After its reverse merger with Torchlight Energy, whats next for Meta Materials (NASDAQ:MMAT) stock? Find the latest dividend history for Meta Materials Inc. Common Stock (MMAT) at Nasdaq.com. Total oil and gas sales last year amounted to $193,379. His career started at CNX Gas, and he holds a Bachelor of Science in Petroleum Engineering from Marietta College. Nasdaq As one Seeking Alpha contributor detailed near the peak of the squeeze, the former TRCH stock struck while the iron was hot, launching a dilutive secondary offering. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. MMAT MMTLP Metamaterials Special Dividend. All rights reserved. With many applications for its technology, the company has big opportunities across many sectors. Copyright 2023 Surperformance. In the prior quarter, the company reported a net loss per share of $0.01 on 155.9 million shares. MMAT stock is seeing heavy trading today after the merger closed. HALIFAX, NS / ACCESSWIRE / December 3, 2021 /Meta Materials Inc. (the Company or META) (NASDAQ:MMAT, FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the special Series A Preferred Stock dividend in relationship to the oil and gas assets and the planned sale or spinout of these assets for the benefit of the Series A preferred stockholders. MMAT stock was down 19% as of Monday morning. Until we see further progress with its big plans, its best to stay away. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Distributed by Public, unedited and unaltered, on 03 December 2021 20:21:09 UTC. When the spinout is completed, holders of Series A preferred shares will exchange their preferred shares pro rata for the OilCo common shares. Senior Vice President That includes a Board expansion to include seven additional members. Copyright 2023 InvestorPlace Media, LLC. This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, which may include, but are not limited to, plans, and the timing, for the disposition or spinout of the Company's oil and gas assets, statements with respect to the business strategies, product development, expansion plans and operational activities of the Company . I look forward to working with the management of Meta Materials Inc. to ensure a smooth transition.". The net loss per share in the June quarter was $0.03, based on 197.9 million weighted average shares. META has been utilizing a team of asset managers who bring significant experience in oil and gas exploration. If youre ready to be matched with local advisors that can help you achieve your financial goals, get started now. For the first six months of the year, Meta lost $49.34 million, of which $40.54 million was down to a one-time, noncash net loss on financial instruments. This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, which may include, but are not limited to, plans, and the timing, for the disposition or spinout of the Companys oil and gas assets, statements with respect to the business strategies, product development, expansion plans and operational activities of the Company . If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand thatInvestorPlace.comswriters disclose this fact and warn readers of the risks. 1125 N. Charles St, Baltimore, MD 21201. As a result, Meta Materials started trading on the, 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.. Investors looking for more hot stock news today should keep reading! 495 members in the Oilco_Holdings community. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including those risks and uncertainties described in or implied by the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our 2020 Annual Report on Form 10-K, filed on March 18, 2021, our First Quarter 2021 report on form 10-Q filed on May 14, 2021 and our other reports filed from time to time with the Securities and Exchange Commission ('SEC'). The company closed its merger with Torchlight Energy Resources. All statements that address operating performance or events or developments Torchlight expects or anticipates will occur in the future, such as the closing of the business combination with Metamaterials, stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. Product sales amounted to $1.95 million. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. Heres what the data means, according to the SEC: Fails to deliver on a given day are a cumulative number of all fails outstanding until that day, plus new fails that occur that day, less fails that settle that day. All rights reserved. Theres plenty here that could excite investors once again. "I would like to take this opportunity to thank all of Torchlight's shareholders, its Board and the team at Metamaterial Inc. for their long time support, enthusiasm and efforts in making this merger a success," commented John Brda, Torchlight's Chief Executive Officer. Mr. DuBose has successfully acquired, managed, and/or sold thousands of royalty acres and working interests in the United States. The merger also resulted in leadership changes for the two companies. For now? Completion of this work will, the Company believes, enable us to move to the next steps in the spinout process for these assets. In other words, these numbers reflect aggregate fails as of a specific point in time, and may have little or no relationship to yesterdays aggregate fails. Stockholders of record on Tuesday, March 7th will be paid a dividend of 0.40 per share on Friday, March 24th. (RTTNews) - Shares of BayWa AG (BYWG) were gaining around 2 percent in the early morning trading in Germany after the operator in the agriculture, building materials and energy sectors reported . We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. There are 3 levels to choose from. Investors should refer to additional Risk Factors related to the oil and gas assets in the Companys Form 10-K filed with the SEC on March 1, 2022, with an SEC filing date of March 2. This is my toughest video so far and am aware that not all investors will agree with the questions but I think it is important to present them. Rob StoneVice President, Corporate Development and CommunicationsMeta Materials Inc. Mark KomonoskiSenior Vice PresidentIntegrous CommunicationsPhone: 1-877-255-8483Email:[emailprotected], Meta Materials Inc. As of this writing, more than 12 million shares of the stock have changed hands. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. The Company engaged an auditor on March 21, 2022 to conduct the audit. Those who got in near or at its split-adjusted high of $10.88 per share? Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. In order to complete the spinout, the Company must complete an audit of the oil and gas operations. 5 BIG Questions for George. Prior to the implementation of the reverse stock split, it was expected that Metamaterial, Inc. shareholders would receive 3.690 shares of Torchlight common stock in exchange for each of their shares of Metamaterial. The Companys objective has been and remains to ensure that the intrinsic value of these assets is maintained for the benefit of the Series A preferred stockholders of META and that the OilCo is spun out as rapidly as possible for the benefit of the Series A preferred stockholders. Sign up below to get this incredible offer! Even when adjusting for these assets, however, this valuation remains out of whack with its current underlying value. The Company believes that, upon completing the work on these four wells, META will be in compliance with all aspects of its lease obligations, and the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project will be satisfied. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. The next steps in the spinout include, but are not limited to, (i) formal transfer of the assets through a contribution of certain subsidiaries that own the oil and gas assets to OilCo Holdings, Inc. (the OilCo), a newly formed wholly owned subsidiary of META, (ii) ensuring that the OilCo capital structure supports a spinout and, (iii) making any necessary filings with the SEC. Even after its sell-off, the company sports a market capitalization of around $1.1 billion. Home; Our CV. We expect to provide additional updates upon completion of the drilling operations. Exhibit 99.2 . To ensure that the Metamaterial Inc. shareholders owned the same approximate 75% after the reverse split, the exchange ratio was divided by 2, to 1.845 shares of Torchlight (which will be renamed Meta Materials Inc. as of Monday morning) for each share of Metamaterial Inc., to reflect the reverse split impact on total outstanding shares of Torchlight. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law. Holders of Torchlights Series A preferred shares have been promised a special dividend when the oil and gas assets are sold. Learn more at www.metamaterial.com. With only the rarest exceptions,InvestorPlacedoes not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. All statements in this release that are not based on historical fact are 'forward looking statements.' This has driven much of this stocks post-merger decline. HALIFAX, NS / ACCESSWIRE / March 31, 2022 /Meta Materials Inc. (the Company or META) (NASDAQ:MMAT)(FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the special Series A Preferred Stock dividend in relationship to the oil and gas assets which is now planned as a spinout of these assets and operations in a company that will be owned by the Companys Series A preferred stockholders. In West and Central Texas where their targets are established plays such as the Permian Basin many.! 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