At 25% Of Merged Company Value, Torchlight Looks To Be Worth Only $0.35/share

Torchlight Energy is engaging in a reverse merger, we believe because it has accepted that its assets are practically worthless.
The company it’s combining with, Metamaterial, has no interest in TRCH’s business or assets. It appears to only want the Nasdaq listing.
TRCH will sell its assets or spin them off before the business combination happens; the combined company will get none of TRCH’s assets.
TRCH shareholders will get 25% of the combined company, which at MMATF’s market cap, puts TRCH’s current value at 35c per share, assuming its assets are worthless.
At TRCH’s current share price, it is trading at a whopping 1050% premium to its arbitrage value.

Torchlight Energy is engaging in a reverse merger, we believe because it has accepted that its assets are practically worthless.
The company it’s combining with, Metamaterial, has no interest in TRCH’s business or assets. It appears to only want the Nasdaq listing.
TRCH will sell its assets or spin them off before the business combination happens; the combined company will get none of TRCH’s assets.
TRCH shareholders will get 25% of the combined company, which at MMATF’s market cap, puts TRCH’s current value at 35c per share, assuming its assets are worthless.
At TRCH’s current share price, it is trading at a whopping 1050% premium to its arbitrage value.

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