Wednesday, May 12, 2021

Why Torchlight Energy Resources Inc. (TRCH) stock is decreasing today?

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.


5 Stocks Under $10 That Are Poised to Take Off

Investing in stocks under $10 could significantly increase the returns on your portfolio, especially if you pick the right stocks! Within this report you will find 5 top stocks that offer investors huge upside potential and the best bang for their buck.

Add them to your watchlist before they take off!

Get the Top 5 Stocks Now!

Sponsored



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.


A Backdoor Way To Profit From Today’s Crypto Bull Market

Even if you’re not actively in crypto, you deserve to know what’s actually going on...

Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.

Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free. .

Sponsored


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.

Conclusion

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.

Latest news

What is behind the fall of Torchlight Energy Resources Inc. (NASDAQ: TRCH) stock?

Torchlight Energy Resources, Inc. (NASDAQ: TRCH), a growth oil and gas exploration company specializing in the acquisition and development of highly profitable domestic oil...

Eros STX Global Corporation (ESGC) stock is declining: Here is the reason why?

Eros STX Global Corporation (NYSE ESGC) a global multinational media company that acquires, produces, and distributes films, television shows, and digital content issued its...

Yum China Holdings Inc. (YUMC): The Most Important Numbers You Should Know

Yum China Holdings Inc. (YUMC), which operates Taco Bell Restaurants, KFC Restaurants, and Pizza Hut Restaurants in China, has published its first-quarter report for...

Why shares of Akerna Corp. (KERN) stock are up today?

Akerna (KERN), a cannabis technology company focusing to connect data points in the global cannabis supply chain and developer of the cannabis industry's first...

Related news

What is behind the fall of Torchlight Energy Resources Inc. (NASDAQ: TRCH) stock?

Torchlight Energy Resources, Inc. (NASDAQ: TRCH), a growth oil and gas exploration company specializing in the acquisition and development of highly profitable domestic oil...

Eros STX Global Corporation (ESGC) stock is declining: Here is the reason why?

Eros STX Global Corporation (NYSE ESGC) a global multinational media company that acquires, produces, and distributes films, television shows, and digital content issued its...

Yum China Holdings Inc. (YUMC): The Most Important Numbers You Should Know

Yum China Holdings Inc. (YUMC), which operates Taco Bell Restaurants, KFC Restaurants, and Pizza Hut Restaurants in China, has published its first-quarter report for...

Why shares of Akerna Corp. (KERN) stock are up today?

Akerna (KERN), a cannabis technology company focusing to connect data points in the global cannabis supply chain and developer of the cannabis industry's first...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.