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. All rights reserved. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. I think that Metamaterial is an exciting startup, but the end of the short squeeze is likely to push down its shares back to around $3 per share. 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. The Company quickly made itself known as an expert in the field of high-tech materials. 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. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. 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 and it has little to do with the company itself. The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. The deal includes plans to divest the legacy energy assets. 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). Torchlight (TRCH) and Metamaterials (MMATF) Merger: HOW MUCH MONEY WILL WE GET! According to META, the 2nd generation manufacturing line is capable of 100,000+ units per month, to support AR and other holographic products, such as automotive HUD displays, laser glare protection, optical filters, diffractive optics, and other photonic applications. Recall that the company plans to merge with Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. "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. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. Perform your own due diligence and consult a financial professional before trading. 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. Its a win-win situation for both. Which will lower the costs and mass of self-driving vehicles. ET. The proxy statement/prospectus will be mailed to Torchlights Shareholders. Not only will their loyalty be rewarded with ownership in Metamaterials, they will also retain full value in our oil and gas assets through the Special Dividend.". Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. These statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "strategy," "goal," or "planned," "seeks," "may," "might", "will," "expects," "intends," "believes," "should," and similar expressions, or the negative versions thereof, and which also may be identified by their context. 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. This Proposed Transaction is the first step in that effort, providing our shareholders with access to the multi-billion-dollar target market and new applications that are being revolutionized with sustainable technologies, while allowing them to participate in the future upside from our oil and gas asset divestitures. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. As Cathie Wood stated in the last ARK webinar, she is anticipating a bifurcated V-shaped recovery which will reward companies that have invested in innovation rather than in pandering to shareholders. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. The board of Torchlight realized that their resource rich holdings were not enough to survive and thrive in the changing economy, and that a new path was necessary. Please. Additional details will be announced if and when a Definitive Agreement is reached. . Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. There can be no assurances that the Transaction will be consummated. If it's a value stock - great. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. META has a growing patent portfolio with three core technologies; holographic, lithographic, and wireless sensing, designed for high volume applications. 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. It all happens at the free AI Super Summit. The closing of the Transaction is subject to the satisfaction or waiver of customary closing conditions, including approvals by NASDAQ and the Canadian Securities Exchange (CSE), Canadian court approval, and approval by the shareholders of both companies. Torchlights management will remain, in an advisory role focused on winding down Torchlights legacy business and maximizing the value obtained from the divestiture of Torchlights oil and gas assets. 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.. 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. Although the management of META believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Upon completion of the Proposed Transaction, shareholders of META are expected to hold a 75% interest in the combined entity. Ultimately, the deal is worth over $70 million.. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered. On December 14, 2020, the companies signed an agreement for the . GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. "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. Metamaterial shares available in Canada. Additional risks and uncertainties are described in or implied by the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Torchlights 2019 Annual Report on Form 10-K, filed onMarch 16, 2020and other reports filed from time to time with the SEC. 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. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. Metamaterials Technologies, known as META ( MMATF :US MMAT :CAN) is currently trading at $2.66 as of 02.27.2021. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. Nasdaq As a result,. Torchlights Shareholders will also be able to obtain a copy of such documents, without charge, by directing a request to:John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite 3600,Plano, Texas75093; e-mail:[emailprotected]. Copyright 2023 InvestorPlace Media, LLC. The reverse split became effective after market close on June 25. 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. Liquidity is low on the OTC market and there is no data on the availability of Metamaterial for sale. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money for their shell and get to keep the energy business. I think the short squeeze is likely to end soon thanks. However, there are still some Metamaterial shares available in Canada. 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. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. See here for a complete list of exchanges and delays. For additional information on Torchlight, please visit www.torchlightenergy.com. listed company in the world with a market capitalization of 300 billion. Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials, Inc. official. All rights reserved. Certain stockholders of each of Torchlight and Metamaterial have executed customary voting and support agreement pursuant to which persons representing approximately 16% of Torchlights and approximately 48% of Metamaterials outstanding voting power have agreed to vote in favor of the Transaction, subject to customary applicable terms. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. Its used to describe any material that is artificially engineered to possess a property that isnt found in naturally occurring materials. The market for metamaterials is almost non-existent at the moment but is projected to grow to $10.7 billion SAM by 2030. 333-213390) containing a joint proxy statement/prospectus of SolarCity and Tesla. TRCH stock had more than doubled this month. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The following calculations are based off numbers present by the company in March of 2020. It has gone up significantly since the merger announcement. If no sales occur, then they will receive an equity interest in a spin-off entity that holds TRCH remaining oil and gas assets.". Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. META's portfolio comprises 28 patent families, 19 of which are granted. 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. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. have over 50,000 views each. At this point I think their customer service reps probably have PhDs. HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . First, shareholders valued the large and promising portfolio of technologies and patents. The Proposed Transaction remains subject to completion of a due diligence review by each party and negotiation of definitive agreements and the structure may change due to tax or other transaction considerations. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from Fintel. Through this reverse merger Torchlight receives a 25% stake in META. Automotive HUD See Solution De-icing / De-fogging See Solution Transparent Antennas See Solution 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"). How can investors take part in this move? All articles are my opinion - they are not suggestions to buy or sell any securities. The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) is trading at over 10% pre-market as of 7:14 AM ET. Recall that the company plans to merge with Metamaterial(OTCMKTS:MMATF), which makes advanced materials. 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. 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. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. We have an over 80% success rate, see our reports at whitediamondresearch.com. The merger was analyzed by SA contributor Safety In Value back in March. 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. Torchlight announced Friday that its. This will also trigger a special dividend to shareholders of Torchlight. Valuation The value oil drilling acreage is a moving target after the price of crude oil started collapsing in March of 2020. The reason why investing in short squeezes is a bad idea is because they dont last long. No forward-looking statement can be guaranteed. Is this happening to you frequently? Torchlight to acquire META through the issuance of common stock, such that at closing, the former equity holders of Torchlight would own 25% of the combined company (the "Combined Company") with the former equity holders of META owning the remaining 75% and META becoming a wholly-owned subsidiary of Torchlight. Since 2011, approximately CAD $60MM has been invested in META, yielding a sizable IP portfolio. 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. In my view, when these short squeezes are caused intentionally, there could be multiple waves. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I think the main risk for the bear case is a second short squeeze. Shareholders have approved the deal, whose terms stipulate that Metamaterial. 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. Derek GradwellManaging PartnerIntegrous CommunicationsPhone:
[email protected]@torchlightenergy.com, Graham FarrellHarbor Access LLC(416) 842
[email protected], Mark KomonoskiDirector Capital Markets and IRMetamaterial Inc.Phone:
[email protected]. TRCH shareholders will receive a 25% equity interest in the combined company, while MMAT shareholders will receive a 75% interest. META's products are designed and manufactured with environmental sustainability as a high priority. The same is happening at the moment with Torchlight. Here is a DD write up and estimate by user u/Mr_Delmont. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. 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. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. 1125 N. Charles St, Baltimore, MD 21201. 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