Torchlight Energy Resources Inc. (TRCH) shares lost 6.06% in after-hours on Friday, June 25, 2021, and closed the week at $4.65 per share. Earlier in the morning session of Friday, TRCH’s stock gained 4.21% to close Friday’s morning session at $4.95 per share. TRCH shares have risen 1212.30% over the last 12 months, and they have moved down 21.05% in the past week. Over the past three months, the stock has gained 167.57%, while over the past six months, it has plummeted 686.46%.

Let’s discuss its recent news and developments briefly.

Special Series A Preferred Stock dividend and 1:2 stock split

On June 25, 2021, Torchlight Energy Resources, Inc announced that it paid the special Series A Preferred Stock dividend on a 1 for 1 basis to its stockholders of record on June 24, 2021.

Torchlight also implemented a 1 for 2 reverse stock split of its Common Stock. The reverse split was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021, and will become effective aftermarket closing on June 25, 2021.

Completion of the business combination with Metamaterial Inc

On June 25, 2021, Torchlight also announced the completion of necessary steps to close the business combination with Metamaterial Inc., and therefore Torchlight expects that the business combination will be effective on June 28, 2021, as of 12:01 AM EDT.

Torchlight’s name will be changed to “Meta Materials Inc.” and its common stock will begin trading on NASDAQ under the ticker symbol MMAT, from June 28, 2021.

Business combination announcement

On December 14, 2020, Torchlight Energy Resources and Metamaterial Inc signed a definitive agreement for a business combination of Torchlight and Metamaterial. Torchlight shareholders will retain an approximate 25% equity whereas shareholders of Metamaterial will get 75% equity interest in a combined company.

Special dividend announcement

On June 14, 2021, Torchlight Energy Resources, Inc declared a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on June 24, 2021 (subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid).

Special stockholders meeting

On June 11, 2021, Torchlight Energy Resources, Inc announced the results from the special meeting of its stockholders, which was held virtually earlier today in connection with the previously announced business combination transaction with Metamaterial, Inc.

All five proposals to be voted on at the special meeting were approved by the Torchlight stockholders. Torchlight will file a Form 8-K to disclose the final results of the stockholder vote.

Conclusion

As of today (June 28) Torchlight Energy Resources’ name will be changed and it will begin trading on NASDAQ under the ticker symbol MMAT so we wish MMAT to surge exceptionally well on its first day and will analyze its performance after few days.