What this post suggests is that hedge fund managers are going to do their best to drive the price of Meta Material down in order to minimize the amount the funds would lose from having to cover their short positions by actually buying the stock.
#TORCHLIGHT ENERGY DIVIDEND PAYOUT UPDATE#
🚀Īs of June 15, some 15.3 million Torchlight shares were sold short, nearly a third of the company’s total float. Torchlight Energy Resources (NASDAQ: TRCH) stock is on the rise today after providing an update to investors about its merger plans with Metamaterial. Payments increased to 1.50 per share last year from 1.00 per share in 2019.
#TORCHLIGHT ENERGY DIVIDEND PAYOUT SERIES#
This is not financial advice and i’m not a financial advisor. The company began paying special dividends in 2018, but skipped the additional payout in 2020. Torchlight Energy (TRCH)+9.8 post-market after declaring a special dividend on its Series A preferred shares in connection with its merger deal with Metamaterial.Torchlight says. We know they have to cover, why give them any discounts. Today could be the start of a squeeze but be sure as are going to try and shake out as many people as they can before they fully cover. We are dealing with the Devil’s who manipulate the markets everyday to their advantage. That could happen, but we won’t know for a while yet.Ī post on Reddit’s r/TRCH group outlines the conspiracy: We’ve noted before that the total value of those assets is likely less than $100 million and the payout per share based on that value would be less than $1.00 per share. It was predictable because the only thing propping up Torchlight stock to begin with was an expected payout to former shareholders in the company who would benefit from the sale of Torchlight’s oil and gas assets. (NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), today announced that it paid the special Series A. Last Updated: J11:21 am After markets closed on Friday, Torchlight Energy announced that it had paid shareholders its promised special dividend of one share of Series A preferred. The stock is trading down about 2.5% at $9.65 in the premarket session.ĭepending on whom you ask, the lower share price was either predictable or a conspiracy. PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc. Torchlight stock closed at $4.95 a share Friday, and Meta Material stock was assigned a value of $9.90 prior to Monday’s opening. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday’s opening bell under the ticker symbol MMAT. EST Monday, Torchlight ceased to exist and its reverse merger with Canada-based Metamaterials was completed. Source: Shutterstock Now, investors who have held through this uncertainty are still up.
At the same time, it announced a reverse stock split of 1 share of new common stock in Torchlight for every 2 old shares.Īt 12:01 a.m. Shares went from around 3.50 to nearly 11, falling back down to the 5 level of late. After markets closed on Friday, Torchlight Energy announced that it had paid shareholders its promised special dividend of one share of Series A preferred stock for each share of Torchlight common stock. 0. None Price as of: JUN 25, 07:59 PM EDT 4.95 +0.2 +0 Dividend (Fwd) 0.00 Yield (Fwd) 0.
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