#TORCHLIGHT ENERGY STOCK NEWS FULL#

Torchlight intends to use the net proceeds for general business purposes and to provide $5 million of additional bridge financing to Metamaterial Inc. Roth Capital Partners acted as sole manager for the offering.

#TORCHLIGHT ENERGY STOCK NEWS FULL#

( NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), today announced the closing of an underwritten public offering of 23,000,000 shares of its common stock at a price of $1.20 per share, which included the full exercise of the underwriter's over-allotment option, for gross proceeds to Torchlight of $27.6 million before deducting the underwriting discount and offering expenses payable by Torchlight. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund.PLANO, TX / ACCESSWIRE / Febru/ Torchlight Energy Resources, Inc. Ian Bezek has written more than 1,000 articles for and Seeking Alpha. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, Ian Bezek did not have (either directly or indirectly) any positions in the securities mentioned in this article. It could certainly work in due time, but Meta Materials will have to do a lot more than just have some interesting concepts to support its market capitalization. Now, TRCH stock - or Meta Materials, more specifically - is a bet on a novel type of technology. Short sellers were nervous to stay involved in TRCH stock ahead of all the catalysts such as the dividend payout, but that’s over now. That story played out and the conditions are no longer there to cause a renewed surge in the share price. If you bought this company to participate in the TRCH stock short squeeze, it’s probably time to move on.

Torchlight was not a promising business, and it is a concerning fact that Meta Materials was happy to go public via merging with Torchlight.Īll in all, it’s not hard to see why market participants are saying this deal looks more like a failed short squeeze than the launch of a promising new tech company on the Nasdaq. Torchlight had numerous issues as a public company, and short-sellers dogged it repeatedly. The very unusual merger of Meta Materials and Torchlight should instead give investors pause. There’s nothing wrong with that, of course, but Nova Scotia is not generally considered a hotbed for promising tech companies. One other interesting point: Meta Materials hails out of Nova Scotia, Canada. If Meta Materials has solid technology that will make advances in this arena, you’d think SPACs would have been lining up to buy up Meta Materials. These include uses in the health care industry, solar panels, automobiles and 5G technology among others. Meta Materials, the company, is seeking to develop a wide range of applications for its next-generation compounds. The metamaterial market is virtually non-existent now, but backers hope it can become a multi-billion dollar industry in the coming years. The company’s mission is to “go beyond” traditional compounds by developing new structures that don’t exist naturally in nature. Meta Materials intends to popularize so-called metamaterials into the mainstream. And where you have short-sellers, you often find meme traders.Īll told, it was a perfect set-up for a Reddit-induced trading squeeze. This, not surprisingly, attracted a bunch of short-sellers, given Torchlight’s uneven track record as an oil and gas company.

In a short period of time, Torchlight was looking to sell its oil and gas properties, offer a dividend to shareholders, reverse split the stock and merge with a different company. But what explained the tremendous trader interest in TRCH stock and now Meta Materials? For one, it was a complicated transaction. The company merged with Meta Materials (NASDAQ: MMAT) and it now trades as MMAT stock.

However, Hazel didn’t end up striking it rich, and Torchlight looked to exit the oil and gas business.

Torchlight energy stock news