![]() ![]() Yet the acquirer profile looked to be a larger oil E&P company. TRCH stock had long been considered an acquisition target. The synergies leading to the business combination are somewhat unclear. Torchlight Energy Resources was an oil & gas exploration firm that operated in Texas. Meta Materials is a company that develops functional materials and nanocomposites. 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).Source: Minerva Studio / ![]() "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. Cryptocurrency is not allowed in this subreddit.Artificially pumping tickers is forbidden.Doxxing will result in an immediate ban.If linking an external site (YouTube, blog, etc.), summarize content in the BODY of the Reddit post.No memes or gain/loss posts except on Saturday.Posting requires 100 karma and 10 days on Reddit, commenting will require 10 days and 10 karma.Low-effort, BROKER QUESTIONS, lack of DD, buy or sell?, thoughts? threads on the main sub are BANNED.Promoting ANY services, newsletters, or social media, is forbidden unless mod approved.Treat each other with respect and avoid cuss words towards others or face perma-ban unless appealed.Some examples of questions that should not be submitted: "What is the best stock screener to use?" "What broker do you use?" "Do you make money off of this?" etc., etc. There are a lot of questions that get answered here that continue to be asked. If you have questions about this new rule, please contact the mod team. If you are trying to link to another site, such as Marketwatch or Twitter for relevant news, please make a text post about it with thorough detail and then link it inside the post. Submissions as of February 1st, 2021 will have to be either text posts or images.Commenting will require 10 karma and 10 days on Reddit.Posting requires 100 karma and 10 days on Reddit,.If you're new, check out this sub for some information on the basics.For Robinhood users, please consider this resource as it may yield better results: Much of the discussion here involves stocks that are not listed on Robinhood.It is highly recommended that you do your own research before purchasing shares of any kind. This is a place to discuss penny stocks. ![]()
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