Torchlight shareholders have approved the merger. Torchlight shareholders will keep the remaining stake. In December 2020, Torchlight announced its plans to merge with Canada-based Metamaterial, which makes functional materials and nanocomposite products.Īs per the merger agreement, Metamaterial shareholders will hold a 75 percent stake in the combined company. The company had interests in the Orogrande Project and the Hazel Project in Texas as of the end of 2020. Torchlight acquires, explores, and develops oil and natural gas projects in the U.S. READ MORE: Torchlight & Alfi: two trending stocks Both the companies have agreed to extender the completion date. Meanwhile, Torchlight said it would extend the completion of its merger with Canada-based Metamaterial Inc. The stock is up 1385 percent year to date, while it skyrocketed 2636 percent in the one-year period. Torchlight currently has a market cap of US$1.37 billion. The stock gained 16 percent on Friday while it doubled its value during the last week. Torchlight’s recent rally started last week. The Texas-based oil and gas company topped the trending list on the social media platform StockTwits, where investors and traders share their ideas.Īs of 9:52 am ET, Torchlight shares were trading at US$10.40, up 65.87 percent. (NASDAQ: TRCH) stock jumped over 65 percent when the markets opened on Monday, June 21, amid the meme-stock frenzy. Phone: Torchlight Energy Resources, Inc.Torchlight Energy Resources, Inc. Except as otherwise required by the federal securities laws, we disclaim 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 our expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. 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 our 2020 Annual Report on Form 10-K, filed on Maand our other reports filed from time to time with the Securities and Exchange Commission ('SEC'). While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. All statements that address operating performance or events or developments Torchlight expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. All statements in this release that are not based on historical fact are 'forward looking statements.' 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. 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. For additional information on Torchlight, please visit Forward-Looking Statement 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.
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