These include a transparent window film that transforms outdoor 5G coverage; an invisible antenna that can enhance indoor 5G and digital TV reception; and a nano-heater that can provide deicing and defogging for autonomous vehicle sensors. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Torchlights directors in its Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019, which was filed with the SEC onMarch 16, 2020. Here is a DD write up and estimate by user u/Mr_Delmont. Opening a small short position on the CSE could be a good idea. Torchlight and Metamaterial urge investors, Shareholders and other interested persons to read, when available, the proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the proposed business combination transaction. Need more information or have an interview request? Valuation The value oil drilling acreage is a moving target after the price of crude oil started collapsing in March of 2020. With this in mind, it seems likely that Metamaterials share price will go back to around the $3 level in the near future. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). Only the Nasdaq listing. We predict the spin-off company will be put into an OTC stock. It also announced plans for the merger of the company to close today. For reference WTI is currently at $61.50, expected to hit 80-100 in the next 6 months and was hovering around $40 at the time. - Disclosure: I am not a financial adviser. 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. Our extensive technology platform is software and AI-design driven. The merger was analyzed by SA contributor Safety In Value back in March. I think the main risk for the bear case is a second short squeeze. If the merger is approved, a shareholder with 100 shares of Torchlight would receive 100 shares of the preferred stock in the holding company and 100 shares of the new company. That gave it a market cap of only $48M. Disclosure: I am/we are short TRCH. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Is there a short squeeze? I view Metamaterial as an interesting startup in a rapidly growing sector, whose valuation has soared due to a short squeeze at Torchlight. Which will lower the costs and mass of self-driving vehicles. It all happens at the free AI Super Summit. Fundamentally, it could be todays announcement that the company bought a few extra days to finalize a merger transaction. Automotive HUD See Solution De-icing / De-fogging See Solution Transparent Antennas See Solution The whole stock market depends only on whether there are more shares than idiots or more idiots than shares. Metamaterials share price will go back to around the $3 level in the near future. As a result of the transaction and our recent ATM offerings, META now has over $160 million in cash and a virtually debt free balance sheet with approximately 285 million shares issued and outstanding after the 2 to 1 reverse split. 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. As Cathie Wood stated in the last ARK webinar, she is anticipating a bifurcated V-shaped recovery which will reward companies that have invested in innovation rather than in pandering to shareholders. Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlights oil and gas assets that occurs on the earlier ofDecember 31, 2021or six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlights remaining oil and gas assets, subject to certain conditions. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. META has a growing patent portfolio with three core. Whats behind the move? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. METAs unique Nanoweb films are 98% transparent, meaning that they can be placed on any glass. With this, Metamaterials share price is likely to tumble to around $3 per share. Assuming that TRCH's assets are worthless, based on Metamaterial's market cap, that values TRCH at $198 x 25% = $49.50M, which equals a share price of $49.5M/143M = $0.35. Biosensors - they are in the development process of a non-puncture blood glucose monitoring system. 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. This transaction will enhance our ability to pursue a broad range of opportunities and attract additional world-class talent. First, shareholders valued the large and promising portfolio of technologies and patents. The merger between TRCH and Metamaterial will likely happen after shareholders vote on it on March 12th, as stated in this PR. A video interview with both CEO's and Torchlight's Chairman will be available this week and separately announced with links provided. "We recognize the significant value in having a national exchange listing in the United States that will provide META with better access to the capital markets," commented George Palikaras, Metamaterial's President and Chief Executive Officer. They acquired this land at $10,471 per acre. The reverse split became effective after market close on June 25. and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability of the parties to close the proposed transaction, the ability of the parties to raise necessary equity capital, approval of the transaction and continued listing by the NASDAQ, approval of the Canadian Securities Exchange, receipt of shareholder approval and required third party and regulatory consents, the risk that Torchlight may not be able to dispose of its oil and gas assets on favorable terms or at all, risks related to the technology industry, market strategic and operational activities, and managements ability to manage and to operate the business. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. For additional information on Torchlight, please visitwww.torchlightenergy.com. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. The Proposed Transaction represents a strategic shift for Torchlight. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California. 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. I am excited to work with the META team and equally excited about the outcome for our faithful Torchlight shareholders.. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from Fintel. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. They made what is considered to be the largest domestic newfield discovery in over 30 years at their Orogrande site. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and META does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise. Therefore, the current value to TRCH shareholders is only 25% of that of Metamaterial's current market cap plus the value of TRCH's oil and gas assets. Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. Torchlight legacy shareholders will be entitled to a distribution of any values attributable to the sale of Torchlight's existing oil and gas business asset (net of Torchlight's debt, and closing expenses incurred in connection with such sale, subject to a 10% holdback to be held for a 12 month period to address any potential liabilities relating to the sale of the oil and gas assets of TRCH's pre-closing business). quotes delayed at least 15 minutes, all others at least 20 minutes. "When the business combination with Torchlight closes, obtaining a national exchange listing in the United States is anticipated to provide META with significant value and increased access to global capital markets. TRCH could announce something along the lines of: "with the new interest in our company from investors, we have terminated the merger agreement and will continue to develop our projects.". The company stated that it believes it will be positioned to capture a significant portion of this market by being able to mass manufacture, on a cost-effective basis, the required holographic optical components for the augmented reality smart glasses market. Additional disclosure: I am not a financial adviser. 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. Torchlight is likely to end soon is because the company is taking advantage of the irrational share price increase and has launched a, Brooklyn ImmunoTherapeutics made a similar move. This will allow them to apply their embedded metamaterial and functional film elements with precision cast corrective lenses. Lorem ipsum dolor sit amet, consectetur adipiscing elit. However, I think things have gotten out of hand with the valuation of Metamaterial and it has little to do with the company itself. META's portfolio comprises 28 patent families, 19 of which are granted. Ive already covered one short squeeze selling opportunity in 2021. Please. The companys partners and customers include a lot of recognizable names. However, with TRCH's recent conversions of debt to equity and equity raise, its current market cap is a whopping 143M x $3.90 = $558M. GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. In a reverse takeover to list on the Nasdaq and access the U.S. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. All rights reserved. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. 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