Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. Sure, as InvestorPlaces Alex Sirois recently detailed, it has $160 million in cash, and nearly zero debt, following the merger. About Torchlight Energy Resources, Inc.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. Lorem ipsum dolor sit amet, consectetur adipiscing elit. On Penny Stocks and Low-Volume Stocks:With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. More details about these and other risks that may impact the Companys businesses are described under the heading Forward-Looking Information and under the heading Risk Factors in the Companys Form 10-Q filed with the SEC on November 15, 2021, in the Companys Form 10-K filed with the SEC on March 18, 2021, and in subsequent filings made by Meta Materials with the SEC, which are available on SECs website at www.sec.gov. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. Sign up below to get this incredible offer! Theres even room for more lines. Rob StoneVice President, Corporate Development and CommunicationsMeta Materials Inc. Mark KomonoskiSenior Vice PresidentIntegrous CommunicationsPhone: 1-877-255-8483Email:[emailprotected], Meta Materials Inc. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. About 3.8 million of an average daily trading volume of about 23.7 million shares had already traded. The company had sold its last reserves in November. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. Rob StoneVice President, Corporate Development and CommunicationsMeta Materials Inc.[emailprotected], Mark KomonoskiSenior Vice PresidentIntegrous CommunicationsPhone: 1-877-255-8483Email:[emailprotected], Meta Materials Inc. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. In marketing, brand loyalty indicates consumers commitment to ALSO READ: Goldman Sachs Says Buy 3 Sizzling Stocks Now With Up to 150% Upside Potential. 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. As you likely know, last month saw a mad dash into heavily shorted stocks, as retail traders tried to get in early on the next AMC Entertainment (NYSE:AMC) or GameStop (NYSE:GME). Theres plenty to talk about today with several companies seeing major movement. MMAT MMTLP All your questions for the Preference Shares, Special Dividend and Hedge manipulation. This will include membership of our Discord where I hope to build a community of traders to help each other increase wealth. Email:[emailprotected]. It all happens at the free AI Super Summit. More details about these and other risks that may impact the Company's businesses are described under the heading "Forward-Looking Information" and under the heading "Risk Factors" in the Company's Form 10-Q filed with the SEC on November 15, 2021, in the Company's Form 10-K filed with the SEC on March 18, 2021, and in subsequent filings made by Meta Materials with the SEC, which are available on SEC's website at www.sec.gov. I believe they have a right to be angry and if George can respond to them with some clarifications that will be extremely helpful. 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. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Many investors are counting on a windfall, based on short covering. Meta Materials : ARfusion - Solving the Challenges of Fashionable, Functional AR .. Meta Materials : Joins Stanford University SystemX Alliance Affiliates Program, Meta Materials : to Present at Access to Giving Virtual Investor Conference on July 15th, Meta Materials : to Hold Corporate Update Webcast at 1 PM EDT Today. 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. If Meta Materials is pricey now, whats a reasonable valuation? Meta Materials : Dr. Hai Sun Joins META as Director of Lithography Manufacturing and Opera.. Meta Materials : Appoints Darren Ihmels as Vice President of Business Development Ophthalm.. Meta Materials Inc. : Other Events, Financial Statements and Exhibits (form 8-K). Exhibit 99.2 . 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 . This team is able to continue providing key planning and operational assistance for the full development of the Orogrande project. If youre ready to be matched with local advisors that can help you achieve your financial goals, get started now. 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. MMAT stock is seeing heavy trading today after the merger closed. Plus 3 Stocks for March.It would be very much appreciated by me if you could support my channel by clicking on the link below to buy me a coffee.https://www.buymeacoffee.com/TradingSecretsPatreon will include membership of our Discord where I hope to build a community of traders to help each other increase wealth. The ex-dividend date of this dividend is Friday, March 3rd. You can also ask questions, receive trading tips, and have your portfolio reviewed as well as getting access to our successful Million Dollar Challenge. 'We plan to continue our efforts related to our asset divestiture to provide a positive outcome for Preferred A Stockholders as well as entering this new chapter for the combined Company. HALIFAX, NS / ACCESSWIRE / December 3, 2021 / 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 and the planned sale or spinout of these assets for the benefit of the Series A preferred stockholders. To ensure that the Metamaterial Inc. shareholders owned the same approximate 75% after the reverse split, the exchange ratio was divided by 2, to 1.845 shares of Torchlight (which will be renamed Meta Materials Inc. as of Monday morning) for each share of Metamaterial Inc., to reflect the reverse split impact on total outstanding shares of Torchlight. The Company believes that, upon completing the work on these four wells, META will be in compliance with all aspects of its lease obligations, and the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project will be satisfied. To ensure that the Metamaterial Inc. shareholders owned the same approximate 75% after the reverse split, the exchange ratio was divided by 2, to 1.845 shares of Torchlight (which will be renamed Meta Materials Inc. as of Monday morning) for each share of Metamaterial Inc., to reflect the reverse split impact on total outstanding shares of Torchlight. Press question mark to learn the rest of the keyboard shortcuts. But since the transaction completed on June 28, the oil and gas explorer turned advanced materials play has seen a big slide. More details about these and other risks that may impact the Companys businesses are described under the heading Forward-Looking Information and under the heading Risk Factors in the Companys Form 10-K filed with the SEC on March 1, 2022, with an SEC filing date of March 2, in the Companys Form 10-Q filed with the SEC on November 15, 2021, and in subsequent filings made by Meta Materials with the SEC, which are available on SECs website at www.sec.gov. A recovery isnt likely to happen any time soon. "I would like to take this opportunity to thank all of Torchlight's shareholders, its Board and the team at Metamaterial Inc. for their long time support, enthusiasm and efforts in making this merger a success," commented John Brda, Torchlight's Chief Executive Officer. Next Bridge Hydrocarbons is developing its Orogrande Project, in the Permian Basin in West Texas, USA. Check out Meta Materials most recent investor presentationand excitement over its long-term prospects makes sense. More likely than not, a continued move to lower prices. All rights reserved. As of this writing, more than 12 million shares of the stock have changed hands. The Companys objective has been and remains to ensure that the intrinsic value of these assets is maintained for the benefit of the Series A preferred stockholders of META and that the OilCo is spun out as rapidly as possible for the benefit of the Series A preferred stockholders. Valor is a mineral and working interest management firm which uses a proprietary software platform owned and developed by Mineral Tech. When the spinout is completed, holders of Series A preferred shares will exchange their preferred shares pro rata for the OilCo common shares. Follow me on this journey to success and profits. 5G reception enhancement is one such possible use. Meta reported $72.8 million in such assets, compared with none at the end of the first quarter. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. 495 members in the Oilco_Holdings community. The reverse split, which will become effective after market closing on June 25, 2021, was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive 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. Integrous Communications We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. This team is continuing to consult for the Company by providing operational advice on the drilling and development of the wells for the Orogrande project. 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%. Mr. Bradford has served in the roles of Director and VP of Drilling and Completions for Eclipse Resources and Montage Resources. 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, its oil and gas assets and operations, and managements ability to manage and to operate the business. Given the scope of the work required to ensure that we remain in compliance with the lease obligations and satisfy a range of regulatory requirements, the Company is targeting a spinout or disposition of the oil and gas assets for early Q1 2022 pending process approvals by all parties involved. Yet, there is a plethora of possible end users for its advanced materials, known as metamaterials. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Accordingly, readers should not place undue reliance on any forward-looking statements or information. The purpose of each video will be to boost your potential gains in the stock market. I look forward to working with the management of Meta Materials Inc. to ensure a smooth transition.'. All statements in this release that are not based on historical fact are 'forward looking statements.' Email: ir@metamaterial.com. Metamaterials are fabricated to achieve electromagnetic properties. 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. -, Wall Street Set to Open Lower as Inflation Data Concerns Investors, Meta Materials Wins New Purchase Order From G10 Central Bank Customer, Meta Materials Inc. Plans Global Commercial Launch of its Unique, Metamaterial Nano-Optic Technology, KolourOptik, https://www.accesswire.com/676024/META-Provides-Update-on-the-Special-Series-A-Preferred-Stock-Dividend. The Companys objective has been and remains to ensure that the intrinsic value of these assets is maintained for the benefit of the Series A Preferred stockholders of META and that the assets or proceeds therefrom are transferred as rapidly as possible to the Series A Preferred stockholders. 36 votes, 18 comments. There are 3 levels to choose from starting at just $9 per month. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Upon the spinout, costs associated with the oil and gas assets and operations will be carried by the OilCo as debt owed to META. The OilCo will also need to secure additional short-term financing, and the Company is exploring multiple options for this financing. The Orogrande Project has potential for multi-stack pay zone, totaling up to 800 feet thick, with . Torchlight also announced that the steps necessary to close the business combination with Metamaterial Inc. were completed on June 25, 2021 and therefore Torchlight expects that the business combination will be effective on June 28, 2021 as of 12:01 AM EDT. Even when adjusting for these assets, however, this valuation remains out of whack with its current underlying value. The Company's objective has been and remains to ensure that the intrinsic value of these assets is maintained for the benefit of the Series A Preferred stockholders of META and that the assets or proceeds therefrom are transferred as rapidly as possible to the Series A Preferred stockholders. As InvestorPlaces Chris MacDonald wrote July 6, Meta Materials is making progress in producing a non-invasive glucose sensing system. 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. 2023 InvestorPlace Media, LLC. This work includes, but is not limited to, formal transfer of the assets to OilCo Holdings, Inc. (the "OilCo"), a newly formed wholly owned subsidiary of META, ensuring that the OilCo capital structure supports a spinout and, making any necessary filings with the SEC. 60 Highfield Park Dr, Dartmouth, NS B3A 4R9 Canada, Tel: 1-902-482-5729 Assuming that the company formerly known as Metamaterials would have reported no or few assets held for sale, the bulk of the assets would have had to come from Torchlight Energy. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. This is my toughest video so far and am aware that not all investors will agree with the questions but I think it is important to present them. Early Friday, Meta stock traded down more than 1%, at $3.32 in a 52-week range of $0.42 to $21.76. With the completion of work on four wells in December 2021, the Company believes that META remains in compliance with all aspects of its lease obligations, including its obligations pertaining to the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project. Create an account to follow your favorite communities and start taking part in conversations.