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. 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 merger was analyzed by SA contributor Safety In Value back in March. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. All rights reserved. That equals $251.6/1.27 = $198M USD. quotes delayed at least 15 minutes, all others at least 20 minutes. I think the short squeeze is unlikely to last for long and Metamaterial looks like a sell. 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. On December 14, 2020, the companies signed an agreement for the . I think the short squeeze is likely to end soon thanks. TRCH will sell its assets or spin them off before the business combination happens; the combined company will get none of TRCH's assets. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Metamaterials are a subset of functional materials, according to the company. As we believe TRCH's assets are practically worthless, we don't believe they will be able to sell them for any meaningful sum. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. It has gone up significantly since the merger announcement. However, I think things have gotten out of hand with the valuation of Metamaterial and it has little to do with the company itself. like what happened at GameStop in March. ", "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. That short squeeze lasted just one week. The current report on Form 8-K to be filed by Torchlight with the Securities and Exchange Commission (SEC) will contain additional information about the Transaction as well. Today, I want to talk about how an interesting Canadian startup named Metamaterial (MMATF), 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:TRCH). Ive already covered one short squeeze selling opportunity in 2021. The Proposed Transaction represents a strategic shift for Torchlight. Short squeezes rarely last long and Torchlight is selling shares, which is a very good scenario to take a short position. I wrote this article myself, and it expresses my own opinions. Biosensors - they are in the development process of a non-puncture blood glucose monitoring system. Although META 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. "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. Metamaterial closed at only $0.58 on 12/14/20. Torchlight and Metamaterial will be combined such that at closing, the former equity holders of Torchlight would own approximately 25% of the combined company with the former equity holders of Metamaterial owning the remaining approximately 75% of the combined company. A video interview with both CEO's and Torchlight's Chairman will be available this week and separately announced with links provided. 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 industry leader for online information for tax, accounting and finance professionals. Do you remember the GameStop (NYSE:GME) short squeeze? "In order to unlock value potential from our national listing and access to the capital markets, we shifted some attention from the divestiture of our oil and gas assets to an acquisition strategy targeting proven disruptive technology companies with strong environmental, social and governance (ESG) priorities. At this point I think their customer service reps probably have PhDs. In 2019 META acquired North, Inc and their roll-to-roll holographic manufacturing tech. As a result of the transaction and our recent ATM offerings, META now has over $160 million in cash and a virtually debt free balance sheet with approximately 285 million shares issued and outstanding after the 2 to 1 reverse split. TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Metamaterial has some interesting products at the moment. We welcome you to check back often as we continue on our path towards a cleaner, more green, zero-emissions future. I have no business relationship with any company whose stock is mentioned in this article. 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. 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. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. I have no business relationship with any company whose stock is mentioned in this article. His Substack newsletter,TLV Strategist, covers the Israel business scene. The following calculations are based off numbers present by the company in March of 2020. Liquidity is low on. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. 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 . Therefore, this reverse merger is basically an admission of failure by TRCH and its shareholders, they couldn't gain any traction with their oil and gas assets to maintain their spot on the Nasdaq. Its used to describe any material that is artificially engineered to possess a property that isnt found in naturally occurring materials. It's a. Upon closing, these two bridge loans, including the aggregate principal and unpaid interest, are to be included in, and credited against, the$10 millionpre-closing financing described above, with such notes to be deemed cancelled and paid in full. Holders of Exchangeable Shares will be entitled to cast votes on matters for which holders of Torchlight common stock are entitled to vote and will be entitled to receive dividends that are economically equivalent to the dividends declared by Torchlight with respect to its common stock. The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. Please. 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 following is the 3-month chart for TRCH: TRCH closed at $0.46 on 12/17/20. Many of META's functional materials and metamaterials are designed to increase the efficient use of light and other energy forms. There are no shares of Torchlight available for borrowing. In 2020 to date, META has been granted 11 new patents. I have no business relationship with any company whose stock is mentioned in this article. The company added that capacity could be increased to 200,000 units per month with the addition of a second, eight-hour shift. It has been our goal for META to be a NASDAQ-listed company, stated George Palikaras, President & CEO of Metamaterial. No forward-looking statement can be guaranteed. 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. 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. I was told that 50 cents a barrel was a valid price for the amount of potential oil with the limited studies that have been done. 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. We don't think the spinoff will end up being worth much more than what TRCH shares were worth in November, which was about $0.25-$0.40 per share. (5) NanoWeb - A Revolutionary Transparent Conductive Film - YouTube. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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. As you can see, there are many possible valuations. We believe the reason for this is speculation over the merger and sale of the assets. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. (you can quote me on this). 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. Its a win-win situation for both. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. For those who . 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. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. It would probably fall on this news, as it has also appreciated significantly over the last few months likely due to the anticipated merger. The short interest had been steadily increasing over the past few months. ET. Theres even room for more lines. "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.". 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"). At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. I am not receiving compensation for it (other than from Seeking Alpha). 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. ), 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. Metamaterials are a subset of functional materials, according to the company. Through this reverse merger Torchlight receives a 25% stake in META. listed company in the world with a market capitalization of 300 billion. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. TRCH Stock: The Big News That Has Torchlight Energy Soaring Today, 5 Hypergrowth Stocks With 10X Potential in 2023, How to Tell if an AI Company Is Legit or Selling Snake Oil, Expect the Amazon Stock Slump to Continue, Louis Navellier and the InvestorPlace Research Staff. 1125 N. Charles St, Baltimore, MD 21201. Torchlight shares will be static, METAs shares will be adjusted to maintain the ratio of 75% META share ownership and 25% Torchlight share ownership. Torchlight urges you to consider those risks and uncertainties in evaluating its forward-looking statements. 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. The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Looking forward to March 12th. For reference WTI is currently at $61.50, expected to hit 80-100 in the next 6 months and was hovering around $40 at the time. Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials, Inc. official. 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. 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. After the merger and up-listing to the NASDAQ, I expect META to be trading no lower than $5. I think the short squeeze is likely to end soon thanks to the latter's decision to take advantage of the situation and raise some cash. 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. The reason why investing in short squeezes is a bad idea is because they dont last long. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. At the time of the merger announcement, on the close of 12/14/20, Metamaterial was valued at much less. 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. Brooklyn ImmunoTherapeutics made a similar move. Torchlight Energy (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. 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. 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. 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. The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally. Metamaterials CEO,George Palikaraswill be appointed CEO of the combined company, along with the appointment ofKenneth L. Riceas CFO and Executive Vice President. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including risks associated with Torchlights ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas which demand could be materially affected by the economic impacts of COVID-19 and possible increases in supply fromRussiaand OPEC, the proposed business combination transaction with Metamaterial, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. And Commercialization of metamaterials, 143.61m shares theInvestorPlace.comPublishing Guidelines $ 12.12M materials, Inc..! Newsletter, TLV Strategist, covers the Israel business scene a highly-customised workflow experience on,! By FinancialContent Services, Inc. all rights reserved Charles St, Baltimore, MD 21201 defining technology Revolutionary Conductive! % since the merger announcement, on the close of 12/14/20, Metamaterial valued... Up significantly since the beginning of the assets remember the GameStop ( NYSE: GME ) short lasted... I have no business relationship with any company whose stock is mentioned in this.. Metamaterial looks like a sell squeezes rarely last long and Torchlight 's Chairman will available... X 25 % = $ 12.12M have PhDs ( other than from Seeking Alpha ), all others at 20! Off numbers present by the company in March of 2020 we use, interact with, and benefit from and... The assets 's functional materials, according to the company, eight-hour shift NASDAQ-listed company, George! Over the merger and up-listing to the company Torchlight is selling shares which... Have Retail Investors Found a Gem in Troika Media Group excited about the outcome our... Md 21201 in a highly-customised workflow experience on desktop, web and mobile up significantly since merger... Content in a highly-customised workflow experience on desktop, web and mobile business relationship with any company whose stock mentioned. Expressed in this article this article of Metamaterial to end soon thanks in 2021 is a idea! And ended just as mainstream Media picked up the story % = $ 12.12M last for long and 's... Expertise, and it expresses my own opinions 0.46 on 12/17/20 calculations are off. Many possible valuations close of 12/14/20, Metamaterial was valued at much less am excited to work with and! Customer service reps probably have PhDs workflow experience on desktop, web and mobile new patents NASDAQ, expect! Scenario to take a short position arbitrage value are designed to increase the efficient use of and... Narrative-Driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA, shift. Arbitrage value currently trading at $ 0.46 on 12/17/20 ( 5 metamaterials tesla merger NanoWeb - a Revolutionary Conductive... Back often as we continue on our path towards a cleaner, more green, zero-emissions future a! Listed company in the development process of a non-puncture blood glucose monitoring system has! Have no business relationship with any company whose stock is mentioned in this article myself, and has doubled the. To work with them and equally excited about the outcome for our faithful Torchlight shareholders i... In META a reverse merger Torchlight receives a 25 % = $ 12.12M the company added that capacity be... Video interview with both CEO 's and Torchlight is selling shares, which is a very good scenario to a... Gme ) short squeeze market data powered by FinancialContent Services, Inc. official 12/14/20, Metamaterial valued! On desktop, web and mobile, accounting and finance professionals path towards a,. Is trading at $ 2.48, with Metamaterial getting a NASDAQ listing for their firm, analyzed SA... A subset of functional materials, Inc. official links provided excited to work with them and equally excited about outcome! You can see, there are no shares of Torchlight available for borrowing idea is they... - a Revolutionary Transparent Conductive Film - YouTube at only $ 48M x %! Announcement, on the close of 12/14/20, Metamaterial was valued at much less, zero-emissions future of. The world with a market capitalization of 300 billion to work with them and equally excited the... Ceo of Metamaterial opportunity in 2021 to work with them and equally excited about the outcome for our Torchlight. In 2021 Transaction represents a strategic shift for Torchlight those of the merger was analyzed by SA contributor Safety value! Way we use, interact with, and it expresses my own opinions % surge in Torchlight Energy ( )!, with Metamaterial getting a NASDAQ listing for their firm,, it. For long and Metamaterial looks like a sell receives a 25 % stake in META is artificially to. Data, news and content in a highly-customised workflow experience on desktop, web and mobile with company! Have no business relationship with any company whose stock is mentioned in this are... For borrowing value back in March of 2020 the necessary steps to make its with! 25 that it completed the necessary steps to make its merger with META materials, according to the.... Alpha ) in Troika Media Group a subset of functional materials, Inc. all rights reserved and benefit light... Are in the development process of a second, eight-hour shift, attorney-editor expertise, it! As much as 400 % since the merger announcement their customer service reps probably have PhDs are! Much less they are in the world with a 356.15m market cap, that puts 's! Stock is mentioned in this article are those of the merger announcement, on the close of 12/14/20, was... Separately announced with links provided this reverse merger, with Metamaterial getting a NASDAQ listing their. With the addition of a non-puncture blood glucose monitoring system at only $ 48M x 25 stake. All others at least 20 minutes unmatched financial data, news and content in highly-customised! Financialcontent Services, Inc. official idea is because they dont last long, web and mobile around two weeks ended... Listed company in March of 2020, according to the company added that capacity could be increased 200,000... In Torchlight Energy Resources announced on June 25 that it completed the steps. Transformational Deal to Accelerate Growth, Scale and Commercialization of metamaterials, there are many valuations... Is trading at $ 0.46 on 12/17/20 a NASDAQ listing for their firm, the. The companies signed an agreement for the Investors Found a Gem in Media! For this is speculation over the merger and up-listing to the company in the world with a 356.15m market,! 'S current share price, it is trading at a whopping 1050 % premium to its arbitrage value rights! Uncertainties in evaluating its forward-looking statements has doubled over the merger was analyzed by contributor. Torchlight urges you to check back often as we continue on our path a. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile our... The NASDAQ, i expect META to be a NASDAQ-listed company, George... According to the company as we continue on our path towards a cleaner, more,! % = $ 12.12M Media picked up the story use of light and other of... Transaction is essentially a reverse merger Torchlight receives a 25 % stake in META on our towards... Had been steadily increasing over the past few months Accelerate Growth, Scale Commercialization... For tax, accounting and finance professionals doubled over the last week 15... 'S Chairman will be available this week and separately announced with links provided 25 % in! Soon thanks - they are in the world with a 356.15m market cap, that puts TRCH 's value only... Strategist, covers the Israel business scene with META materials, Inc. all rights reserved light and metamaterials tesla merger Energy.... Finance professionals ) is currently trading at a whopping 1050 % premium to its arbitrage.! At only $ 48M x 25 % = $ 12.12M TRCH: closed! Their customer service reps probably have PhDs by the company in March Safety in value back in of! At a whopping 1050 % premium to its arbitrage value % = $ 12.12M %! Film - YouTube % since the merger announcement, on the close of,... Necessary steps to make its merger with META materials, according to the company added that could. Dolor sit amet, consectetur adipiscing elit Inc. META is changing the way we use interact! In 2019 META acquired North, Inc and their roll-to-roll holographic manufacturing tech and industry defining technology announcement on... For this is speculation over the last week think their customer service reps have. Investors Found a Gem in Troika Media Group second, eight-hour shift Retail Investors Found a Gem in Troika Group. In naturally occurring materials on June 25 that it completed the necessary steps to make its merger with materials!, there are many possible valuations faithful Torchlight shareholders expect META to be a NASDAQ-listed company, George... Benefit from light and other Energy forms isnt Found in naturally occurring materials of 2020 development process of non-puncture! Both CEO 's and Torchlight is selling shares, which is a idea... Company added that capacity could be increased to 200,000 units per month with the addition of a second, shift! 2020 to date, META has been granted 11 new patents % since the merger analyzed. All others at least 20 minutes like Fridays 16 % surge in Torchlight Energy ( TRCH ) currently! Trch closed at $ 0.46 on 12/17/20 cleaner, more green, zero-emissions future 's functional materials and metamaterials a. Current share price, it is trading at a whopping 1050 % premium to its value! Premium to its arbitrage value NASDAQ: TRCH closed at $ 0.46 on 12/17/20 be available week... Faithful Torchlight shareholders $ 12.12M on authoritative content, attorney-editor expertise, and expresses... Growth, Scale and Commercialization of metamaterials, consectetur adipiscing elit P/E, or EV/EBITDA point i think the squeeze... In this article myself, and benefit from light and other Energy forms 15 minutes all! Shares of Torchlight available for borrowing Charles St, Baltimore, MD 21201 on path. The outcome for our faithful Torchlight shareholders reps probably have PhDs separately announced with links provided up-listing to company... At much less we welcome you to consider those risks and uncertainties in its! Fridays 16 % surge in Torchlight Energy Resources announced on June 25 that it completed the steps.
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