Stupid TRCH Shorts don't seem to know what is happening. They will be like Deer Caught in the Head-Lights in next 10 days!
Not only will they be "Short" 1 Preferred Share for each TRCH Share they Shorted (A Preferred Share that has almost "Unlimited Liability" because its Value will be "The Cash Value of the Pro-rated Assets Value of TRCH's Oil & Gas Assets" - In other Words, IF Oil hits $120/BBL in next 6 months, The "Cash Value" or lets just say the Preferred Share PPS which hypothetically could be $10 in value June 25th could be $20 in PPS in 6 months!) BUT Also they will be SHORT 1 Share of the NEW META Share that each TRCH Share will be "exchanged for"...Looks like they "Minted" a Lot of "NAKED Short Shares"of TRCH thinking that the SEC will AGAIN Turn a Blind Eye to their "Short Position, Or that TRCH is somehow 'going out of Business"... and they Need nOt Cover --- That IS NOT THE CASE AT ALL. Anyone Short 1 TRCH Share will Be SHORT 1 NEW 'Preferred Share of TRCH' On June 25th AND will be SHORT 1 Share of the new 'META" Stock that is Being listed on NASDAQ - No F&$@!ing Games Here - NSDQ and the Canadian Stock Exchange (CSE) obviously Have already Approved the Merger - there has been no PR from the IR of either Meta nor TRCH indicating otherwise ie., any on=bjection raised by CSE or NSDQ to the M&A Consummation till Now!
So, these Shorts are either Ignorant Novice Robinhood traders or some Stupid Hedge Funds who "Minted' "NAKED Shorts" without doing their Homework or are under Assumption that somehow SEC will let them 'get away again' by allowing the Naked Shorting of TRCH without 'covering' their Short.IF that happens again, I am going to Sue my Broker Charles Schwab for allowing the NAKED Shorting on TRCH. There is no way, so much Stock is 'Outstanding' of TRCH, EVEN with the 11M+ shares that they sold to Raise $100M yesterday! I am assuming that they will use those proceeds to develop the VERY Valuable Oil & Gas Acreage they have in the premier Eagle Ford Shale (60 miles right from my Home in NW Houston) and the Very Prolific WolfSpring/WolfBIne Shale of Hudspeth County (Permian Basin) - That is west of Stockton west of Pecos County, I have been there and tons of Gushing Oil wells there -- Coupl dof years back, I went on a Road trip to West TX and NM with my family and we wanted to drive on a 'scenic county road' to Carlsbad Caverns but had to turn back just within 1 mile as the 'road was closed' due to "Oil that had overflown the Wells' Oil Pond and was flowing across the Road because they didn't have enough Tanker trucks to transport the CRude from that "Oil Retention Pond'...
So, the Shorts, in this case will 'be forced to cover' by the Brokerages because if they do not, the Brokerages themselves may be 'On Hook' and may Implode, like the Robinhood Saga we saw with GME Squeeze which the Corrupt Fed/UST 'resolved' by 'forcing' Robinhood not to allow Retail traders trade GME anymore and deliberately pulled down GME PPS so that Citadel & Melvin Capital could cover their Short position, while Robinhood Platform "was frozen".
I don't know if the brokerages 'engineer' any situation like the one that occured with GME & Robinhood but definitely the Brokerages will be 'on-hook' for all the Short positions in TRCH.
Find Below Excerpts from the META & TRCH M& A Agreement:
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Preferred Stock Dividend to be Issued to Torchlight Shareholders Prior to Closing
PLANO, TX and HALIFAX, NS / ACCESSWIRE / December 14, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. ("Metamaterial" or "META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the signing of a definitive agreement for a business combination of Torchlight and Metamaterial by way of a statutory plan of arrangement (the "Transaction"). Upon completion of the Transaction, shareholders of Metamaterial are expected to hold an approximate 75% equity interest in the combined company while Torchlight shareholders will retain an approximate 25% equity interest in the combined company, subject to the pre-closing financing described below.
Torchlight shareholders on the record date will be entitled to receive a preferred stock dividend, payable immediately prior to the closing of the Transaction, that entitles them to their pro rata share of any proceeds resulting from any sale of Torchlight's oil and gas assets that occurs on the earlier of December 31, 2021 or six months from the closing of the Transaction, and, after such time if such sales are not complete, will be entitled to receive a pro rata equity interest in a spin-off entity that holds Torchlight's remaining oil and gas assets, subject to certain conditions.
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