- 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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