Given the scope of the work required to ensure that we remain in compliance with the lease obligations and satisfy a range of regulatory requirements, the Company is targeting a spinout or disposition of the oil and gas assets for early Q1 2022 pending process approvals by all parties involved. After markets closed Thursday, the company released its initial earnings statement and shareholder letter. On Penny Stocks and Low-Volume Stocks:With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. Learn more atwww.metamaterial.com. Meta reported second-quarter revenue of $624.32 million, of which $622.37 million was . The company also reported long-term lease liabilities of $1.15 million. META has been utilizing a team of asset managers who bring significant experience in oil and gas exploration. Senior Vice President Rob StoneVice President, Corporate Development and CommunicationsMeta Materials Inc.[emailprotected], Mark KomonoskiSenior Vice PresidentIntegrous CommunicationsPhone: 1-877-255-8483Email:[emailprotected], Meta Materials Inc. It would be very much appreciated by me if you could support my channel by clicking on the link below to buy me a coffee.https://www.buymeacoffee.com/TradingSecretsPatreon details are now ready and available. We indicated that four wells must be drilled in the Orogrande project in 2021 to enable the Company to hold the lease for sale or spinout. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. Thats because these penny stocks are frequently the playground for scam artists and market manipulators. Copyright The Company's objective has been and remains to ensure that the intrinsic value of these assets is maintained for the benefit of the Series A Preferred stockholders of META and that the assets or proceeds therefrom are transferred as rapidly as possible to the Series A Preferred stockholders. 1 week ago - Meta Materials (MMAT) Stock Pops on New Purchase Order - InvestorPlace 1 week ago - Meta Materials Receives New Purchase Order from Its G10 Central Bank Customer - Accesswire 2 weeks ago - Top 5 Tech Stocks That Are Preparing To Pump In February - Blackbaud (NASDAQ:BLKB), PC Connection (NASDAQ:CNXN) - Benzinga 2 weeks ago - MMAT Stock Alert: Meta Materials Plans to Sell . Hold off, as its sell-off is likely far from over. Until we see further progress with its big plans, its best to stay away. As a result, Meta Materials started trading on the, These are composite structures, consisting of conventional materials such as metals and plastics, that are engineered by META scientists to exhibit new or enhanced properties.. Details of the initial proposal can be seen below. Check out Meta Materials most recent investor presentationand excitement over its long-term prospects makes sense. (RTTNews) - Shares of BayWa AG (BYWG) were gaining around 2 percent in the early morning trading in Germany after the operator in the agriculture, building materials and energy sectors reported . Our nano-optic technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. 2023 Meta Materials Inc. All rights reserved. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Create an account to follow your favorite communities and start taking part in conversations. What was it that made this one of the hottest names among traders active online? Forward-Looking StatementThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the 'safe harbor' created by those sections. Upon the spinout, costs associated with the oil and gas assets and operations will be carried by the OilCo as debt owed to META. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Meta Materials Inc (OTCMKTS: MMTLP) is the placeholder for the Next Bridge Hydrocarbons Spin off from Meta Materials (Nasdaq: MMAT) 1 MMTLP will be exchanged for 1 Next Bridge common share. Should the OilCo spinout be consummated, the team will be evaluated for commensurate employment packages subject to all necessary approvals. More details about these and other risks that may impact the Companys businesses are described under the heading Forward-Looking Information and under the heading Risk Factors in the Companys Form 10-Q filed with the SEC on November 15, 2021, in the Companys Form 10-K filed with the SEC on March 18, 2021, and in subsequent filings made by Meta Materials with the SEC, which are available on SECs website at www.sec.gov. Nasdaq This points to the stock having plenty of room to fall before its no longer overvalued. Home; Our CV. At the end of 2020, Torchlight reported total production for the year of 5,445 barrels of oil and 5 million cubic feet of natural gas. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. He previously worked at Chesapeake Energy holding various positions including Senior Operations Engineer and Asset Manager of the Appalachian North and Utica Business Units. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. As many as 148 million FTD shares of Meta are said to be outstanding. Exhibit 99.2 . No forward-looking statement can be guaranteed. In order to complete the spinout, the Company must complete an audit of the oil and gas operations. Copyright 2023 InvestorPlace Media, LLC. Total oil and gas sales last year amounted to $193,379. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. In the prior quarter, the company reported a net loss per share of $0.01 on 155.9 million shares. Investors of record on Monday, March 6th will be paid a dividend of 0.66 per share by the construction company on Friday, March 31st. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. MMAT News. 5 Investors Still Betting Big on Novavax (NVAX) Stock. Press question mark to learn the rest of the keyboard shortcuts. Mr. DuBose has successfully acquired, managed, and/or sold thousands of royalty acres and working interests in the United States. Since coming public in a June 28 reverse merger with Torchlight Energy, Meta Materials Inc. (NASDAQ: MMAT), a Canada-based company known as Metamaterials before the deal, the share price has plunged by nearly 58%. Its biggest area of opportunity is a diabetes management product targeting a multi-billion dollar market. Often but not always, forward-looking information can be identified by the use of words such as pursuing, potential, predicts, projects, seeks, plans, expect, intends, anticipated, believes or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results may, could, should, would or will be taken, occur or be achieved. This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, which may include, but are not limited to, plans, and the timing, for the disposition or spinout of the Company's oil and gas assets, statements with respect to the business strategies, product development, expansion plans and operational activities of the Company . It also has legacy oil and gas assets its intending to sell. MMAT stock was down 19% as of Monday morning. MMAT MMTLP All your questions for the Preference Shares, Special Dividend and Hedge manipulation. This sell-off will likely carry on, at least until its past meme stock status fully goes away. If youre ready to be matched with local advisors that can help you achieve your financial goals, get started now. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. quotes delayed at least 15 minutes, all others at least 20 minutes. Investing in our common stock involves a high degree of risk. You can also ask questions, receive trading tips, and have your portfolio reviewed as well as getting access to our successful Million Dollar Challenge. Article printed from InvestorPlace Media, https://investorplace.com/2021/06/mmat-stock-14-things-to-know-about-red-hot-meta-materials/. For further details and to join please visit:https://www.patreon.com/TradingSecretsJoin our Million Dollar Challenge. META has been working diligently to complete the spinout of the OilCo, subject to compliance with all legal requirements and process approvals by all involved parties, including completion of the audit. But now, that trends come and gone once again. Mativ Holdings, Inc. (NYSE:MATV) declared a quarterly dividend on Friday, February 24th. Heres everything investors interested in MMAT stock need to know after the merger. All rights reserved. Theres even room for more lines. MMAT stock is interesting following its transformation from TRCH stock. Once we see further progress, that is. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. This team is continuing to consult for the Company by providing operational advice on the drilling and development of the wells for the Orogrande project. Integrous Communications Based on its pro forma financials, revenues on an annualized basis come out to around $2.4 million. Torchlight reported no proved reserves as of December 31. Sure, as InvestorPlace's Alex Sirois recently detailed, it has $160 million . Product sales amounted to $1.95 million. The purpose of each video will be to boost your potential gains in the stock market. Investors should refer to additional Risk Factors related to the oil and gas assets in the Companys Form 10-K filed with the SEC on March 1, 2022, with an SEC filing date of March 2. He led the drilling and operational teams through the development of the super-lateral program highlighted by the drilling and completion of the world record setting Purple Hayes 1H Well. The 1 for 2 ratio represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders. The required audit, legal and compliance steps are inherently time consuming, said Greg McCabe, former Chairman of the Board of Torchlight Energy Resources, Inc. I am pleased with the progress thus far and look forward to seeing the spinout completed.. Existing areas of focus include 5G, self-driving cars and solar energy. Kyle Bradford 20 Years Experience. With only the rarest exceptions,InvestorPlacedoes not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. Mostly, its potential as a short-squeeze play. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law. 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