"This Transaction will expand our business' reach and attract additional world-class talent. "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."
"It has been our goal for META to be a NASDAQ-listed company," stated George Palikaras, President & CEO of Metamaterial. 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." Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. "We believe this Transaction provides our shareholders with the best opportunity moving forward. "We are very excited to sign the definitive agreement with Metamaterial," stated John Brda, Torchlight's CEO.
TORCHLIGHT ENERGY MERGER DIVIDEND PRO
Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlight's oil and gas assets that occurs on the earlier of Decemor six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlight's remaining oil and gas assets, subject to certain conditions. Upon completion of the Transaction, shareholders of Metamaterial are expected to hold an approximate 75% equity interest in the combined company while Torchlight shareholders will retain an approximate 25% equity interest in the combined company, subject to the pre-closing financing described below. ("Metamaterial" or "META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing of a definitive agreement for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the "Transaction"). (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. PLANO, TX and HALIFAX, NS / ACCESSWIRE / Decem/ Torchlight Energy Resources, Inc. His Substack newsletter, TLV Strategist, covers the Israel business scene.Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. The company’s main focus has historically been on the acquisition and development of highly profitable domestic oil fields, with interests in Texas, including the Permian Basin and the Eagle Ford Shale. They are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by scientists to exhibit new or enhanced properties.įor TRCH stock investors, the new focus adds an unfamiliar dimension to what had been an oil and gas exploration and production company based out of Plano, Texas, with a total of four full-time employees. Metamaterials are a subset of functional materials, according to the company. “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.” “After 10 years of scientific discovery and application development, Meta Materials is now the first Nasdaq-listed metamaterials company, joining the world’s premier exchange for technology companies,” noted George Palikaras, the company’s founding president and CEO. MMAT Stock Is First of Its Type on Nasdaq
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