CTO and Chairman Dr. Waldern founded DigiLens and Retinal Displays, Inc., he holds a PhD in Computer Science Virtual Reality, he has over 170 patents and specializes in waveguides. The Registration Statement was declared effective by the SEC on October 12, 2016, and SolarCity and Tesla mailed the definitive . The Merger: This merger is in and of itself proof of the economic transition taking us from destructive technology to disruptive technology. In November 2020, Torchlight extended an existing letter of intent with Metamaterial to work toward a definitive merger agreement. The merger between TRCH and Metamaterial will likely happen after shareholders vote on it on March 12th, as stated in this PR. They just received a 10m loan from Torchlight to continue this expansion. Torchlight investors will get, non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. Two of the project sites are under contract to be sold and the largest asset, the Orogrande site, is likely an extension of the Permian Basin and is being marketed to major and super major oil companies. However, there are still some Metamaterial shares available in Canada. Merger Metals LLC has over 40 years of Industry Experience. It's a totally unrelated company to TRCH's oil and gas exploration business. Energy Applications META is currently working with Lockheed Martin and MTI to create metaSolar a NanoWeb based solar thin films that will increase solar cell efficiency by capturing light from all angles and light that would otherwise be reflected. It has appreciated substantially. If no sales occur, then they will receive an equity interest in a spin-off entity that holds TRCH remaining oil and gas assets.". Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. In 2019 META acquired North, Inc and their roll-to-roll holographic manufacturing tech. ?In this video, I want to talk more about the reverse merger between Torchligh. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and electromagnetic waves. On that date, the company . 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. Once the two companies combine, it will just be Metamaterial. We specialize in the technology and healthcare sectors. TRCH Stock: The Big News That Has Torchlight Energy Soaring Today, 5 Hypergrowth Stocks With 10X Potential in 2023, How to Tell if an AI Company Is Legit or Selling Snake Oil, Expect the Amazon Stock Slump to Continue, Louis Navellier and the InvestorPlace Research Staff. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. Although META 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. Intellectual Ventures' metamaterials-based system has some distinct advantages: The microwave beam can be focused and redirected with relatively high efficiency, and with no moving parts. Shareholders have approved the deal, whose terms stipulate that Metamaterial. 29 2021, Published 1:58 p.m. Metamaterial wants a clean balance sheet for the merger to happen, it has nothing to do with freeing up the debt for TRCH's oil and gas projects. All rights reserved. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Shareholders have approved the deal, whose terms stipulate that Metamaterial shareholders will own 75% of the combined company, while Torchlight shareholders get 25%. The recent loan from Torchlight does not figure into the numbers below. Torchlight has engaged Roth Capital Partners as financial advisor in connection with the transaction. Torchlight has engaged Roth Capital Partners as financial advisor and Stikeman Elliott LLP and K&L Gates LLP as legal advisors, and Metamaterial has engaged Hamilton Clark and Cormark Securities as financial advisors and Fasken Martineau DuMoulin LLP andWilson Sonsini Goodrich& Rosati P.C. Combine this sector with other markets like advanced materials, IoT, medical, energy, aerospace, and automotive markets, and the market opportunity grows beyond $3 trillion. 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. 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. META is changing the way we use, interact with, and benefit from light and other forms of energy. 2023 Meta Materials Inc. All rights reserved. For additional information on Torchlight, please visit www.torchlightenergy.com. META has also partnered with Lockheed Martin and the Canadian Government's Sustainable Development Technology Canada (SDTC) fund to develop metaSOLARTM a new solar energy product suitable for the transportation industry. Prior to closing, Torchlight must raise gross proceeds of at least$10 millionthrough the issuance of common stock or securities convertible into or exercisable for common stock, less the value of loans Torchlight has made to Metamaterial. The webcast link will be made available and announced shortly. 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. All rights reserved. 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). TRKA Stock: Have Retail Investors Found a Gem in Troika Media Group? Is there a short squeeze? About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. This confirms to us that our analysis on TRCH is correct. Therefore, they will be spun-off into another company. "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. Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (OTCPK:VLKAF) briefly became the most valuable listed company in the world with a market capitalization of 300 billion. As this is not investment advice anyways, here are some possible valuations. Although the management of Metamaterial believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Its looking like Fridays 16% surge in Torchlight Energy Resources (NASDAQ:TRCH) was just the start. 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. The industry leader for online information for tax, accounting and finance professionals. Investors appear to be responding to rumors about the company working with Tesla. Orogrande Basin 134,000 acre lease 72.5% interest (97,150 net acres), the site has had several successful test wells drilled. Which will lower the costs and mass of self-driving vehicles. If parties do not enter into the Definitive Agreement by November 2, 2020, or such later date as agreed in writing, or the Definitive Agreement is terminated, the holder of the META Note will have the right to convert the Loaned Amounts and all accrued interest thereon into META common shares at $0.35 (CAD) per common share. I am excited to work with the META team and equally excited about the outcome for our faithful Torchlight shareholders.. Torchlight announced Friday that its. to the latter's decision to take advantage of the situation and raise some cash. 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. 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. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. There can be no assurances that a transaction will be consummated as a result of the LOI. . Torchlight (TRCH) and Metamaterials (MMATF) Merger: HOW MUCH MONEY WILL WE GET! What could be a risk, is if the merger is called off. All articles are my opinion - they are not suggestions to buy or sell any securities. Prior to closing, all debt of Torchlight is to be converted into common stock or repaid in full, excepting senior secured debt that may alternatively be modified such that the debtholders sole recourse in respect thereof will be against Torchlights pre-closing oil and gas assets. I think the short squeeze is likely to end soon thanks. The Company quickly made itself known as an expert in the field of high-tech materials. I wrote this article myself, and it expresses my own opinions. 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. Basically, Metamaterial shareholders get 75% of the new company. At the time of the merger announcement, on the close of 12/14/20, Metamaterial was valued at much less. Metamaterials Technologies, known as META ( MMATF :US MMAT :CAN) is currently trading at $2.66 as of 02.27.2021. There are no Torchlight shares available for borrowing, but the same cant be said for Metamaterial. Is this happening to you frequently? Here is a DD write up and estimate by user u/Mr_Delmont. "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. 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. 2023 InvestorPlace Media, LLC. For further information: Investor Relations and Media Contacts: Graham Farrell, Harbor Access LLC (416) 842 9003[emailprotected], Mark Komonoski, Director Capital Markets and IRMetamaterial Inc. 877-255-8483[emailprotected], Torchlight Derek Gradwell Integrous Communications 512-270-6990[emailprotected],[emailprotected], Meta Materials Inc. Just look at the share price and volume for Torchlight. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Such statements are based on the current expectations and views of future events of the management of Metamaterial and are based on assumptions and subject to risks and uncertainties. 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. Merger: HOW MUCH MONEY will we get are my opinion - they are suggestions! 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