Stocks

Torchlight Energy (TRCH) surges on dividend

Torchlight Energy (TRCH), an oil and gas exploration company announced that it has declared a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on June 24, 2021 (subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid).

This Special Dividend is to be issued in connection with the previously announced business combination transaction with Metamaterial, Inc.

Stockholders of record on June 24, 2021, will be entitled to receive the dividend which will consist of one share of Series A Preferred Stock for each one share of common stock owned on that date (subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid).

Holders of Series A Preferred Stock will be entitled, on a pro rata basis, to any future net proceeds or other potential benefits derived from the disposition of the oil and gas assets of Torchlight, subject to certain holdbacks.

The Arrangement with Metamaterial, Inc. is expected to close before the end of June.

What you should know about TRCH stock

  • Torchlight Energy is an oil and gas exploration and production company based out of Plano, Texas. It has a total of four full-time employees.
  • The company’s main focus is on the “acquisition and development of highly profitable domestic oil fields.”
  • It holds interests in Texas, including the Permian Basin and the Eagle Ford Shale.
  • TRCH currently has projects underway in the Midland Basin, Orogrande Basin, and the Delaware Basin.
  • Torchlight Energy was founded in October 2007.
  • It joined the public market in November 2010 after completing its initial public offering (IPO).
  • The company is led by its president, CEO, secretary, and director John Brda.
  • He took up this role in December 2012 after the departure of co-founder Tom Lapinski.