Torchlight Energy Resources (NASDAQ: TRCH), an oil and gas exploration company based in Plano, Texas, has closed on its previously announced business combination with Meta Materials Inc. As a result, after market close today, Torchlight’s name will be changed to Meta Materials Inc. In addition, the company’s common stock will begin trading on NASDAQ under the ticker symbol MMAT. According to the previous announcement, prior to the implementation of the reverse stock split, Meta Materials (NASDAQ: MMAT) shareholders were expected to receive 3.690 shares of Torchlight common stock in exchange for each of their shares of Metamaterial Inc., resulting in Meta Material shareholders owning approximately 75% of the resulting post-merger company. Torchlight’s current portfolio includes assets focused in West and Central Texas where targets are established plays such as the Permian Basin. Roth Capital Partners acted as financial advisor to Torchlight related to this business combination.
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About Meta Materials Inc.
META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing and manufacturing sustainable, highly functional materials. The company’s extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. META’s achievements have been widely recognized, including being named a Global Cleantech 100 company. For more information, visit www.Metamaterial.com
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