- The stock price of Meta Materials Inc (NASDAQ: MMAT) increased 20.06% today. This is why it happened.
The stock price of Meta Materials Inc (NASDAQ: MMAT) increased 20.06% today. Investors are responding positively to Torchlight Energy Resources (NASDAQ: TRCH) — an oil and gas exploration company based in Plano, Texas — announced it has closed on its planned business combination with Meta Materials as part of a $1.9 billion deal.
And as a result, after the market close today, Torchlight’s name will be changed to Meta Materials. And in addition, the company’s common stock will begin trading on NASDAQ under the ticker symbol MMAT.
According to the previous announcement — prior to the implementation of the reverse stock split — Meta Materials (NASDAQ: MMAT) shareholders were expected to receive 3.69 shares of Torchlight common stock in exchange for each of their shares of Metamaterial, resulting in Meta Material shareholders owning approximately 75% of the resulting post-merger company. Torchlight’s current portfolio includes assets focused in West and Central Texas where targets are established plays like the Permian Basin.
Earlier this week, Meta Materials also announced that the company has joined the Stanford University SystemX Alliance industry affiliates program — which provides member companies a highly leveraged and cost-effective method to sponsor pre-competitive collaborative research at Stanford.
The company expects to sponsor basic research conducted at Stanford. And membership will also allow META to connect with students for recruitment, to advertise internship opportunities, to host a TRIP (Technology Research in Progress) visit to a META facility, and to network at workshops and conferences.
George Palikaras, President and CEO/Founder of META, said that this program “enables us to sponsor basic research, either via collaborative teams in focus areas such as photonic, augmented reality, solar and quantum technologies, or by supporting interns and individual students on jointly defined projects. We also look forward to SystemX seminars, conferences and opportunities for networking and communicating with some of the world’s most talented students and faculty.”
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