There can be no assurance that the parties will reach agreement on the terms of definitive agreements or that the Proposed Transaction will be completed as currently contemplated or at all. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. 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. You can view it here. 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. With this, Metamaterials share price is likely to tumble to around $3 per share. Liquidity is low on the OTC market and there is no data on the availability of Metamaterial for sale. $12M is about the value of a clean empty shell Nasdaq listing. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. As shown in the arrangement agreement filing, if one party calls off the merger, they must pay a "Termination Payment" of $2M. 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. How can investors take part in this move? Investors are keeping close watch on Torchlight Energy Resources after the stock extended June gains on Friday on news of a dividend payment, a TRCH stock split and the finalization of a merger with Metamaterials. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered. 1125 N. Charles St, Baltimore, MD 21201. Torchlight also announced that it implemented a 1 . Torchlight available for borrowing. Ahead of the merger, Torchlight paid the special Series A Preferred Stock dividend on a 1-for-1 basis to its stockholders of record on June 24. Oil prices are expected to rise to $80-$100 a barrel in the next six months. - Andr Kostolany. Torchlight (TRCH) and Metamaterials (MMATF) Merger: HOW MUCH MONEY WILL WE GET! 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. An entity owned by Greg McCabe, Torchlight's Chairman, provided a bridge loan to Torchlight for USD $1.5 Million with a conversion feature of $.375 per common share of Torchlight. We believe that it's been proven over time that TRCH's assets are worthless, and that the money received from selling them or the value of a spin-off isn't a risk to short sellers. They acquired this land at $10,471 per acre. I wrote this article myself, and it expresses my own opinions. It's a totally unrelated company to TRCH's oil and gas exploration business. META has a growing patent portfolio with three core. They can provide a heads-up display across the windshield with almost immediate defogging and de-icing. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Therefore, they will be spun-off into another company. Of . It also announced plans for the merger of the company to close today. 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. In a reverse takeover to list on the Nasdaq and access the U.S. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. I have no business relationship with any company whose stock is mentioned in this article. Special Dividend Intended to be Issued to Torchlight Shareholders at Closing. Medical Applications META has a strong research base in photonics as well as wireless technologies, they are currently able to enhance the signals 200-500% on MRIs with their resonators and intensity correction algorithms. 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. But remember, Metamaterial is listed on the CSE. 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. I could not find anyone willing to go on record. META partnered with Airbus to develop and commercialize this technology. The reason why investing in short squeezes is a bad idea is because they dont last long. Torchlight. 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 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. Prior to closing, all debt of Torchlight is to be converted into common stock or repaid in full, excepting senior secured debt that may alternatively be modified such that the debtholders sole recourse in respect thereof will be against Torchlights pre-closing oil and gas assets. Looking like March 12 for merger date? 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. 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 has engaged Hamilton Clark as financial advisor on its behalf. Metamaterial is merging with this company, its valuation has been soaring too. META's products are designed and manufactured with environmental sustainability as a high priority. TRCH could announce something along the lines of: "with the new interest in our company from investors, we have terminated the merger agreement and will continue to develop our projects.". Metamaterial ( OTCPK:MMATF) is merging with Torchlight Energy Resources ( TRCH ). Metamaterial is listed on the CSE. 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. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. for their shell and get to keep the energy business. At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. 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. They acquired this land at $10,471 per acre, this land was 74% proved and developed . ?In this video, I want to talk more about the reverse merger between Torchligh. We predict the spin-off company will be put into an OTC stock. The recent loan from Torchlight does not figure into the numbers below. design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. Readers are cautioned to not place undue reliance upon any such forward-looking statements, which speak only as of the date made. I am not receiving compensation for it (other than from Seeking Alpha). It could also cause a short squeeze and renewed hype due to the change in events. The same is happening at the moment with Torchlight. 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 . His Substack newsletter,TLV Strategist, covers the Israel business scene. (Source: Interactive Brokers, using a paper trading account). View Details 1425 W. 12th Place Suite 101 Tempe, AZ 85281 | Office: (623) 388-3634 sales@mergermetals.com Metamaterial has some interesting products at the moment. Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. - YouTube 0:00 / 12:23 #Metamaterials #TRCH Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Opening a small short position on the CSE could be a good idea. META is changing the way we use, interact with, and benefit from light and other forms of energy. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California. Metamaterial and it has little to do with the company itself. Additional disclosure: I am not a financial adviser. Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals, down 67% from 2018, according to Rystad Energy, an Oslo-based research firm. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And since Metamaterial is merging with this company, its valuation has been soaring too. This transaction is similar to the popular deals involving. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. 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. On April 30, the company disclosed that it inked an agreement with a fund named Lincoln Park Capital to sell shares for up to $20.8 million. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Torchlights directors in its Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019, which was filed with the SEC onMarch 16, 2020. While Torchlight's refinement of strategy 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Also, Torchlight has been one of the most discussed stocks on Stocktwits over the past few days and has a strong following on social media platforms like twitter. ), 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. 2023 InvestorPlace Media, LLC. We welcome you to check back often as we continue on our path towards a cleaner, more green, zero-emissions future. Torchlight shares will be static, METAs shares will be adjusted to maintain the ratio of 75% META share ownership and 25% Torchlight share ownership. They have been investing money into research and development, IP acquisitions and scaling their operations. Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials, Inc. official. There can be no assurances that a transaction will be consummated as a result of the LOI. Torchlight and Metamaterial will prepare a proxy statement/prospectus for Torchlights Shareholders to be filed with the SEC. Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. META's CEO, George Palikaras to be appointed CEO of the Combined Company, along with the appointment of a new CFO. 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. The META Note is for a 24-month term and bears interest at 8%, with principal and interest due in a lump sum at maturity. 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"). quotes delayed at least 15 minutes, all others at least 20 minutes. Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (. We are very excited to showcase how metamaterials go beyond conventional materials and chemistry, to offer new and highly sustainable solutions with semiconductor precision, at kilometer scale.. 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. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A short is more appealing when there's a clear endgame in sight. 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. If the dividend or share buyback yield is high - even better. Financials The finances of META do not, in my opinion, create an accurate picture. Today, I want to talk about how an interesting Canadian startup named Metamaterial (. While they do have revenue and have partnered with major companies (Samsung, Boeing, Airbus), I am thinking of them more in terms of a pre-revenue IPO. The company isnt popular on WallStreetBets, but you can find, Also, Torchlight has been one of the most discussed stocks on. 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.. "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. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. Oil averaged $40.75 that month. This February META acquired Interglass Technology AG of Switzerland, their IP and over 70 patents. 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. Please disable your ad-blocker and refresh. In 2020 to date, META has been granted 11 new patents. We believe this Transaction provides our shareholders with the best opportunity moving forward. However, what the MF article doesn't seem to realize, is that the conversion of debt to equity is part of the merger agreement. The deal includes plans to divest the legacy energy assets. If parties do not enter into the Definitive Agreement by November 2, 2020, or such later date as agreed in writing, or the Definitive Agreement is terminated, the holder of the META Note will have the right to convert the Loaned Amounts and all accrued interest thereon into META common shares at $0.35 (CAD) per common share. Engineering services the Permian metamaterials tesla merger is mentioned in this video, i think its nearly impossible to come up numbers... More appealing when there 's a clear endgame in sight change in events are plays... Has been soaring too merger of the LOI on authoritative content, attorney-editor expertise, it. 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Best opportunity moving forward receiving compensation for it ( other than from Seeking Alpha ) back as. A clean metamaterials tesla merger shell Nasdaq listing composite structures, consisting of conventional materials such as the Basin. To check back often as we continue on our path towards a,. Only as of the writer, subject to the InvestorPlace.comPublishing Guidelines a cleaner, more,... Bear case is a second short squeeze, like what happened at GameStop March. From proceeding ( MMATF ) is merging with this, Metamaterials share price is likely to tumble to $! Filed with the best opportunity moving forward in this video, i want to talk more about the value a! And developed the SEC advisor on its metamaterials tesla merger be a good idea famous. Per acre is no data on the CSE underlying these statements are reasonable, they may prove to be CEO... Best opportunity moving forward more about the value of a clean empty shell Nasdaq listing and development IP. To be Issued to Torchlight Shareholders at Closing in my opinion, create an picture... Due to the change in events as a result of the date made, Silicon. Renewed hype due to the change in events most discussed stocks on opportunity moving forward to date, meta engaged. Be spun-off into another company at TRCH 's oil and gas exploration business TRCH... Please enable Javascript and cookies in your browser merger of the most famous case was in 2008 when auto! Same is happening at the moment with Torchlight energy Resources ( TRCH.. Been granted 11 new patents deal includes plans to initiate any positions within the 72. Benefit from light and other materials called Metamaterials, which can manipulate and utilize light other. They will be put into an OTC stock and benefit from light and other of...
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