Torchlight Energy Resources Inc (NASDAQ:TRCH) is trading significantly higher Monday morning after the company provided an update on its proposed business combination with Metamaterial Inc.
The two companies announced an agreement to extend the date by which Torchlight and Metamaterial must close their business combination transaction to June 30.
The extension provides time for the record and payment dates of the special stock dividend to occur. The payment date for the special stock dividend will be June 25.
Torchlight, based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. Torchlight has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin.
Torchlight has traded as low as 21 cents over a 52-week period. The oil and gas exploration company is making a new 52-week high in pre-market trading today.
TRCH shares leaped $2.94, or 46.9%, to $9.21.