![]() The combined company, formerly known as Torchlight Energy Resources, Inc., will change its name and focus its business to align with the current business of Metamaterial. The following statements in the announcement confirm that TRCH is only worth 25% of Metamaterial's current market cap: And that's AFTER the merger definite agreement was announced. The following is the 3-month chart for TRCH: However, with TRCH's recent conversions of debt to equity and equity raise, its current market cap is a whopping 143M x $3.90 = $558M. That would bring a per share value to TRCH of $12.12M/143M = ~$0.08. $12M is about the value of a clean empty shell Nasdaq listing. Using that market cap, that puts TRCH's value at only $48M x 25% = $12.12M. ![]() ![]() Metamaterial closed at only $0.58 on 12/14/20. It has gone up significantly since the merger announcement. That equals $251.6/1.27 = $198M USD.Īssuming that TRCH's assets are worthless, based on Metamaterial's market cap, that values TRCH at $198 x 25% = $49.50M, which equals a share price of $49.5M/143M = $0.35.Īt the time of the merger announcement, on the close of 12/14/20, Metamaterial was valued at much less. Therefore, the current value to TRCH shareholders is only 25% of that of Metamaterial's current market cap plus the value of TRCH's oil and gas assets.Īs of the close of 2/16/21, Metamaterial was worth $3.01 CAD x 83.6M shares outstanding = $251.6M CAD. The purpose of the merger is only so Metamaterial can be listed on the Nasdaq. Its assets are practically worthless, and the stock is worth a fraction of its current market cap that has runup on the merger agreement. ![]() This confirms to us that our analysis on TRCH is correct. It's a totally unrelated company to TRCH's oil and gas exploration business. Metamaterial designs, develops, and manufactures advanced materials specializing in nanocomposites, nanofabrication, and machine learning to control light and electromagnetic waves. TRCH shareholders will receive a 25% equity interest in the combined company, while MMAT shareholders will receive a 75% interest. Torchlight Energy and Metamaterial (MMATF) announced the signing of a definite agreement on 12/14/20 for a business combination. It did sell its interest in its Winkler Project in November for $450K, but that's not a significant sum. The company hasn't made any significant progress since our report with selling or developing any of its oil and gas assets. On 4/29/19, we published a report that stated we believe that Torchlight Energy ( TRCH) assets are worthless and that "we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s)." SIAA safety criteria are complied.Metamaterial Only Wants To Merge With Torchlight For The Nasdaq Listing Depending on the service conditions, mould may grow. Antifungal treatment is not to kill mould. *5 Certified by SIAA (Antibacterial Product Technology Association) Coating on cross flow fan Antifungal Agent Positive List】 No.JP0501054A0001R、No.JP0501003A0002M、No.JP0501055A0002T 【Notes】 Antifungal test is conducted by the SIAA specified method.
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