What Happened to Torchlight Energy Resources (TRCH) Stock?
Torchlight Energy Resources announced on June 25 that it completed the necessary steps to make its merger with Meta Materials , Inc. official. For those who were invested in TRCH stock , the company also announced a dividend and a one-for-two reverse stock split in the same press release. Torchlight now exists under the new name Metamaterials and a new stock ticker symbol (MMAT)a change that became effective on June 28. The company's metamaterials business is a departure from Torchlights core business of acquiring and developing domestic oil fields. Torchlight merger with Metamaterial (MMAT)  Initially, Torchlights planned merger with Metamaterial was announced in September 2020. Part of Torchlights goal in the merger was stated as targeting proven disruptive technology companies with strong environmental, social and governance (ESG) priorities, according to John Brda, the chief executive of Torchlight. Article continues below advertisement  Source: Torchlight Energy Facebook  Meta Materials, Inc., as you might expect, focuses on creating metamaterials. These are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by META scientists to exhibit new or enhanced properties.  Article continues below advertisement  Many of the products developed by Metamaterials include those intended to increase the efficiency of light use and the use of other energy forms. It places a significant emphasis on environmental sustainability. Metamaterials has received a number of awards within the industry along with grants from the government. 2019 Global Cleantech 100 2018 Best New Product in Commercial Aviation by Aviation Week Network Partnered with Lockheed Martin and the Canadian government's Sustainable Development Technology Canada fund to develop a solar energy product for the transportation industry  Article continues below advertisement  Source: Metamaterial Facebook META solar films to use on solar panels  Before the reverse stock split, Metamaterial shareholders were to receive 3.690 shares of Torchlight in exchange for each of their Metamaterial shares, which resulted in Metamaterial shareholders owning about 75 percent of the merged company. Torchlight shareholders would have the remaining 25 percent. Article continues below advertisement