![]() ![]() The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. (Nasdaq:TRCH) in its 1.9 Billion Merger with Metamaterial Inc. 28, 2021, 07:32 AM InvestorPlace - Stock Market News, Stock Advice & Trading Tips Investors are keeping close watch on Torchlight Energy Resources after the stock extended June gains on. On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Plano, Texas & Halifax, Nova Scotia Septem Torchlight Energy Resources, Inc. Other companies in which they allegedly conducted market manipulation include Camber Energy (NYSEMKT: CEI) and Alzamend Neuro (NASDAQ: ALZN). Torchlight CEO John Brda will remain with the new business combination while. They may also be banned from trading securities in the future and face jail time, as criminal charges have been filed against them. Meta Materials shareholders are expected to own 75 of the combined company, while Torchlight shareholders get 25. The promotion resulted in a massive rise in price for Torchlight, which the company used to its advantage by issuing over $100 million in at-the-market offerings.īased on the lawsuit, the eight individuals will face disgorgement of all their illegal gains and pay civil penalties. 23, the group allegedly made profits of $775,629 from their scheme. In one example, Matlock posted in Discord: “TRCH going to 4+ after hours on Henne new found covid DD.” However, Matlock immediately sold out of 49,602 shares for $3.32 per share following the message, disregarding his own $4 price target.įrom Feb. Torchlight Energy Resources (NASDAQ: TRCH) stock is on the rise today after providing an update to investors about its merger plans with Metamaterial. Investors are keeping close watch on Torchlight Energy Resources after the stock extended June gains on Friday on news of a dividend payment, a TRCH stock split and the finalization of a merger. He noted to his followers that the company had a “10 billion dollar MARKET CAP POTENTIAL.” For example, Hennessey claimed that Meta would potentially partner with Tesla (NASDAQ: TSLA) and had coronavirus-fighting applications in store. The group used the then-upcoming merger with Meta as a catalyst for their followers to buy in. Furthermore, they would often sell their entire stake and then buy back in. The group would then continue to promote the company as if they still held shares. Torchlight Derek Gradwell Integrous Communications ir. After the promotion, their unsuspecting followers would buy in and pump up the price, which led the group to sell out with significant gains. Metamaterial Mark Komonoski Director Capital Markets and. Meta Materials’ Predecessor Name-Dropped in SEC Lawsuitįollowing the purchases, the group embarked on a campaign to promote Torchlight to their hundreds of thousands of followers.
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