Torchlight Energy Resources Inc. (NASDAQ: TRCH) stock gained by 41.33% in the current market trading session. Torchlight Energy Resources is a vast growing oil and gas Exploration and Production (E&P) business located in Plano, Texas. Its major goal is to acquire and produce domestic oil resources. Torchlight’s holdings are concentrated in West and Central Texas, where established plays such as the Permian Basin are targeted.
Current Update
Torchlight Energy Resources has reported that it has reached an agreement with Metamaterial Inc. to extend the deadline for Torchlight and Metamaterial to complete their business combination deal to June 30, 2021. The extension allows time for the special Series A Preferred Stock dividend, which was declared on June 14, 2021, to be recorded on June 24, 2021, and paid on June 25, 2021.
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The Series A Preferred Stock dividend will be paid out on June 25th. Torchlight Energy plans to complete the Arrangement by June 30th, 2021.
Recent Past update
Because there has been so much going on with Torchlight Energy Resources recently, the stock has been on a roller coaster ride for quite some time.
Torchlight Energy Resources and Metamaterial, a Canadian company, agreed to join in late 2020. This isn’t just a commercial merger however it’s a means for Metamaterial to acquire a listing in the United States. In reality, Metamaterial intends to quit the exploration and production industry entirely following the merger. This complicated transaction has a lot of moving elements. Due to this, progress has also been slower than planned, resulting in frequent price spikes and falls due to news in the first half of 2021. However, it appears like it will be completed shortly.