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For additional information on Torchlight, please visit Forward-Looking Statement Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. (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. as of Monday morning) for each share of Metamaterial Inc., to reflect the reverse split impact on total outstanding shares of Torchlight. 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. shareholders owning approximately 75% of the resulting post-merger company, Meta Materials Inc, subject to financings prior to the closing of the business combination. This exchange ratio was planned to result in the Metamaterial Inc. shareholders would receive 3.690 shares of Torchlight common stock in exchange for each of their shares of Metamaterial. Prior to the implementation of the reverse stock split, it was expected that Metamaterial, Inc. Commencing on JTorchlight's name will be changed to "Meta Materials Inc." and its common stock will begin trading on NASDAQ under the ticker symbol "MMAT." were completed on Jand therefore Torchlight expects that the business combination will be effective on Jas of 12:01 AM EDT. Torchlight also announced that the steps necessary to close the business combination with Metamaterial Inc. The 1 for 2 ratio represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders.
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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. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock.
#Torchlight energy special dividend series
(NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), today 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.
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He took up this role in December 2012 after the departure of co-founder Tom Lapinski.PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc.The company is led by its president, CEO, secretary, and director John Brda.It joined the public market in November 2010 after completing its initial public offering (IPO).Torchlight Energy was founded in October 2007.TRCH currently has projects underway in the Midland Basin, Orogrande Basin, and the Delaware Basin.It holds interests in Texas, including the Permian Basin and the Eagle Ford Shale.The company’s main focus is on the “acquisition and development of highly profitable domestic oil fields.”.It has a total of four full-time employees. Torchlight Energy is an oil and gas exploration and production company based out of Plano, Texas.is expected to close before the end of June.
#Torchlight energy special dividend pro
Holders of Series A Preferred Stock will be entitled, on a pro rata basis, to any future net proceeds or other potential benefits derived from the disposition of the oil and gas assets of Torchlight, subject to certain holdbacks. Stockholders of record on June 24, 2021, will be entitled to receive the dividend which will consist of one share of Series A Preferred Stock for each one share of common stock owned on that date (subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid). This Special Dividend is to be issued in connection with the previously announced business combination transaction with Metamaterial, Inc.