All rights reserved. Twitter: @TradingSecrets7Hit that notification bell and subscribe for early updates to every video so you never miss out. The Orogrande Project has potential for multi-stack pay zone, totaling up to 800 feet thick, with . We expect to provide additional updates upon completion of the drilling operations. Torchlight Energy Resources, Inc. (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. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Our nano-optic technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. MMAT MMTLP George Palikaras CEO of MetaMaterials Inc. speaks on 5G, on Microwave Journal Q&A Panel. In this video I will address 5 BIG Questions for George as the vast majority of investors are angry and would like some of their concerns addressed. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. Meta Materials(NASDAQ:MMAT) stock is on the move this morning after the company completed its merger with Torchlight Energy Resources. The next steps in the spinout include, but are not limited to, (i) formal transfer of the assets through a contribution of certain subsidiaries that own the oil and gas assets to OilCo Holdings, Inc. (the OilCo), a newly formed wholly owned subsidiary of META, (ii) ensuring that the OilCo capital structure supports a spinout and, (iii) making any necessary filings with the SEC. We indicated that four wells must be drilled in the Orogrande project in 2021 to enable the Company to hold the lease for sale or spinout. Product sales amounted to $1.95 million. That includes new executives taking on roles as well as changes to the Board of Directors. Press question mark to learn the rest of the keyboard shortcuts. Even after its sell-off, the company sports a market capitalization of around $1.1 billion. The Company engaged an auditor on March 21, 2022 to conduct the audit. All statements in this release that are not based on historical fact are 'forward looking statements.' Sponsored: Find a Qualified Financial Advisor. SOURCE: Torchlight Energy Resources, Inc. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company 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, except to the extent required by law. This exchange ratio was planned to result in the Metamaterial Inc. shareholders owning approximately 75% of the resulting post-merger company, Meta Materials Inc, subject to financings prior to the closing of the business combination. Sure, as InvestorPlace's Alex Sirois recently detailed, it has $160 million . In other words, these numbers reflect aggregate fails as of a specific point in time, and may have little or no relationship to yesterdays aggregate fails. Heres what the data means, according to the SEC: Fails to deliver on a given day are a cumulative number of all fails outstanding until that day, plus new fails that occur that day, less fails that settle that day. No, MMAT has not paid a dividend within the past 12 months. All rights reserved. This points to the stock having plenty of room to fall before its no longer overvalued. It also announced plans for the merger of the company to close today. Read More:Penny Stocks How to Profit Without Getting Scammed. Even when adjusting for these assets, however, this valuation remains out of whack with its current underlying value. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company 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, except to the extent required by law. Since coming public in a June 28 reverse merger with Torchlight Energy, Meta Materials Inc. (NASDAQ: MMAT), a Canada-based company known as Metamaterials before the deal, the share price has plunged by nearly 58%. PLANO, TX / ACCESSWIRE / June 25, 2021 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), today announced that it paid the special Series A Preferred Stock dividend on a 1 for 1 basis to its stockholders of record on June 24, 2021. All rights reserved. Rob Stone 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. Details of the initial proposal can be seen below. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. HALIFAX, NS / ACCESSWIRE / March 31, 2022 /Meta Materials Inc. (the Company or META) (NASDAQ:MMAT)(FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the special Series A Preferred Stock dividend in relationship to the oil and gas assets which is now planned as a spinout of these assets and operations in a company that will be owned by the Companys Series A preferred stockholders. You can also ask questions, receive trading tips, and have your portfolio reviewed as well as getting access to our successful Million Dollar Challenge. Next Bridge Hydrocarbons is developing its Orogrande Project, in the Permian Basin in West Texas, USA. MMAT stock was down 19% as of Monday morning. All rights reserved. SmartAssets free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. It also has legacy oil and gas assets its intending to sell. Copyright 2023 InvestorPlace Media, LLC. He has successfully managed and led operations teams for Chesapeake Energy, Ascent Resources, and Montage Resources. 1125 N. Charles St, Baltimore, MD 21201. But now, that trends come and gone once again. Copyright 2023 ACCESSWIRE. The preferred shares were issued on a one-for-one basis to Torchlight shareholders of record on June 24. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. All statements in this release that are not based on historical fact are 'forward looking statements.' In the prior quarter, the company reported a net loss per share of $0.01 on 155.9 million shares. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company 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, except to the extent required by law. julia morris photography; elizabeth arden ceramide lift and firm day cream ingredients; 6096 east main street reynoldsburg ohio The 1 for 2 ratio represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders. Our 3 Top Picks, Stay Away From LCID Stock Before Tesla Kills It. The 1 for 2 ratio represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders. In conjunction with the release of Q3 and nine-month 2021 financial results on October 15, 2021, META providedan updateon the Companys oil and gas assets and operations. On the date of publication, Thomas Niel did not have (either directly or indirectly) any positions in the securities mentioned in this article. If you're new to stock investing, here's how to buy Meta Materials stock. MMAT stock is seeing heavy trading today after the merger closed. Meta Materials Inc. Mark Komonoski This makes it the first company to join the Nasdaq with a focus on creating these materials. This team is already consulting to OilCo and operating the Orogrande project and has been very valuable to our efforts during the drilling process. 5 Investors Still Betting Big on Novavax (NVAX) Stock. This team is able to continue providing key planning and operational assistance for the full development of the Orogrande project. META is in the process of finalizing permanent arrangements with a completely new management team for OilCo who bring significant experience in oil and gas exploration as well as specific experience in the Orogrande region. SmartAssets free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. This may end up being a big winner down the road. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including, but not limited to, the ability of the Companys management to focus on the disposition or spinout of the oil and gas assets, the capabilities of our facilities and the expansion thereof, research and development projects of the Company, the market potential of the products of the Company , the market position of the Company, the scalability of the Companys production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of our employees, the technology industry, market strategic and operational activities, and managements ability to manage and to operate the business not related to the oil and gas assets. 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