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. Completion of this work will, the Company believes, enable us to move to the next steps in the spinout process for these assets. This exchange ratio was planned to result in the Metamaterial Inc. shareholders owning approximately 75% of the resulting post-merger company, Meta Materials Inc, subject to financings prior to the closing of the business combination. The figure is not a daily amount of fails, but a combined figure that includes both new fails on the reporting day as well as existing fails. Yet, there is a plethora of possible end users for its advanced materials, known as metamaterials. I have over 20 years experience as a lecturer in business, accounting, economics and law. This work includes, but is not limited to, formal transfer of the assets to OilCo Holdings, Inc. (the OilCo), a newly formed wholly owned subsidiary of META, ensuring that the OilCo capital structure supports a spinout and, making any necessary filings with the SEC. Those who got in near or at its split-adjusted high of $10.88 per share? The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. The preferred shares were issued on a one-for-one basis to Torchlight shareholders of record on June 24. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. But a key end use may be in the health care space, and diabetes management (glucose monitors) in particular. Meta closed the second quarter with cash and equivalents totaling $154.63 million and long-term debt of $2.74 million. Meta Materials (NASDAQ: MMAT) does not pay a dividend. Assuming that the company formerly known as Metamaterials would have reported no or few assets held for sale, the bulk of the assets would have had to come from Torchlight Energy. meta materials special dividend 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. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. 2023 Meta Materials Inc. All rights reserved. There are 3 levels to choose from starting at just $9 per month. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based. Learn more atwww.metamaterial.com. The 1 for 2 ratio represents the lowest amount Torchlight may implement under the 1-20 range that was previously approved by the stockholders. Finding a qualified financial advisor doesnt have to be hard. Email:[emailprotected]. Meta Materials : ARfusion - Solving the Challenges of Fashionable, Functional AR .. Meta Materials : Joins Stanford University SystemX Alliance Affiliates Program, Meta Materials : to Present at Access to Giving Virtual Investor Conference on July 15th, Meta Materials : to Hold Corporate Update Webcast at 1 PM EDT Today. HALIFAX, NS / ACCESSWIRE / December 3, 2021 /Meta Materials Inc. (the Company or META) (NASDAQ:MMAT, FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the special Series A Preferred Stock dividend in relationship to the oil and gas assets and the planned sale or spinout of these assets for the benefit of the Series A preferred stockholders. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. 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-K filed with the SEC on March 1, 2022, with an SEC filing date of March 2, in the Companys Form 10-Q filed with the SEC on November 15, 2021, and in subsequent filings made by Meta Materials with the SEC, which are available on SECs website at www.sec.gov. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including those risks and uncertainties described in or implied by the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our 2020 Annual Report on Form 10-K, filed on March 18, 2021, our First Quarter 2021 report on form 10-Q filed on May 14, 2021 and our other reports filed from time to time with the Securities and Exchange Commission ('SEC'). META has been utilizing a team of asset managers who bring significant experience in oil and gas exploration. The reverse split, which will become effective after market closing on June 25, 2021, was approved by the stockholders of Torchlight at its Special Shareholder meeting held on June 11, 2021. By utilizing innovative technologies in design, the first exploratory well produced 35% higher than type curve. Create an account to follow your favorite communities and start taking part in conversations. For investors, the most interesting part of the report might have been the line captioned Assets Held for Sale. The Companys 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 OilCo is spun out as rapidly as possible for the benefit of the Series A preferred stockholders. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. ContactDerek GradwellPhone: 512-270-6990[emailprotected][emailprotected]. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Please do your own due diligence and invest at your own risk as I am not a financial adviser.Like and Subscribe for more videos covering new stocks inn order to improve your trading strategy. 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. 'We plan to continue our efforts related to our asset divestiture to provide a positive outcome for Preferred A Stockholders as well as entering this new chapter for the combined Company. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. All rights reserved. Integrous Communications Even when adjusting for these assets, however, this valuation remains out of whack with its current underlying value. Kyle Bradford 20 Years Experience. -, Meta Materials : Dr. Hai Sun Joins META as Director of Lithography Manufacturing and Operations, Meta Materials : Appoints Darren Ihmels as Vice President of Business Development Ophthalmics (Form 8-K). We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Therein lies the problem. The Company believes that, upon completing the work on these four wells, META will be in compliance with all aspects of its lease obligations, and the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project will be satisfied. Learn more atwww.metamaterial.com. MMAT News. Heres everything investors interested in MMAT stock need to know after the merger. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand thatInvestorPlace.comswriters disclose this fact and warn readers of the risks. Copyright 2023 Surperformance. MMAT stock remains inflated. META is in the process of finalizing permanent arrangements with a completely new management team for OilCo who bring significant experience in oil and gas exploration as well as specific experience in the Orogrande region. As InvestorPlaces Chris MacDonald wrote July 6, Meta Materials is making progress in producing a non-invasive glucose sensing system. Lorem ipsum dolor sit amet, consectetur adipiscing elit. SOURCE: Torchlight Energy Resources, Inc. Torchlight Energy Resources Inc. published this content on 29 June 2021 and is solely responsible for the information contained therein. End-of-day quote Nasdaq 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. 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. All statements in this release that are not based on historical fact are 'forward looking statements.' MMAT stock was down 19% as of Monday morning. Press question mark to learn the rest of the keyboard shortcuts. Our nano-optic technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Sponsored: Find a Qualified Financial Advisor. All statements that address operating performance or events or developments Torchlight expects or anticipates will occur in the future, such as the closing of the business combination with Metamaterials, stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. META is in the process of finalizing permanent arrangements with a completely new management team for OilCo who bring significant experience in oil and gas exploration as well as specific experience in the Orogrande region. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including, but not limited to, the ability of the Company's management to focus on the disposition or spinout of the oil and gas assets, the capabilities of our facilities and the expansion thereof, research and development projects of the Company, the market potential of the products of the Company , the market position of the Company, the scalability of the Company's production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of our employees, the technology industry, market strategic and operational activities, and management's ability to manage and to operate the business not related to the oil and gas assets. On the date of publication, Thomas Niel did not have (either directly or indirectly) any positions in the securities mentioned in this article. Sign up below to get this incredible offer! Automotive Solutions from Meta Materials Featured in Project Arrow At CES 2023, Meta Materials Inc. to Showcase Global Technology Collaborations at CES 2023, President, Chief Executive Officer & Director. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Meta reported second-quarter revenue of $624.32 million, of which $622.37 million was identified as development revenue. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. The OilCo will also need to secure additional short-term financing, and the Company is exploring multiple options for this financing. Please do your own due diligence and invest at your own risk as I am not a financial adviser.Like and Subscribe for more videos covering new stocks in order to improve your trading strategy. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. We expect to provide additional updates upon completion of the drilling operations. For now? MMAT MMTLP Metamaterials Special Dividend update. Read More:Penny Stocks How to Profit Without Getting Scammed. This work includes, but is not limited to, formal transfer of the assets to OilCo Holdings, Inc. (the "OilCo"), a newly formed wholly owned subsidiary of META, ensuring that the OilCo capital structure supports a spinout and, making any necessary filings with the SEC.