![]() ![]() But what explained the tremendous trader interest in TRCH stock and now Meta Materials? For one, it was a complicated transaction. The company merged with Meta Materials (NASDAQ: MMAT) and it now trades as MMAT stock. 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).However, Hazel didn’t end up striking it rich, and Torchlight looked to exit the oil and gas business. ![]() "The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. "Torchlight to acquire META through the issuance of common stock, such that at closing, the former equity holders of Torchlight would own 25% of the combined company (the "Combined Company") with the former equity holders of META owning the remaining 75% and META becoming a wholly-owned subsidiary of Torchlight." Good luck with your investments, and I wish you all the best! IMO, this would be a good time to enter since there was a huge sell off this week. Luckily, they haven't released the close date yet so you can still buy for the dividend. Special Dividends are usually a one time deal and if you don't buy the stock before the close date you miss out. 25 = $666,000,000) There are around 100,000,000 outstanding shares in this company right now, so if the company gives out 666 million dollars to 100mil shares, you get $6.66 per share! However, it won't be that much because of other factors such as taxes and fees, but it will be several dollars, which is huge profit considering the shares are trading at $.45 right now. When they sell this, 25% of the profits go to the shareholders. Torchlight owns 72% of a 134k acre land which has estimated 3.7 billion barrels of oil. At the same time, they also announced that there would be a special dividend sometime before the end of next near, but most likely around June. If you haven't heard, Torchlight Energy (.45) recently announced a merge with META. Pennystocks are defined as any stock under $5.
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