- The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) increased by over 10% pre-market. This is why it happened.
The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) increased by over 10% pre-market. This is a continuation of momentum as the company stock price increased 58.21% yesterday, going from a previous close of $6.27 to $9.92. There seem to be a couple of catalysts that drove the stock price up.
Yesterday, Torchlight and Metamaterial agreed to extend the outside date by which Torchlight and Metamaterial must close their business combination transaction to June 30, 2021. This extension provides time for the June 24, 2021 record date and the June 25th payment date of the special Series A Preferred Stock dividend, declared on June 14, 2021, to transpire. The payment date for the Series A Preferred Stock dividend is scheduled for June 25th. And Torchlight expects to close the Arrangement no later than June 30th, 2021.
Retail investors on Reddit also cited Torchlight as a candidate for a potential short squeeze. As discussions about the company stock gained traction on social media platforms over the past week, it surged over 107% in the past 5 trading days.
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