Torchlight Energy Resources, Inc. (TRCH) Stock is soaring over 11% to $2.59 in the early session today. The Stock with the Market Cap of 355.094M has an Average Volume of 14,133,393.
Company Info and Focus
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Torchlight Energy Resources, Inc. (TRCH) is headquartered in Plano, Texas, and is an oil and gas E&P company seeking to gain and develop domestic drilling opportunities. Torchlight has assets spread across West and Central Texas where their targets are the Permian Basin and other established growth plays. For more information about Torchlight, please visit www.torchlightenergy.com.
What happened recently…
Torchlight Energy Resources, Inc. revealed the closing of its underwritten public offering which comprised 23,00,000 shares for $1.20 per share that comprised the complete exercise of the underwriter’s over-allotment option, and which resulted in gross proceeds to Torchlight of $27.6 million before deducting the underwriting discount and offering expenses to be paid by Torchlight.
Roth Capital Partners underwrote the offering.
With the previously announced Arrangement Agreement between Torchlight and Meta under which Torchlight and Meta will complete a business merger, Torchlight will use the net funds for general business purposes and provide Metamaterial Inc. with $5 million in additional bridge financing.
In the past, even experienced traders have found the stock market shocking and baffling. It’s not uncommon for the need to take a sudden turn in the opposite direction, even when results are as expected. Doubt and speculation often result from such events. It may be beneficial to monitor a stock’s performance in the past during such times. Keeping track of trends would be useful as well, both short-term and long-term. Trochlight Energy Resources Inc. (NASDAQ: TRCH) is up 35.3% in the last week, but over the last quarter grew by 752.19%.