In November 2020, Torchlight extended an existing letter of intent with. Roth Capital Partners is serving as the financial adviser to Torchlight, while Hamilton Clark is acting as the financial adviser to Metamaterial. PLANO, TX and HALIFAX, NS/ ACCESSWIRE/ December 15, 2020/ Torchlight Energy Resources, Inc., an oil and gas exploration company and Metamaterial Inc., a developer of high-performance functional. Torchlight Energy-Metamaterial merger Torchlight Energy was a traditional oil and gas company up until 2020. An entity held by Torchlight Chairman Gregory McCabe also provided a $1.5 million bridge loan. MMAT stock was down 19 as of Monday morning. As of this writing, more than 12 million shares of the stock have changed hands. Torchlight said it has loaned $500,000 to Metamaterial and has agreed to loan an additional $500,000 to the systems engineering company within five days of signing the proposed deal. MMAT stock is seeing heavy trading today after the merger closed. The SEC has filed a 100 million lawsuit against MrZackMorris, PJMatlock and six. Torchlight's management team will remain in an advisory role centered on divesting the company's legacy oil and gas business. Meta Materials’ predecessor Torchlight is one of the companies that experienced alleged market manipulation. (META) (CSE: MMAT), a developer of high-performance functional materials and nanocomposites, announced today that, in accordance with the terms of the previously announced Arrangement Agreement (the. (NASDAQ: TRCH), an oil and gas exploration company (Torchlight) and Metamaterial Inc.
Metamaterial CEO George Palikaras will be the CEO of the combined entity, while a new CFO will be appointed. 22, 2021 /CNW/ Torchlight Energy Resources, Inc. If the deal is completed, the combined company's board of directors will have seven members. Plus, Meta Materials saw negative operating income from 2015 to 2018 as well as net losses during the same period. Under the proposed agreement, Metamaterial will become a subsidiary of Torchlight, with Metamaterial shareholders owning a 75% interest in the combined company, and Torchlight former equity holders owning the remaining 25%. Metamaterial develops technologies that are designed to enhance the use of light and other energy forms.
Torchlight said in a news release that the agreement is part of the company's shift toward becoming a global clean technology company following a slowdown in the oil and gas market brought on by the coronavirus pandemic. 21 said it has signed a nonbinding letter of intent to offload its oil and gas assets within the first half of 2021 and to acquire 100% of materials and systems engineering company Metamaterial Inc. 30, 2020 /CNW/ Torchlight Energy Resources, Inc.
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