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 one-for-two reverse stock split. The company, which pushed back the closing of the deal to June 30, upsized its stock offering to US$250 million last week from US$100 million to take advantage of the share price rally. At the end of the trading day in New York, the common stock was trading for US$7.96, off from its opening of US$9.97 on volume of roughly 28.5 million shares. Torchlight said on Friday that it closed the deal and the new company, Meta Materials, would begin trading under the ticker symbol MMAT on Monday. The deal includes plans to divest the legacy energy assets. capital markets, Metamaterial, a smart materials and photonics company in Dartmouth, 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 per cent on June 21 as retail investors piled into the stock with record volumes.
gave up premarket gains to initially fall about 20 per cent on Monday, the first day of trading after a merger that saw the niche high-tech materials maker swallow Torchlight Energy Resources, which was recently at the centre of huge speculative bets by small individual traders. (Reuters) - Shares of Meta Materials Inc.
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