ofKenneth L. Riceas CFO and Executive Vice President. The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. All statements in this release that are not based on historical fact are "forward looking statements." GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. All quotes delayed a minimum of 15 minutes. It sounds like the merger vote will occur sometime around mid-March. This confirms to us that our analysis on TRCH is correct. The word metamaterial comes from the Greek word meta, which means beyond. In December 2020, Torchlight Energy Resources and Metamaterial had announced a definitive agreement was signed for a business combination. The following is a summary of the key terms of the pending Transaction as contemplated by the Arrangement Agreement. METAs unique Nanoweb films are 98% transparent, meaning that they can be placed on any glass. I think the main risk for the bear case is a second short squeeze. 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. META is currently trading at $2.66 I anticipate a near doubling with a successful merger vote. Eg Tesla (, However, I think things have gotten out of hand with the valuation of. Many of META's functional materials and metamaterials are designed to increase the efficient use of light and other energy forms. Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. Cardano Dogecoin Algorand Bitcoin Litecoin Basic Attention Token Bitcoin Cash. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. With its four full-time employees, Torchlights business doesnt seem like it should attract the sort of social media love that it has. The deal includes plans to divest the legacy energy assets. Founded META in 2011, prior to that he founded MediWise, a wireless medical sensor company, he was also an antenna design engineer with AceAxis. META shall appoint the 5 remaining members of the Board, which members must include the required number of independent members to maintain the NASDAQ listing requirement. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/trch-stock-the-big-news-that-has-torchlight-energy-soaring-today/. The process will essentially be TRCH starting all over again with the same assets, but not as a Nasdaq company anymore. 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. Nasdaq The shares, however, gave up some of the gains after the company upsized its stock offering. $12M is about the value of a clean empty shell Nasdaq listing. Eg Tesla (TSLA). 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. Brooklyn ImmunoTherapeutics made a similar move. Torchlight, Metamaterial and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Torchlight Shareholders in connection with the proposed business combination. There is no share available for short selling at Torchlight. 2023 Meta Materials Inc. All rights reserved. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. 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