![]() Since then, the market has not been overly generous in its valuation of Meta’s stock. Ray said they felt “there was a material component of the price related to the Torchlight special dividend and a lack of market consensus on its value” but Innovacorp believed “the market would ultimately determine the underlying value of the META stock.” Innovacorp VP Andrew Ray told me they sold their Meta shares over “about eight days in the first two weeks of July 2021,” when the price ranged from USD$6.00 to USD$3.80. Torchlight, a struggling oil and gas company, became a meme stock with an “irrational” share price in the lead-up to the merger thanks, largely, to wild speculation about the value of a special dividend Torchlight shareholders would receive once the merged company sold off its oil and gas holdings. Meta Materials listed on the Nasdaq at the end of June 2021 by way of a reverse merger with Torchlight Resources. Not impossible.Thanks to the spectator who alerted me to this latest development in the ongoing saga of Dartmouth-based Meta Materials, the “smart” materials company that earned Nova Scotia’s erstwhile venture capital fund Innovacorp a $100 million payday by going public with a valuation north of $1 billion. ![]() 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: 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. 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. 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. 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 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |