The company listed on the alternate Canadian Stock Exchange in March, and Palikaras said it will have a dual listing following the merger on both the Nasdaq and the CSE.
#TORCHLIGHT MERGER META WINDOWS#
The company is best known for its metaAIR venture with Airbus, which is producing a transparent covering for airplane cockpit windows that can filter out laser attacks. Metamaterial is a specialist in producing metamaterials – materials comprising compounds not found in nature – that alter light, either by magnifying, repelling or filtering it. “There is a shift happening right now in the marketplace and companies like Meta that are focusing on sustainable technologies are coming in at the right time.” “I’m excited that an oil and gas company will divest its existing assets and look to a business like ours,” George Palikaras, who will retain his titles of Metamaterial President and CEO, said in an interview. As part of the deal, Torchlight will sell off its oil and gas assets, and use the proceeds to pay a special dividend to its existing shareholders. The merged company will retain the Metamaterial name, management, business model, and will be headquartered in Dartmouth. The Dartmouth company, which makes products from manmade substances that alter light, said Monday it has signed a letter of intent to merge with Plano, Texas-based oil and gas producer Torchlight Energy Resources. has agreed to merge with an American company that will provide it with a listing on the Nasdaq stock exchange and at least US$10 million (C$13.3 million) in new financing. In November 2010, Pole Perfect bought Torchlight Energy and abandoned all of its previous business plans within the health and fitness industries before formally changing its name to Torchlight in 2011.Metamaterial Inc. The Plano, Texas-based company traces its roots back to Pole Perfect, incorporated in 2007 in Nevada to market feminine fitness dance studios utilizing the advantages of pole dancing. Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally. Torchlight said on Friday that it closed the deal and the new company, Meta Materials Inc, would begin trading under the ticker symbol "MMAT" on Monday.
The deal includes plans to divest the legacy energy assets. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. In a reverse takeover to list on the Nasdaq and access the U.S. The shares, however, gave up some of the gains after the company upsized its stock offering. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. (Reuters) -Shares of Meta Material Inc gave up premarket gains to fall 20% on Monday, the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy Resources, which was at the center of huge speculative bets by small individual traders.
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