The deal includes plans to divest the legacy energy assets. Opening a small short position on the CSE could be a good idea. 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. 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). The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. At TRCH's current share price, it is trading at a whopping 1050% premium to its arbitrage value. Merger Metals LLC has over 40 years of Industry Experience. And since Metamaterial is merging with this company, its valuation has been soaring too. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). ET. I wrote this article myself, and it expresses my own opinions. 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. Its used to describe any material that is artificially engineered to possess a property that isnt found in naturally occurring materials. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Of . I am not receiving compensation for it (other than from Seeking Alpha). I wrote this article myself, and it expresses my own opinions. Metamaterial closed at only $0.58 on 12/14/20. TRCH stock had more than doubled this month. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Torchlight or Metamaterial, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. 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. MMAT has no desire to keep any of TRCH's assets in the combined company. Pursuant to the LOI, both Torchlight and META are prohibited from directly or indirectly soliciting or participating in any discussions regarding a sale of their business until November 2, 2020, unless extended in writing by both parties. Additional details will be announced if and when a Definitive Agreement is reached. 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. At this point I think their customer service reps probably have PhDs. Oil prices are expected to rise to $80-$100 a barrel in the next six months. The last major purchase in the Permian Basin was in October 2020 when Conoco Phillips acquired Concho Resources in a $9.7 BN all stock transaction, adding 550,000 acres in the Permian basin and 200,000 b/d. Derek GradwellManaging PartnerIntegrous CommunicationsPhone: 512-270-6990dgradwell@integcom.usir@torchlightenergy.com, Graham FarrellHarbor Access LLC(416) 842 9003Graham.Farrell@HarborAccessllc.com, Mark KomonoskiDirector Capital Markets and IRMetamaterial Inc.Phone: 1-877-255-8483mark@metamaterial.com. There can be no assurances that a transaction will be consummated as a result of the LOI. Entry into a transaction will be subject to satisfactory completion of due diligence by both parties, negotiation of a Definitive Agreement and audits of Torchlight and META. 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. There is no share available for short selling at Torchlight. Note that the company isn't promoting the business itself, but this is being done by a significant number of retail investors and traders. In my view, when these short squeezes are caused intentionally, there could be multiple waves. Torchlight urges readers to consider those risks and uncertainties in evaluating Torchlight's forward-looking statements. Torchlight Energy (TRCH) is currently trading at $2.48, with a 356.15m market cap, 143.61m shares. Lorem ipsum dolor sit amet, consectetur adipiscing elit. If the dividend or share buyback yield is high - even better. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. 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. The original planned business combination PR, on 9/21/20, states: The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. 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. I am not receiving compensation for it (other than from Seeking Alpha). A place to find gems and meet new friends. Meta Materials will be buying all issued and outstanding shares of Nanotech stock for a set price of $1.25 per share as a part of the merger. No forward-looking statement can be guaranteed. 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. The company isnt popular on WallStreetBets, but you can find, Also, Torchlight has been one of the most discussed stocks on. 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. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. MMAT Stock: Meta Materials Hits Nasdaq as TRCH Stock Merger Closes, 5 Hypergrowth Stocks With 10X Potential in 2023, paid the special Series A Preferred Stock dividend, 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. If you have an ad-blocker enabled you may be blocked from proceeding. The shares, however, gave up some of the gains after the company upsized its stock offering. The reason why investing in short squeezes is a bad idea is because they dont last long. 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.". But . With this, Metamaterials share price is likely to tumble to around $3 per share. 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. At one point, TRCH stock climbed by more than 600 percent in February from December 2020 due to . However, I think things have gotten out of hand with the valuation of Metamaterial and it has little to do with the company itself. 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. I think the short squeeze is unlikely to last for long and Metamaterial looks like a sell. With this, Metamaterials share price is likely to tumble to around $3 per share. 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. Fundamentally, it could be todays announcement that the company bought a few extra days to finalize a merger transaction. Financials The finances of META do not, in my opinion, create an accurate picture. I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at, Torchlight. Perform your own due diligence and consult a financial professional before trading. Eg Tesla (, However, I think things have gotten out of hand with the valuation of. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. Orogrande Basin 134,000 acre lease 72.5% interest (97,150 net acres), the site has had several successful test wells drilled. 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. All articles are my opinion - they are not suggestions to buy or sell any securities. However, something unusual has been happening over the past few days. How can investors take part in this move? Do you remember the GameStop (NYSE:GME) short squeeze? In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. 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. 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. How can investors take part in this move? These will be ultra-thin, light, flexible, can be applied to flat or curved surfaces and will be able to add onboard power and charging. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. I have no business relationship with any company whose stock is mentioned in this article. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. 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"). Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Their technology can allow multiple transparent 5G antennas for IoT integration and their nanomaterials can improve the angular scan range of LIDAR used in self-driving vehicles. Please. In 2018 META was awarded "Best New Product in Commercial Aviation" by Aviation Week Network at the 63rd Annual Laureate Awards, for metaAIR, a Laser Strike Protection solution to protect pilots from harmful laser attacks without interfering with visibility. 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