They can provide a heads-up display across the windshield with almost immediate defogging and de-icing. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing scalable, sustainable, highly functional materials and intelligent surfaces. After the merger is complete META will be the company name and it will be listed on the NASDAQ. His Substack newsletter,TLV Strategist, covers the Israel business scene. You see, Metamaterial wants to list on a large US stock exchange, and to do this, its carrying out a reverse takeover with a small NASDAQ-listed US energy company named, Torchlight. While they do have revenue and have partnered with major companies (Samsung, Boeing, Airbus), I am thinking of them more in terms of a pre-revenue IPO. However, there are still some Metamaterial shares available in Canada. June 28 (Reuters) - Shares of Meta Material Inc (MMAT.O) gave up premarket gains to fall 20% on Monday, the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy Resources, which was at the center of huge speculative bets by small individual traders. I view it as likely since there are no shares available for short-selling as of the time of writing, according to data from. Please disable your ad-blocker and refresh. As stated in this recent Motley Fool article: On Feb. 16 Torchlight Energy announced that one of its lenders had converted $1.5 million worth of debt into 1 million shares of the company's stock. Transformational Deal to Accelerate Growth, Scale and Commercialization of Metamaterials. We believe the reason for this is speculation over the merger and sale of the assets. There can be no assurance that the parties will reach agreement on the terms of definitive agreements or that the Proposed Transaction will be completed as currently contemplated or at all. "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. Liquidity is low on. Meta Materials will be buying all issued and outstanding shares of Nanotech stock for a set price of $1.25 per share as a part of the merger. Torchlight also announced that it implemented a 1-for-2 reverse split of TRCH stock. Metamaterial has some interesting products at the moment. . They just received a 10m loan from Torchlight to continue this expansion. HALIFAX, NS / ACCESSWIRE / August 5, 2021 / Meta Materials Inc. (the "Company" or "META ") (NASDAQ:MMAT . - Disclosure: I am not a financial adviser. MMAT Stock: Meta Materials Hits Nasdaq as TRCH Stock Merger Closes, 5 Hypergrowth Stocks With 10X Potential in 2023, paid the special Series A Preferred Stock dividend, 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. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at [email protected] us on twitter @whiteresearch. Since 2011, approximately CAD $60MM has been invested in META, yielding a sizable IP portfolio. Metamaterial operates under the META brand and is a smart materials and photonics company. (you can quote me on this). META's innovations have been reported in popular technology magazines such as Wired.com "Bizarre New Materials Could Make Bendy Phones That Work" and the Financial Times which listed the category of metamaterials in their "50 Ideas To Change The World" in a special annual report. Holders of Exchangeable Shares will be entitled to cast votes on matters for which holders of Torchlight common stock are entitled to vote and will be entitled to receive dividends that are economically equivalent to the dividends declared by Torchlight with respect to its common stock. They have been investing money into research and development, IP acquisitions and scaling their operations. Metamaterial closed at only $0.58 on 12/14/20. for their shell and get to keep the energy business. as legal advisors. All articles are my opinion - they are not suggestions to buy or sell any securities. Torchlight announced Friday that its. It all happens at the free AI Super Summit. This year is weird. Google finance notes a 21.48% year over year revenue increase and META claims a $121m a year revenue potential over the next 18 months. As of the close of 2/16/21, Metamaterial was worth $3.01 CAD x 83.6M shares outstanding = $251.6M CAD. If you have an ad-blocker enabled you may be blocked from proceeding. Email:[emailprotected]. Torchlight will loan to Metamaterial an additionalUS$500,000, in exchange for an unsecured promissory note in substantially the same form as the 8% unsecured convertible promissory note that evidences Torchlights loan to Metamaterial ofUS$500,000onSeptember 20, 2020. META has a growing patent portfolio with three core technologies; holographic, lithographic, and wireless sensing, designed for high volume applications. Torchlight available for borrowing. 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.". META has a total of 52 granted and 37 pending patent applications, including 26 in the United States and 63 in 18 other countries around the world. As shown in Metamaterial's executive statements above, there is no mention at all of any value to TRCH or its assets. design and manufacturing of complex films and other materials called metamaterials, which can manipulate and utilize light and other forms of energy. Many of META's functional materials and metamaterials are designed to increase the efficient use of light and other energy forms. 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. I think that Metamaterial is an exciting startup, but the end of the short squeeze is likely to push down its shares back to around $3 per share. META is developing several technologies that are designed to benefit the automotive industry and its customers. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures., METAs management, led by George Palikaras, has built an extraordinary award-winning cleantech company whose proprietary advanced technologies address multiple markets and improve their customers capabilities, saidGreg McCabe, Torchlights Chairman. quotes delayed at least 15 minutes, all others at least 20 minutes. His Substack newsletter,TLV Strategist, covers the Israel business scene. It has gone up significantly since the merger announcement. There seems to be a short squeeze at Torchlight, with which Metamaterial is merging to list on NASDAQ. As you can see, there are many possible valuations. which is measured in Tesla (T). GameStops January short squeeze lasted just around two weeks and ended just as mainstream media picked up the story. Torchlights Shareholders will also be able to obtain a copy of such documents, without charge, by directing a request to:John A. Brda, President of Torchlight Energy Resources, Inc., 5700 W. Plano Parkway, Suite 3600,Plano, Texas75093; e-mail:[emailprotected]. Entry into a transaction will be subject to satisfactory completion of due diligence by both parties, negotiation of a Definitive Agreement and audits of Torchlight and META. This will also trigger a special dividend to shareholders of Torchlight. Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials, Inc. official. Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE SENSE! The process will essentially be TRCH starting all over again with the same assets, but not as a Nasdaq company anymore. ), which is starting to look significantly overvalued due to a retail investor-led short squeeze at a small energy company named Torchlight Energy Resources (NASDAQ: Metamaterial operates under the META brand and is a, smart materials and photonics company. As a result,. Certain stockholders of each of Torchlight and Metamaterial have executed customary voting and support agreement pursuant to which persons representing approximately 16% of Torchlights and approximately 48% of Metamaterials outstanding voting power have agreed to vote in favor of the Transaction, subject to customary applicable terms. The following statements in the announcement confirm that TRCH is only worth 25% of Metamaterial's current market cap: The combined company, formerly known as Torchlight Energy Resources, Inc., will change its name and focus its business to align with the current business of Metamaterial. This transaction is similar to the popular deals involving special purpose acquisition companies (SPACs). Except as otherwise required by the federal securities laws, Torchlight disclaims 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 its expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. It has gone up significantly since the merger announcement. If you have an ad-blocker enabled you may be blocked from proceeding. There are no shares of Torchlight available for borrowing. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. CSO and co-Founder Themos Kallos is Chief Science Officer with Ph.D. in Electrical Engineering with expertise in applied physics, metamaterials, wireless communications, and electromagnetic simulations. It sounds like the merger vote will occur sometime around mid-March. Metamaterials CEO,George Palikaraswill be appointed CEO of the combined company, along with the appointment ofKenneth L. Riceas CFO and Executive Vice President. Combine this sector with other markets like advanced materials, IoT, medical, energy, aerospace, and automotive markets, and the market opportunity grows beyond $3 trillion. Typically, mechanical metamaterial properties are programmed and set when the architecture is designed and constructed, and do not change in response to shifting environmental conditions or application requirements. Torchlight Energy Resources, Inc. (TRCH), based inPlano, 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. 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. We are very excited to showcase how metamaterials go beyond conventional materials and chemistry, to offer new and highly sustainable solutions with semiconductor precision, at kilometer scale.. It appears to only want the Nasdaq listing. Is there a short squeeze? With this reverse merger Metamaterials will be brought into the main market with Torch becoming the shell company. Like I explained in my article on KULR Technology Group (KULR), this is what I like to see in a startup a rapidly growing market and great products and partnerships. META is headquartered inHalifax, Nova Scotiaand has R&D and Sales offices inLondon, UKand Silicon Valley. I think the main risk for the bear case is a second short squeeze, like what happened at GameStop in March. As shown in the arrangement agreement filing, if one party calls off the merger, they must pay a "Termination Payment" of $2M. Metamaterial closed at only $0.58 on 12/14/20. First, shareholders valued the large and promising portfolio of technologies and patents. That gave it a market cap of only $48M. I have no preference for sectors or countries - I'm as comfortable owning a part of a cement miner in Peru as holding shares in a wheat farming firm in Bulgaria. - YouTube 0:00 / 12:23 #Metamaterials #TRCH Metamaterials (MMATF) and Tesla (TSLA) Rumors | Why it COULD MAKE. The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines. Again, assuming that TRCH's assets are worthless and not including any special dividend, if the merger happened today, TRCH shareholders would face a 90% loss on their investment. Metamaterial Inc. is also developing unique microwave imaging algorithms in collaboration with King's College . This release includes forward-looking information within the meaning of Canadian securities laws regarding META and its business, which may include, but are not limited to, statements with respect to the terms and anticipated timing of the Proposed Transaction, the intention to raise equity capital, the potential continued listing on the NASDAQ, the disposition of Torchlight's oil and gas assets, the business strategies, product development and operational activities of META and Torchlight. The industry leader for online information for tax, accounting and finance professionals. All articles are my opinion - they are not suggestions to buy or sell any securities. At the time of the merger announcement, on the close of 12/14/20, Metamaterial was valued at much less. This February META acquired Interglass Technology AG of Switzerland, their IP and over 70 patents. Looking like March 12 for merger date? I intend to hold my shares for a minimum of two years. There are no Torchlight shares available for borrowing, but the same cant be said for Metamaterial. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. As a result, META has won a number of industry awards and federal government grants for its pioneering work, including being named among the "2019 Global Cleantech 100", by Cleantech Group. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California. Recall that the company plans to merge with Metamaterial(OTCMKTS:MMATF), which makes advanced materials. Here is a DD write up and estimate by user u/Mr_Delmont. TRCH has risen as much as 400% since the beginning of the year, and has doubled over the last week. The Proposed Transaction remains subject to completion of a due diligence review by each party and negotiation of definitive agreements and the structure may change due to tax or other transaction considerations. If the exchange rate is 1 Metamaterial share for 3.6 Torchlight shares (as mentioned in the proxy filing), that would imply that each Torchlight share would get around $1.60 in value from the . Copyright All rights reserved. A video interview with both CEO's and Torchlight's Chairman will be available this week and separately announced with links provided. Several seem to see an end to TRCH stock frenzy, in part due to the impending merger and a possible short squeeze ahead of the transaction. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. TRCH will sell its assets or spin them off before the business combination happens; the combined company will get none of TRCH's assets. Torchlight has engaged Roth Capital Partners as financial advisor in connection with the transaction. Please. I wrote this article myself, and it expresses my own opinions. Lorem ipsum dolor sit amet, consectetur adipiscing elit. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Its a win-win situation for both. Before GameStop, the most famous case was in 2008 when German auto giant Volkswagen (. The company it's combining with, Metamaterial, has no interest in TRCH's business or assets. The assets of Torchlight energy include three project sites, an experienced management team, access to capital, and a NASDAQ listing. META Executive Team has an extremely deep educational background in the hard sciences with a lot of experience creating innovative products. I am not receiving compensation for it (other than from Seeking Alpha). Torchlight cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The newly merged company begins trading today as the Nasdaq's first 'metamaterials' stock. 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. The reason why investing in short squeezes is a bad idea is because they dont last long. All statements that address operating performance or events or developments Torchlight Energy Resources 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. Several of the videos on Torchlight have over 50,000 views each. We have an over 80% success rate, see our reports at whitediamondresearch.com. Upon closing, these two bridge loans, including the aggregate principal and unpaid interest, are to be included in, and credited against, the$10 millionpre-closing financing described above, with such notes to be deemed cancelled and paid in full. "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. META is an award winning Global Cleantech 100 company with products that support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy and offer more performance. The oil and gas exploration and production company based out of Plano, Texas, has become something of a regular on meme chats and threads, likeReddits r/WallStreetBets and other subreddits, in recent weeks. Upon completion of the Proposed Transaction, shareholders of META are expected to hold a 75% interest in the combined entity. Pertinent deal terms are as follows: Torchlight and Metamaterial invite all interested parties to view a webcast introduction of George Palikaras, CEO of META and an overview on META. You can view it here. "I am excited to work with them and equally excited about the outcome for our faithful Torchlight shareholders. The combined entity will continue to service a clientele of world-class OEM customers for a range of applications in the automotive, aerospace and defense, energy, consumer electronics and medical markets. Metamaterial is getting a listing on NASDAQ in an easy way, while Torchlight investors get some money. After the merger and up-listing to the NASDAQ, I expect META to be trading no lower than $5. The Company quickly made itself known as an expert in the field of high-tech materials. If no sales occur, then they will receive an equity interest in a spin-off entity that holds TRCH remaining oil and gas assets.". This is an arranged marriage of sorts, it is the catalyst that will allow META to bring their disruptive technology to the forefront of several growing sectors, each at or near their inflection point. Following the Closing of the Transaction the board of directors of the combined company shall be comprised of 7 members (a) one of whom shall be appointed by Torchlight , subject to the approval of META and (b) one of whom shall be jointly agreed to by META and Torchlight . "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. Oil prices are expected to rise to $80-$100 a barrel in the next six months. We are here to support any Tesla vehicle with repair services, parts, upgrades, and advanced engineering services. That would bring a per share value to TRCH of $12.12M/143M = ~$0.08. Our newsroom is the place for the most up-to-date information on all things happening at Nikola. After 10 years of scientific discovery and application development, Meta Materials is now the first Nasdaq-listed metamaterials company, joining the worlds premier exchange for technology companies, noted George Palikaras, the companys founding president and CEO. The reverse split became effective after market close on June 25. MMAT has no desire to keep any of TRCH's assets in the combined company. Whatever value TRCH's oil and gas projects end up being won't be significant in our opinion. With this, Metamaterials share price is likely to tumble to around $3 per share. 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 webcast link will be made available and announced shortly. Sign up below to get this incredible offer! The reason why investing in short squeezes is a bad idea is because they dont last long. Looking forward to March 12th. If the dividend or share buyback yield is high - even better. Cardano Dogecoin Algorand Bitcoin Litecoin Basic Attention Token Bitcoin Cash. Additional details will be announced if and when a Definitive Agreement is reached. 1125 N. Charles St, Baltimore, MD 21201. Please disable your ad-blocker and refresh. The Combined Company, formerly known as Torchlight Energy Resources, Inc., will at closing focus its business to align with the current business of META. Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals, down 67% from 2018, according to Rystad Energy, an Oslo-based research firm. See here for a complete list of exchanges and delays. 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, Torchlight's refinement of strategy, Torchlight's attempts to secure additional financing, Torchlight's exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. Up being wo n't be significant in our opinion TLV Strategist, covers the Israel business scene least minutes! The windshield with almost immediate defogging and de-icing easy way, while Torchlight investors some... Wrote this article are those of the assets possible valuations an over 80 % success rate, see reports. Is also developing unique microwave imaging algorithms in collaboration with King & # x27 ; s College this week separately! The story becoming the shell company newsroom is the place for the bear case is a DD up. 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