![]() Torchlight will file a Form 8-K to disclose the final results of the stockholder vote. On J, Torchlight Energy Resources, Inc announced the results from the special meeting of its stockholders, which was held virtually earlier today in connection with the previously announced business combination transaction with Metamaterial, Inc.Īll five proposals to be voted on at the special meeting were approved by the Torchlight stockholders. On J, Torchlight Energy Resources, Inc declared a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on J(subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid). Torchlight shareholders will retain an approximate 25% equity whereas shareholders of Metamaterial will get 75% equity interest in a combined company. On December 14, 2020, Torchlight Energy Resources and Metamaterial Inc signed a definitive agreement for a business combination of Torchlight and Metamaterial. Torchlight’s name will be changed to “Meta Materials Inc.” and its common stock will begin trading on NASDAQ under the ticker symbol MMAT, from June 28, 2021. On June 25, 2021, Torchlight also announced the completion of necessary steps to close the business combination with Metamaterial Inc., and therefore Torchlight expects that the business combination will be effective on June 28, 2021, as of 12:01 AM EDT. Completion of the business combination with Metamaterial Inc The reverse split was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021, and will become effective aftermarket closing on June 25, 2021. Torchlight also implemented a 1 for 2 reverse stock split of its Common Stock. On J, Torchlight Energy Resources, Inc announced that it paid the special Series A Preferred Stock dividend on a 1 for 1 basis to its stockholders of record on June 24, 2021. Special Series A Preferred Stock dividend and 1:2 stock split Completion of the business combination with Metamaterial Inc.Special Series A Preferred Stock dividend and 1:2 stock split.Bears would also like to see the stock fall below the moving averages for a possible trend change. 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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