- The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) increased by over 10% during intraday trading today. This is why it happened.
The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) increased by over 10% during intraday trading today. This is a continuation of momentum as the company stock price is up over 79% in the past 5 trading days. There are several catalysts driving the stock price up.
1.) The company had 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.
2.) On Friday, June 11, Torchlight Energy Resources had announced it obtained approval for the business combination transaction with Metamaterial. Upon the completion of the deal, Metamaterial shareholders will own 75% of the combined company and Torchlight shareholders will own 25%. Investors are responding positively to the business combination.
3.) Many analysts have been referring to TRCH as one of the companies to recently gain favoritism by retail investors on social media platforms like Reddit and StockTwits.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
