Home Equities Score Torchlight Energy Inc. (TRCH) stock shows a hike during current market. What...

Torchlight Energy Inc. (TRCH) stock shows a hike during current market. What is happening?

Torchlight Energy Inc. (NASDAQ: TRCH) stock gains by 4.53% in the current market trading. Torchlight Energy Resources, headquartered in Plano, Texas, is a fast-growing oil and gas exploration and production business with a main focus on domestic oil field acquisition and growth. Torchlight’s investments are concentrated in West and Central Texas, where their targets are established plays such as the Permian Basin.

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Recent Past Development

TRCH filed a final proxy statement for its special meeting of stockholders on May 7, 2021, in conjunction with the previously proposed corporate merger deal with Metamaterial, Inc. The following are relevant dates for the Stockholder Meeting:

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  • May 5, 2021, is the record date for stockholders who are eligible to vote whereas
  • The date of the meeting is June 11, 2021. (Virtual meeting)
  • Record date for preferred stock dividends: To Be Decided, depending on the transaction’s anticipated close.

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The proxy materials have started to be mailed. In conjunction with the Stockholder Meeting, D.F. King will serve as a proxy solicitor. Only stockholders who were on the books on May 5, 2021 are eligible to receive notice of the Stockholder Meeting and vote at the adjournment. After receiving their proxy papers, stockholders can vote by mail, phone, or online. The definitive proxy declaration will provide more details on voting procedures. To ensure fair counting of votes and a prompt procedure, Torchlight encourages all stockholders to vote as soon as their proxy materials arrive.

Reminder:

TRCH reminded investors on May 25, 2021 that shareholders representing 46% of Torchlight shares are entitled to vote at a special meeting on June 11, 2021 in conjunction with the previously announced business combination deal with Metamaterial, Inc.

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Torchlight CEO John Brda commented:

TRCH is very excited to step into the final phases of this deal, which includes the stockholder vote. TRCH urges all stockholders to vote in favor of the merger, as did management and core stockholders.

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