![]() shareholders owned the same approximate 75% after the reverse split, the exchange ratio was dividedīy 2, to 1.845 shares of Torchlight (which will be renamed Meta Materials Inc. ![]() Post-merger company, Meta Materials Inc, subject to financings prior to the closing of the business combination. shareholders owning approximately 75% of the resulting This exchange ratio was planned to result in the Metamaterial Inc. shareholders would receive 3.690 shares of Torchlight common stock in exchange for each of their shares of Metamaterial. Prior to the implementation of the reverse stock split, it was expected that Metamaterial, Trading on NASDAQ under the ticker symbol MMAT. Commencing on June 28, 2021 Torchlights name will be changed to Meta Materials Inc. and its common stock will begin Torchlight expects that the business combination will be effective on June 28, 2021 as of 12:01 AM EDT. were completed on June 25, 2021 and therefore Torchlight also announced that the steps necessary to close the business combination with Metamaterial Inc. Represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders. The reverse split, which will become effective after market closing on June 25, 2021, was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021. Torchlight also announced that it implemented a 1 for 2 reverse stock split (Torchlight), today announced that it paid the special Series A Preferred Stock dividend on a 1 for 1 basis to its stockholders of record on June 24, 2021. (NASDAQ:TRCH), an oil and gas exploration company PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc. THE ARRANGEMENT AGREEMENT WITH METAMATERIAL, INC. STOCK DIVIDEND, A 1:2 REVERSE STOCK SPLIT AND PLANNED CLOSING OF The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.TORCHLIGHT ANNOUNCES PAYMENT OF A SPECIAL SERIES A PREFERRED On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. The company’s 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. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties.įor TRCH stock investors, the new focus adds an unfamiliar dimension to what had been an oil and gas exploration and production company based out of Plano, Texas, with a total of four full-time employees. Metamaterials are a subset of functional materials, according to the company. “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.” “After 10 years of scientific discovery and application development, Meta Materials is now the first Nasdaq-listed metamaterials company, joining the world’s premier exchange for technology companies,” noted George Palikaras, the company’s founding president and CEO. ![]() MMAT Stock Is First of Its Type on Nasdaq ![]()
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