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. Many investors are counting on a windfall, based on short covering. "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. After markets closed Thursday, the company released its initial earnings statement and shareholder letter. 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 . Retail traders flocked into the former TRCH stock last month in the weeks leading up to the deal close. Others are likely holding the bag, hoping for a recovery. Theres even room for more lines. All statements in this release that are not based on historical fact are 'forward looking statements.' Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 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. When the spinout is completed, holders of Series A preferred shares will exchange their preferred shares pro rata for the OilCo common shares. Rob StoneVice President, Corporate Development and CommunicationsMeta Materials Inc.[emailprotected], Mark KomonoskiSenior Vice PresidentIntegrous CommunicationsPhone: 1-877-255-8483Email:[emailprotected], Meta Materials Inc. At the end of 2020, Torchlight reported total production for the year of 5,445 barrels of oil and 5 million cubic feet of natural gas. META is in the process of finalizing permanent arrangements with a completely new management team for OilCo who bring significant experience in oil and gas exploration as well as specific experience in the Orogrande region. Read More:Penny Stocks How to Profit Without Getting Scammed. Those who got in near or at its split-adjusted high of $10.88 per share? SmartAssets free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. You will get early access to the daily stock alerts and also the weekly watchlist. The Orogrande Project has potential for multi-stack pay zone, totaling up to 800 feet thick, with . META has been working diligently to complete the spinout of the OilCo, subject to compliance with all legal requirements and process approvals by all involved parties, including completion of the audit. Tel: +44 (0)1294 214402 | irish law times submissions balitang amianan reporters. There are 3 levels to choose from. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. As many as 148 million FTD shares of Meta are said to be outstanding. MMAT MMTLP Metamaterials Special Dividend. 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. 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%. MMAT MMTLP George Palikaras CEO of MetaMaterials Inc. speaks on 5G, on Microwave Journal Q&A Panel. Its biggest area of opportunity is a diabetes management product targeting a multi-billion dollar market. So has another factor: the heavy issuance of new shares. 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. Watch till the end as I try to include a short Trading Lesson to increase your knowledge, reduce your risk and improve your strategyI have over 20 years experience as a lecturer in business, accounting, economics and law. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. With only the rarest exceptions,InvestorPlacedoes not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. MMAT MMTLP Metamaterials Special Dividend update. All rights reserved. The 1 for 2 ratio represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders. The purpose of each video will be to boost your potential gains in the stock market. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. MMAT News. Accordingly, readers should not place undue reliance on any forward-looking statements or information. The company had sold its last reserves in November. 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. 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. He has a proven track record of implementing technological advancements to reduce costs and increasing operational efficiencies. 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. 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. Email: ir@metamaterial.com. 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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. '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. The preferred shares were issued on a one-for-one basis to Torchlight shareholders of record on June 24. What was it that made this one of the hottest names among traders active online? No forward-looking statement can be guaranteed. 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). This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the 'safe harbor' created by those sections. Home; Our CV. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Meta Materials Inc. Mark Komonoski According to the SECs fails-to-deliver data, as of July 14, the most recent date for which data is available, Metas FTDs total 180,798. 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, including, but not limited to, the ability of the Companys management to focus on the disposition or spinout of the oil and gas assets, the capabilities of our facilities and the expansion thereof, research and development projects of the Company, the market potential of the products of the Company , the market position of the Company, the scalability of the Companys production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of our employees, the technology industry, market strategic and operational activities, and managements ability to manage and to operate the business not related to the oil and gas assets. He led the drilling and operational teams through the development of the super-lateral program highlighted by the drilling and completion of the world record setting Purple Hayes 1H Well. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including those risks and uncertainties described in or implied by the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our 2020 Annual Report on Form 10-K, filed on March 18, 2021, our First Quarter 2021 report on form 10-Q filed on May 14, 2021 and our other reports filed from time to time with the Securities and Exchange Commission ('SEC'). Mr. Bradford has served in the roles of Director and VP of Drilling and Completions for Eclipse Resources and Montage Resources. Exhibit 99.2 . For now, still in its early stages, this potential is more than accounted for in its share price. Completion of this work will, the Company believes, enable us to move to the next steps in the spinout process for these assets. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. Until we see further progress with its big plans, its best to stay away. All statements in this release that are not based on historical fact are 'forward looking statements.' Business enquiries: newtradingsecrets@gmail.comMMAT MMTLP Metamaterials New Special Dividend Rumour. Copyright 2023 Surperformance. This may end up being a big winner down the road. This sell-off will likely carry on, at least until its past meme stock status fully goes away. In Metas shareholder letter, Palikaras said the company had hired a consultant to help determine the best path to maximize value for the holders of the preferred shares. Prior to the implementation of the reverse stock split, it was expected that Metamaterial, Inc. shareholders would receive 3.690 shares of Torchlight common stock in exchange for each of their shares of Metamaterial. META has been utilizing a team of asset managers who bring significant experience in oil and gas exploration. I look forward to working with the management of Meta Materials Inc. to ensure a smooth transition.". The figure is not a daily amount of fails, but a combined figure that includes both new fails on the reporting day as well as existing fails. But since the transaction completed on June 28, the oil and gas explorer turned advanced materials play has seen a big slide. Copyright 2023 InvestorPlace Media, LLC. Twitter: @TradingSecrets7Hit that notification bell and subscribe for early updates to every video so you never miss out. MMAT stock is seeing heavy trading today after the merger closed. Product sales amounted to $1.95 million. Create an account to follow your favorite communities and start taking part in conversations. Lorem ipsum dolor sit amet, consectetur adipiscing elit. You can even use them to improve solar panel efficiency. These statements may be identified by words such as 'estimates,' 'anticipates,' 'projects,' 'plans,' 'strategy,' 'goal,' or 'planned,' 'seeks,' 'may,' 'might', 'will,' 'expects,' 'intends,' 'believes,' 'should,' and similar expressions, or the negative versions thereof, and which also may be identified by their context. Investors should refer to additional Risk Factors related to the oil and gas assets in the Companys Form 10-K filed with the SEC on March 1, 2022, with an SEC filing date of March 2. As InvestorPlaces Chris MacDonald wrote July 6, Meta Materials is making progress in producing a non-invasive glucose sensing system. Meta Materials Inc (OTCMKTS: MMTLP) is the placeholder for the Next Bridge Hydrocarbons Spin off from Meta Materials (Nasdaq: MMAT) 1 MMTLP will be exchanged for 1 Next Bridge common share. But a key end use may be in the health care space, and diabetes management (glucose monitors) in particular. 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 6.02%. If you're new to stock investing, here's how to buy Meta Materials stock. 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