Torchlight Energy Resources, Inc. (NASDAQ: TRCH), a company engaged in the acquisition, exploration, of oil and gas, announced that it is working to finish regulatory requirements essential to consummate the prior announcement of the business combination with Metamaterial Inc. TRCH stock plummeted adjacent to the news.
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Torchlight’s proxy statement will notify the public in regards to the meeting date and record the date for the special meeting. The record date will confirmTRCH shareholders that will receive a dividend of the prior declared Series A Preferred Stock.
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Torchlight Energy Resources Inc. (TRCH) shares were falling -6.45% to trade at $1.45 in the current market at the last check. TRCH’s stock lost -3.73% to close Thursday’s session at $1.55. The price range of the company’s shares was between $1.51 and $1.6394.
About Torchlight Energy Resources, Inc.
In December, announced that it had started a reverse-merger deal with Metamaterial, a Canadian company specializing in complex films called metamaterials. In accordance to the deal, Metamaterial will acquire 75% of the combined company, with TRCH stockholders owning the rest.
Torchlight has loaned US$10,000,000 to META through an unsecured convertible promissory note, with an 8% interest rate, subject to payment of unpaid principal as well as interest due on Feb 18th, 2022. META is expected to use US$5,000,000 worth of capital from the to speed up its acquisition of specific pilot-scale production equipment for expansion and diversification of its product line. The left over capital will be used for general corporate purposes including working capital and merger related costs.
If the arrangement is not complete, META is required to pay Torchlight the net unpaid balance of principal and interest required by the Promissory Note at the maturity date.
TRCH stock drifted lower after the announcement about is working to finish regulatory requirements to consummate the business combination. As per time extended, investors have lowered their expectations, with the acquisition process not going smoothly, hence causing TRCH share price to further decline.