Torchlight shareholders started to see a temporary, non-tradeable dividend placeholder in their brokerage accounts ($MMTLP) following the legal structure of the merger approved by the SEC. There were an estimated 30 million short shares not closed out. The illegal, naked shorting only got worse from there. Since the stock was heavily shorted, the short positions that caused Torchlight’s stock to drop to $0.20 did not close out their positions when they were supposed to. There was a total of 165,472,241 special dividends distributed. With this merger, Torchlight shareholders received a special, non-tradeable dividend that would be converted to cash when the Torchlight oil and gas assets are sold. They decided to merge with Meta Materials Inc., a Canadian developer of high-tech materials and nanocomposite products. They then struggled to raise the capital needed to continue drilling wells and meet their drilling quotas.ĭue to the heavy shorting, Torchlight CEO John Brda had to do something major to save their company and ultimately their gold mine of oil and gas. This caused the price of their stock to drop to $0.20/share. Despite all of the positive news coming out of Torchlight, their stock price was seeing unusual trading patterns from heavy shorting. It has an estimated 3.2 billion barrels of recoverable oil, as well as a surplus of natural gas. This land was presented as one of the largest discoveries of oil and gas on U.S. They own 97,500 acres of land in the Orogrande Basin in Texas. It started with Torchlight Energy Resources Inc., a small-cap company listed on NASDAQ. and $MMTLP this year, the keyword to keep in mind is “everyone.” Shorting Torchlight We work every day to ensure that everyone can participate in the market with confidence.” As we dive into what happened to Meta Materials Inc. FINRA’s mission is “To protect investors and ensure the market’s integrity.
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