![]() ![]() 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. The Plano, Texas-based company traces its roots back to Pole Perfect, incorporated in 2007 in Nevada to market feminine fitness dance studios utilizing the advantages of pole dancing. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally. Torchlight said on Friday that it closed the deal and the new company, Meta Materials Inc, would begin trading under the ticker symbol "MMAT" on Monday. The deal includes plans to divest the legacy energy assets. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. In a reverse takeover to list on the Nasdaq and access the U.S. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. For them, Meta Materials might provide big returns at current prices. shares traded lower Monday after the company formerly known as Torchlight Energy Resources Inc performed a reverse split and merged with the company Meta Materials Inc. But that risk profile describes many other investors. I’m fairly conservative when it comes to jumping into technology pre-commercialization. They may or may not ever come to market, but that’s the bet here. ![]() The company didn’t elaborate on the commercialization timeline for glucoWISE products. So, if investors assume that it is going to focus primarily on the diabetes management sector then there are significant catalysts for shares. Meta Materials meanwhile posted a $CAD 55.08 million loss in Q1.īut remember, Meta Materials is nearly debt-free following the merger. It posted a $249.51 million net loss in the period. Senseonics, like Meta Materials, realized a significant loss in Q1. The difference is that Meta Materials’ solution is non-invasive. Senseonics is a diabetes management firm that is progressing toward the commercialization of an implantable glucose monitor. There are at least a few parallels between Meta Materials and Senseonics (NYSEAMERICAN: SENS). ET Source: Torchlight Energy Facebook Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta. When it completed the business combination with Torchlight Energy Resources the accompanying press release noted that it would discuss recent events and future growth initiatives on July 6. It is apparent that it is attempting to further establish its position within health and wellness in particular. Meta Materials technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. ![]() Below is a table summarizing the historical split ratios and the. Ostensibly that cash will be directed toward materials development alone since its newly purchased oil assets are being sold.īased on those assumptions, is MMAT stock worth establishing a position in? A Closer Look at TRCH Stock Since 12-15-2010, Torchlight Energy Resources Inc (TRCH) stocks were split 2 times. As a result of the combination, it has $160 million in cash with nearly zero debt. The focal point moving forward for potential investors is whether Meta Materials makes sense as an investment. T orchlight CEO John Brda will remain with the new business combination while its oil & gas assets are disposed of. ![]() Meta Materials shareholders are expected to own 75% of the combined company, while Torchlight shareholders get 25%. Nevertheless, it seems that the terms of the deal were enough to entice shareholders to agree to the merger. Shares of U.S exploration and production company Torchlight Energy Resources ( TRCH) fell a painful 26 in March according to data from S&P Global Market Intelligence. Yet the acquirer profile looked to be a larger oil E&P company. TRCH stock had long been considered an acquisition target. The synergies leading to the business combination are somewhat unclear. Torchlight Energy Resources was an oil & gas exploration firm that operated in Texas. Meta Materials is a company that develops functional materials and nanocomposites. ![]()
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