![]() This Transaction provides our shareholders with access to the multi-billion-dollar markets that Metamaterial serves and new applications that are being revolutionized with their sustainable technologies, while still allowing our Shareholders at closing of the Transaction to participate in the proceeds of our oil and gas asset divestitures." Metamaterial offers proven disruptive technology with strong environmental, social and governance (ESG) priorities. "We believe this Transaction provides our shareholders with the best opportunity moving forward. "We are very excited to sign the definitive agreement with Metamaterial," stated John Brda, Torchlight's CEO. ![]() ![]() Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlight's oil and gas assets that occurs on the earlier of Decemor six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlight's remaining oil and gas assets, subject to certain conditions. Upon completion of the Transaction, shareholders of Metamaterial are expected to hold an approximate 75% equity interest in the combined company while Torchlight shareholders will retain an approximate 25% equity interest in the combined company, subject to the pre-closing financing described below. ("Metamaterial" or "META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing of a definitive agreement for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the "Transaction"). (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. PLANO, TX and HALIFAX, NS / ACCESSWIRE / Decem/ Torchlight Energy Resources, Inc. Bears would also like to see the stock fall below the moving averages for a possible trend change.Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing Bulls would then like to see the stock start moving up again and watch the pattern break above the highs formed by the cup.īearish technical traders would like to see the stock fall and form the handle, but instead of rising back up, they would like to see the stock continue to fall. This means there are many more buyers than sellers in the stock.īullish technical traders would like to see the stock take a slight pullback and form the handle on the chart. The RSI is sitting at 87, which is well into the overbought range that starts at 80 and goes up to 100. The Relative Strength Index (RSI) shows that the stock has entered well into the overbought area.If the stock can get back above the highs after forming a handle, it could see a breakout. The cup and handle forms after the stock makes a high and falls for a while, but eventually comes back to that high forming a cup on the chart.A cup pattern is considered a bullish continuation pattern and may form a handle before the it's over.Each of these moving averages may hold as an area of support in the future.The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock is bullish.Shares may be forming into what technical traders would call a cup and handle pattern the stock has formed the cup of the pattern, but not the handle.Torchlight Energy was up 68% at $6.02 at last check. ![]() Late Monday, the company stated the special dividend would be issued on a one-for-one basis to common stockholders as of the close of market trading on June 24. (NASDAQ:TRCH) shares moved higher Tuesday after the company declared a special dividend of Series A preferred stock. ![]()
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