- The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) increased by over 35% pre-market. This is why it happened.
The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) increased by over 35% pre-market. This is a continuation in momentum as the company stock price increased 14.74% yesterday as it went from a previous close of $3.12 to $3.58.
The increase in price is largely driven by retail investors active on social media. Torchlight was one of the most mentioned stocks on StockTwits recently.
On Friday, Torchlight had announced that the company shareholders approved the merger of Torchlight and Metamaterial — which has been another catalyst for the stock price increase. Upon completion of the deal, Metamaterial shareholders will own 75% of the combined company and Torchlight shareholders will own 25%.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.