Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. (TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. as of Monday morning) for each share of Metamaterial Inc., to reflect the reverse split impact on total outstanding shares of Torchlight. shareholders owned the same approximate 75% after the reverse split, the exchange ratio was divided by 2, to 1.845 shares of Torchlight (which will be renamed Meta Materials Inc. shareholders owning approximately 75% of the resulting post-merger company, Meta Materials Inc, subject to financings prior to the closing of the business combination. 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, Inc. Commencing on JTorchlight's name will be changed to "Meta Materials Inc." and its common stock will begin trading on NASDAQ under the ticker symbol "MMAT." were completed on Jand therefore Torchlight expects that the business combination will be effective on Jas of 12:01 AM EDT. Torchlight also announced that the steps necessary to close the business combination with Metamaterial Inc. The 1 for 2 ratio 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 of its Common Stock.
#Torchlight energy special dividend series
(NASDAQ:TRCH), an oil and gas exploration company ('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.
Bears would also like to see the stock fall below the moving averages for a possible trend change.PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc. Bulls would then like to see the stock start moving up again and watch the pattern break above the highs formed by the cup.īearish technical traders would like to see the stock fall and form the handle, but instead of rising back up, they would like to see the stock continue to fall. This means there are many more buyers than sellers in the stock.īullish technical traders would like to see the stock take a slight pullback and form the handle on the chart. The RSI is sitting at 87, which is well into the overbought range that starts at 80 and goes up to 100.
Shares may be forming into what technical traders would call a cup and handle pattern the stock has formed the cup of the pattern, but not the handle.Torchlight Energy was up 68% at $6.02 at last check. Late Monday, the company stated the special dividend would be issued on a one-for-one basis to common stockholders as of the close of market trading on June 24. (NASDAQ:TRCH) shares moved higher Tuesday after the company declared a special dividend of Series A preferred stock.