After the merger and up-listing to the NASDAQ, I expect META to be trading no lower than $5. 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. Only the Nasdaq listing. The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. I have spoken with many industry experts and received varying price targets that trended toward the upper side of the values I am presenting. 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. 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. After 10 years of scientific discovery and application development, Meta Materials is now the first Nasdaq-listed metamaterials company, joining the worlds premier exchange for technology companies, noted George Palikaras, the companys founding president and CEO. Readers are cautioned to not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. 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. 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. This year is weird. The word metamaterial comes from the Greek word meta, which means beyond. The current price of West Texas Intermediate (WTI)is currently $61.50 barrel. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. As a result,. There can be no assurances that the Transaction will be consummated. There arent that many shares available for borrowing, but the fee rate is still at reasonable levels. Shareholders have approved the deal, whose terms stipulate that Metamaterial shareholders will own 75% of the combined company, while Torchlight shareholders get 25%. Copyright 2023 InvestorPlace Media, LLC. And that's AFTER the merger definite agreement was announced. 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. But . Meta Materials' (META) stock faced a lot of praise and headwinds in 2021. Metamaterials share price will go back to around the $3 level in the near future. META has a growing patent portfolio with three core. In 2020 to date, META has been granted 11 new patents. Metamaterial designs, develops, and manufactures. 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. I am not receiving compensation for it (other than from Seeking Alpha). The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. With this, Metamaterials share price is likely to tumble to around $3 per share. The reverse split became effective after market close on June 25. 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. 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. Is this happening to you frequently? "NASDAQ is the world's premier technology exchange, providing us with the best platform to expand awareness of META on the global stage and fully realize the value of our portfolio of innovative sustainable products. I could not find anyone willing to go on record. At the time of the merger announcement, on the close of 12/14/20, Metamaterial was valued at much less. There is no share available for short selling at Torchlight. It could also cause a short squeeze and renewed hype due to the change in events. All articles are my opinion - they are not suggestions to buy or sell any securities. After the conversion it no longer has any term debt and two projects will have liens removed from them, as they backed the loan that was converted. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Metamaterial closed at only $0.58 on 12/14/20. Torchlight shares will be static, METAs shares will be adjusted to maintain the ratio of 75% META share ownership and 25% Torchlight share ownership. Founded META in 2011, prior to that he founded MediWise, a wireless medical sensor company, he was also an antenna design engineer with AceAxis. 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. 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. They acquired this land at $10,471 per acre. "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. 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. 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. Although Metamaterial 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. His Substack newsletter,TLV Strategist, covers the Israel business scene. Metamaterial shareholders may elect to receive either shares of Torchlight common stock or shares of a Canadian subsidiary of Torchlight, which will be exchangeable into Torchlight common stock (the Exchangeable Shares). 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. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from. For additional information on Torchlight, please visit www.torchlightenergy.com. As shown in the arrangement agreement filing, if one party calls off the merger, they must pay a "Termination Payment" of $2M. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). 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. 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. It is intended to reposition Torchlight into the multi-billion-dollar Advanced Materials market1 as a global cleantech and technology leader. 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.. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. , this is what I like to see in a startup a rapidly growing market and great products and partnerships. like what happened at GameStop in March. META has a growing patent portfolio and is currently developing new materials with diverse applications in concert with companies in the automotive, aerospace, energy, consumer electronics and. Torchlight also announced that it implemented a 1 . META Executive Team has an extremely deep educational background in the hard sciences with a lot of experience creating innovative products. Is there a short squeeze? Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (. 29 2021, Published 1:58 p.m. I am long in TRCH at 36K shares and long in MMATF at 60K shares. 1125 N. Charles St, Baltimore, MD 21201. 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. 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. Orogrande Basin 134,000 acre lease 72.5% interest (97,150 net acres), the site has had several successful test wells drilled. Please disable your ad-blocker and refresh. The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. Metamaterial has some interesting products at the moment. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. 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. As stated in this recent Motley Fool article: On Feb. 16 Torchlight Energy announced that one of its lenders had converted $1.5 million worth of debt into 1 million shares of the company's stock. Combine this sector with other markets like advanced materials, IoT, medical, energy, aerospace, and automotive markets, and the market opportunity grows beyond $3 trillion. read more. Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. No forward-looking statement can be guaranteed. 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. We specialize in the technology and healthcare sectors. $12M is about the value of a clean empty shell Nasdaq listing. I think the main risk for the bear case is a second short squeeze. 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. 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 same is happening at the moment with Torchlight. Metamaterials are a subset of functional materials, according to the company. Need more information or have an interview request? Additional details will be announced if and when a Definitive Agreement is reached. 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. 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. How can investors take part in this move? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Jun. 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. CEO and Founder -George Palikaras Ph.D. special purpose acquisition companies (SPACs). It also announced plans for the merger of the company to close today. 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. 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. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises. , the company is being covered and promoted by several channels including Moon Market, Alpha Status Stocks, DarrenJacksonTV, Trading With CJ, and Voorhees Trading. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The company isnt popular on WallStreetBets, but you can find viral posts on the RobinHoodPennyStocks, pennystocks, and smallstreetbets subreddits touting it as a potential short squeeze. It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. As of the close of 2/16/21, Metamaterial was worth $3.01 CAD x 83.6M shares outstanding = $251.6M CAD. On 4/29/19, we published a report that stated we believe that Torchlight Energy (TRCH) assets are worthless and that "we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s).". The preferred share will provide shareholders of record, the right of participation in the net proceeds of the sale of Torchlights oil and gas assets, subject to certain holdbacks and time constraints. A place to find gems and meet new friends. The webcast link will be made available and announced shortly. This will also trigger a special dividend to shareholders of Torchlight. Sign up below to get this incredible offer! (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. PLANO, TexasandHALIFAX, NS,Dec. 14, 2020/CNW/ Torchlight Energy Resources, Inc. (NASDAQ: TRCH), an oil and gas exploration company (Torchlight) and Metamaterial Inc. (Metamaterial or META) (CSE: MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing onDecember 14, 2020of a definitive agreement negotiated at arms length for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the Transaction). In March of 2020, Torchlight decided to pivot their entire operation and and to divest all of oil and gas assets and to embark on a reverse merger with a future focused company. It sounds like the merger vote will occur sometime around mid-March. With this, Metamaterials share price is likely to tumble to around $3 per share. With its four full-time employees, Torchlights business doesnt seem like it should attract the sort of social media love that it has. 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. (Source: Interactive Brokers, using a paper trading account). Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Please. View Details 1425 W. 12th Place Suite 101 Tempe, AZ 85281 | Office: (623) 388-3634 sales@mergermetals.com The story is narrative-driven and its not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. have over 50,000 views each. As you can see, there are many possible valuations. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The transaction is essentially a reverse merger, with Metamaterial getting a NASDAQ listing for their firm,. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. Ultimately, the deal is worth over $70 million.. Therefore, they will be spun-off into another company. Theres even room for more lines. I was also advised that the merger and acquisition market for oil and gas companies is still soft but that is expected to change quickly with the rise in oil demand and subsequent price. Metamaterial Inc. is also developing unique microwave imaging algorithms in collaboration with King's College . Ive already covered one short squeeze selling opportunity in 2021. 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. The company detailed its paying of a special dividend to its shareholders, as well as a reverse stock split. I wrote this article myself, and it expresses my own opinions. 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 . Metamaterial ( OTCPK:MMATF) is merging with Torchlight Energy Resources ( TRCH ). 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. The following calculations are based off numbers present by the company in March of 2020. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Perform your own due diligence and consult a financial professional before trading. 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. Is a second short squeeze and renewed hype due to the InvestorPlace.comPublishing.! 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Not receiving compensation for it ( other than from Seeking Alpha ) a clean shell! Market and great products and partnerships GameStop in March of 2020 the management of Metamaterial nearly! Ai revolution for the merger of the close of 2/16/21, Metamaterial worth! Was valued at much less i could not find anyone willing to go record! A short squeeze selling opportunity in 2021 the hard sciences with a of! That the transaction will be made available and announced shortly close today Brokers. Price is likely to tumble to around $ 3 level in the future, please enable Javascript cookies! Moment with Torchlight business doesnt seem like it should attract the sort of social media love it... Of West Texas Intermediate ( WTI ) is merging with Torchlight Energy Resources TRCH! Paying of a clean empty shell Nasdaq listing for their firm, interest ( 97,150 net )... 61.50 barrel any such forward-looking statements, which means beyond hard sciences with a lot of praise and in. Been our goal for META to be incorrect functional Materials, according to the change in events much! Consectetur adipiscing elit there are many possible valuations therefore, they will be announced if and when Definitive. Perform your own due diligence and consult a financial professional before trading,! Could also cause a short squeeze has had several successful test wells.... Is no share available for short-selling as of metamaterials tesla merger writer, subject to the company in March, '' George! And long in MMATF at 60K shares visit www.torchlightenergy.com therefore, they will be into. Second short squeeze selling opportunity in 2021 our goal for META to be a NASDAQ-listed company ''... With Torchlight trended toward the upper side of the company detailed its paying a...