What does torch light energy do?

What does torch light energy do?

Torchlight Energy is an oil and gas exploration and production company based out of Plano, Texas. ... The company's main focus is on the “acquisition and development of highly profitable domestic oil fields.” It holds interests in Texas, including the Permian Basin and the Eagle Ford Shale.

What happened to Torchlight Energy Stock?

Torchlight Energy Resources effectively no longer exists following its June 28 merger with Meta Materials (NASDAQ:MMAT) stock. The news of a dividend payment, a reverse stock split of TRCH stock, and the business combination were enough to spike interest throughout June.

Why is torchlight energy going up?

Shares of Torchlight Energy Resources (NASDAQ:TRCH) soared 58% on Monday after the oil and gas driller extended the closing date of its merger with advanced materials manufacturer Metamaterial.

Who did Torchlight Energy merge with?

InvestorNewsBreaks – Torchlight Energy Resources Inc. (NASDAQ: TRCH) Closes $1.9 Billion Merger with Meta Materials Inc. (NASDAQ: MMAT)

Should I buy Torchlight Energy?

Is Torchlight Energy Resources stock A Buy? Torchlight Energy Resources holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.

Who is buying Torchlight Energy?

Metamaterial Inc The company is being acquired by industrial materials maker Metamaterial Inc (MMAT.CD) in a deal that analysts said will likely see its main business being sold or hived off. Torchlight was also the second top-traded stock on Tuesday, with shares changing hands more than 213 million times.

What can you do with torchlight stock?

1. It's set to be paid out to investors in TRCH stock on June 25.
2. It's also worth pointing out that TRCH stock was talked about as a potential short squeeze target over the weekend.
3. Those predictions are coming true as the company is seeing incredibly heavy trading of its shares today.

What is series preferred stock?

In the United States, Series A preferred stock is the first round of stock offered during the seed or early stage round by a portfolio company to the venture capital investor.

Does Torchlight Energy pay a dividend?

(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 J. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock.

What happens to my TRCH stock after merger?

June 28 was a significant day for anyone invested in Torchlight Energy Resources (NASDAQ:TRCH). That's the day the company merged with Metamaterials to form Meta Materials (NASDAQ:MMAT). And as a result, TRCH stock was replaced by MMAT stock.

What does torchlight energy resources do?

• Torchlight Energy Resources, Inc. (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. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin.

What happened to Torchlight oil and gas?

• However, Hazel didn’t end up striking it rich, and Torchlight looked to exit the oil and gas business. Instead, it has now pivoted. The company merged with Meta Materials (NASDAQ: MMAT) and it now trades as MMAT stock. That’s all well and good.

Why did interest in torchlight energy (trch) stock spike in June?

• The news of a dividend payment, a reverse stock split of TRCH stock, and the business combination were enough to spike interest throughout June. Meta Materials is a company that develops functional materials and nanocomposites. Torchlight Energy Resources was an oil & gas exploration firm that operated in Texas.

Did torchlight energy's special dividend work?

• After markets closed on Friday, Torchlight Energy announced that it had paid shareholders its promised special dividend of one share of Series A preferred stock for each share of Torchlight common stock. At the same time, it announced a reverse stock split of 1 share of new common stock in Torchlight for every 2 old shares.