metamaterials tesla merger

It has appreciated substantially. 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. In November 2010, Pole Perfect bought Torchlight Energy and abandoned all of its previous business plans within the health and fitness industries before formally changing its name to Torchlight in 2011. read more. Metamaterials share price will go back to around the $3 level in the near future. They can provide a heads-up display across the windshield with almost immediate defogging and de-icing. Many emerging technologies have historically been adopted by the automotive industry to improve performance, safety and comfort. On April 30, the company. Torchlight also announced that it implemented a 1 . 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. Intellectual Ventures' metamaterials-based system has some distinct advantages: The microwave beam can be focused and redirected with relatively high efficiency, and with no moving parts. 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 . MMAT has no desire to keep any of TRCH's assets in the combined company. We are very excited to sign the definitive agreement with Metamaterial, statedJohn Brda, Torchlights CEO. They have three major oil and gas assets. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Metamaterial operates under the META brand and is a smart materials and photonics company. If no sales occur, then they will receive an equity interest in a spin-off entity that holds TRCH remaining oil and gas assets.". They have been investing money into research and development, IP acquisitions and scaling their operations. META is currently trading at $2.66 I anticipate a near doubling with a successful merger vote. To learn more visit www.metamaterial.com. This confirms to us that our analysis on TRCH is correct. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. The recent loan from Torchlight does not figure into the numbers below. 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. Please. They acquired this land at $10,471 per acre, this land was 74% proved and developed . To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The company isnt popular on WallStreetBets, but you can find, Also, Torchlight has been one of the most discussed stocks on. In 2013 Metamaterial Technologies USA, Inc (formerly Rolith Inc and now META's subsidiary in Silicon Valley) received "Best Manufacturing Technology" award at the tenth annual IDTechEx printed electronics industry event. The following is a summary of the key terms of the pending Transaction as contemplated by the Arrangement Agreement. However, a termination of the merger would likely a be a bad event for Metamaterial's share price, because then it would be stuck trading on the Canadian exchange and would have to find a new Nasdaq reverse merger candidate. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/trch-stock-the-big-news-that-has-torchlight-energy-soaring-today/. 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. The dividend will be one preferred share on a pro rata basis of the holding company holding the net proceeds (or assets if they have not yet sold). Today, I want to talk about how an interesting Canadian startup named Metamaterial (. Founded META in 2011, prior to that he founded MediWise, a wireless medical sensor company, he was also an antenna design engineer with AceAxis. On that date, the company . The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. Short squeezes rarely last long and Torchlight is selling shares, which is a very good scenario to take a short position. Post from CEO of Metamaterial saying first step of merger is complete. CEO and Founder -George Palikaras Ph.D. All statements in this release that are not based on historical fact are forward looking statements. 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. Opening a small short position on the CSE could be a good idea. This is an arranged marriage of sorts, it is the catalyst that will allow META to bring their disruptive technology to the forefront of several growing sectors, each at or near their inflection point. As well as the conversion of the company's debt to equity. Combine this sector with other markets like advanced materials, IoT, medical, energy, aerospace, and automotive markets, and the market opportunity grows beyond $3 trillion. (Source: Interactive Brokers, using a paper trading account). META's products are designed and manufactured with environmental sustainability as a high priority. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. We believe this Transaction provides our shareholders with the best opportunity moving forward. 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. 1125 N. Charles St, Baltimore, MD 21201. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. 134,000 acres *72.5% interest at $1000 acre=97.15m + 12.75m (Hazel/Winkler) =109.9m/143.6m shares= 76.5 cent share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 5 cents per barrel= 134m+12.75m (Hazel/Winkler) =146.75m= $1.00 per share, 134,000 acres *72.5% interest at $1300 acre=126.3m +12.75m (Hazel/Winkler) =126.3m/143.6m shares=96 cent share, 134,000 acres *72.5% interest at $2500 acre=242.88m +12.75m (Hazel/Winkler) =255.63m/143.6m shares= $1.78 per share, 134,000 acres *72.5% interest at $5000 acre=485.75m+12.75m (Hazel/Winkler) =500.25/143.6m shares=$3.48 per share, 134,000 acres *72.5% interest at $7500 acre=728.63m+12.75m (Hazel/Winkler) =741.38/143.6m shares=$5.16 per share, Medium Case estimate 3.7 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 1.34bn+12.75m (Hazel/Winkler) =1.3527b = $9.42 per share, High Case estimate 5.0 billion recoverable barrels * 72.5% interest at 50 cents per barrel= 3.625+12.75m (Hazel/Winkler) =3.638b =$25.33 per share. This February META acquired Interglass Technology AG of Switzerland, their IP and over 70 patents. META has engaged Hamilton Clark as financial advisor on its behalf. 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. Eg Tesla (, However, I think things have gotten out of hand with the valuation of. Once the two companies combine, it will just be Metamaterial. 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. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. There seems to be a short squeeze at Torchlight, with which Metamaterial is merging to list on NASDAQ. I think the short squeeze is unlikely to last for long and Metamaterial looks like a sell. 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. 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. There is no share available for short selling at Torchlight. That would bring a per share value to TRCH of $12.12M/143M = ~$0.08. On December 14, 2020, the companies signed an agreement for the . The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. Basically, Metamaterial shareholders get 75% of the new company. Torchlight will loan to Metamaterial an additionalUS$500,000, in exchange for an unsecured promissory note in substantially the same form as the 8% unsecured convertible promissory note that evidences Torchlights loan to Metamaterial ofUS$500,000onSeptember 20, 2020. Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. Just look at the share price and volume for Torchlight. 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 those risks and uncertainties described in or implied by the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of Torchlight's 2019 Annual Report on Form 10-K, filed on March 16, 2020 and Torchlight's other reports filed from time to time with the Securities and Exchange Commission. Prior to closing, Torchlight must raise gross proceeds of at least$10 millionthrough the issuance of common stock or securities convertible into or exercisable for common stock, less the value of loans Torchlight has made to Metamaterial. 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. Which will lower the costs and mass of self-driving vehicles. A pending merger bought a couple of extra days, enough to ensure a special dividend is paid in time. The company detailed its paying of a special dividend to its shareholders, as well as a reverse stock split. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE SENSE! Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. CTO and Chairman Dr. Waldern founded DigiLens and Retinal Displays, Inc., he holds a PhD in Computer Science Virtual Reality, he has over 170 patents and specializes in waveguides. Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Like the other metamaterials . Nasdaq Such statements are based on the current expectations and views of future events of the management of Metamaterial and are based on assumptions and subject to risks and uncertainties. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. $12M is about the value of a clean empty shell Nasdaq listing. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. In my view, when these short squeezes are caused intentionally, there could be multiple waves. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. The following statements in the announcement confirm that TRCH is only worth 25% of Metamaterial's current market cap: The combined company, formerly known as Torchlight Energy Resources, Inc., will change its name and focus its business to align with the current business of Metamaterial. The reverse split became effective after market close on June 25. Following the closing of the Transaction, the board of directors of the combined company will be comprised of 7 members, one of whom is to be appointed by Torchlight, a second to be jointly appointed by Metamaterial and Torchlight and the remaining 5 to be appointed by Metamaterial. That gave it a market cap of only $48M. SOURCE: Torchlight Energy Resources, Inc. View source version on accesswire.com: https://www.accesswire.com/606985/Torchlight-and-Metamaterial-Announce-Planned-Business-Combination, Bizarre New Materials Could Make Bendy Phones That Work, awarded "Best New Product in Commercial Aviation", META partnered with Airbus to develop and commercialize this technology, META has also partnered with Lockheed Martin and the Canadian Government, https://www.accesswire.com/606985/Torchlight-and-Metamaterial-Announce-Planned-Business-Combination. I am not receiving compensation for it (other than from Seeking Alpha). 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. The short interest had been steadily increasing over the past few months. There are no shares of Torchlight available for borrowing. Recall that the company plans to merge with Metamaterial (OTCMKTS: MMATF ), which makes advanced materials. Winkler Project 1,080 gross acres, 12.5% WI (non-operated) under contract for $450k (350k to Torchlight). They just received a 10m loan from Torchlight to continue this expansion. All quotes delayed a minimum of 15 minutes. It's a totally unrelated company to TRCH's oil and gas exploration business. Need more information or have an interview request? 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. The reason why investing in short squeezes is a bad idea is because they dont last long. Liquidity is low on. 29 2021, Published 1:58 p.m. See here for a complete list of exchanges and delays. Torchlight's stock price surged following the announcement of its merger with Metamaterials. A short is more appealing when there's a clear endgame in sight. 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. Metamaterials are a subset of functional materials, according to the company. The Global Cleantech 100 is an annual guide to the leading companies and themes in sustainable innovation and features companies that are best positioned to solve tomorrow's clean technology challenges. 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. 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 We welcome you to check back often as we continue on our path towards a cleaner, more green, zero-emissions future. In connection with the Transaction, Torchlight and Metamaterial respectively obtained fairness opinions. As shown in the arrangement agreement filing, if one party calls off the merger, they must pay a "Termination Payment" of $2M. Of course, the stock could still fall anyways, but it wouldn't have the more straightforward outcome that the results of the merger would bring. , this is what I like to see in a startup a rapidly growing market and great products and partnerships. 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. Brooklyn ImmunoTherapeutics made a similar move. (5) NanoWeb - A Revolutionary Transparent Conductive Film - YouTube. This transaction will enhance our ability to pursue a broad range of opportunities and attract additional world-class talent. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. 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. 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. There can be no assurances that the Transaction will be consummated. 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. All rights reserved. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. Torchlight stock closed at $4.95 a share Friday, and Meta Material. META's innovations have been reported in popular technology magazines such as Wired.com "Bizarre New Materials Could Make Bendy Phones That Work" and the Financial Times which listed the category of metamaterials in their "50 Ideas To Change The World" in a special annual report. This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures., METAs management, led by George Palikaras, has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customers capabilities, saidGreg McCabe, Torchlights Chairman. The process will essentially be TRCH starting all over again with the same assets, but not as a Nasdaq company anymore. 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. 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. For additional information on Torchlight, please visit www.torchlightenergy.com. 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").

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