investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. If you suffered a loss on your Meta Materials Inc.
would result in an SEC investigation and subpoena (2) the Company has materially overstated its business connections and dealings (3) the Company has materially overstated its ability to produce and commercialize its products (4) the Company has materially overstated its products' novelty and capabilities (5) the Company's products did not have the potential to be disruptive because, among other things, the Company priced its products too high and (6) as a result, Defendants' public statements were materially false and/or misleading at all relevant times. Specifically, Defendants failed to disclose to investors that: (1) the business combination of Torchlight Energy Resources, Inc. The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. On this news, Meta's stock fell $0.18 per share, or 5.83%, to close at $2.91 per share on December 14, 2021, thereby injuring investors further. Then, On December 14, 2021, Kerrisdale Capital published a report alleging numerous issues including: "disappearing segments, misleading product claims, fake medical devices, research funding for subsidiaries that don't exist, and circumstances so questionable around a penny stock reverse merger that it's now the subject of an SEC Enforcement subpoena." On this news, Meta’s stock fell 3.9% to close at $4.77 per share on November 16, 2021, thereby injuring investors. Not impossible.On November 15, 2021, Meta released its third quarter financial report and subsequently revealed that the Company had received a subpoena from the Securities and Exchange Commission (“SEC”) in September investigation Meta’s merger with Torchlight Energy Resources, Inc. 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. 🚀Īs of June 15, some 15.3 million Torchlight shares were sold short, nearly a third of the company’s total float. This is not financial advice and i’m not a financial advisor. 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: Torchlight Energy (TRCH) -5 post-market after announcing a one-for-two reverse stock split and confirming that its merger with Metamaterial will take. 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. 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. 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. I will be updating this tomorrow after speaking with the CEO of META George Palikaras. MMATF and TRCH This is my initial research on Metamaterial Technologies, Torchlight Energy and their upcoming reverse merger. The new company, Meta Materials Inc., will begin trading on the Nasdaq after Monday’s opening bell under the ticker symbol MMAT. Hydrocarbons to Carbon Nanotubes - META and Torchlight Merger DD. EST Monday, Torchlight ceased to exist and its reverse merger with Canada-based Metamaterials was completed. 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.
Torchlight merger with metamaterials series#
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.
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