![]() ![]() Similarly, the senior team at Torchlight saw an opportunity in Meta to pivot away from the declining hydrocarbon market and into a growing technology. “It allows us to take our company to a global scale and capture new talent that was not available to us previously.” ![]() “There is a significant value in a company like ours to having a national listing in the United States,” he said. Palikaras said the downturn in energy markets created a rare opportunity for his company to list on a major international stock market, and his board seized the chance. Palikaras also said his company, which only has 500 shareholders, will now have access to Torchlight’s thousands of shareholders.Īppili Therapeutics Moves on to the TSX Main Board. Torchlight will provide Metamaterial with at least US$10 million in new financing as part of the deal. According to the letter of intent, Metamaterial shareholders will end up owning 75 percent of the combined company. Metamaterial, known as Meta, now has a market capitalization (the value of all its shares) of C$26.3 million, and the merged company at Monday’s share prices would have a market cap of about C$60 million. He would not rule out a listing at some point on the TSX. The company listed on the alternate Canadian Stock Exchange in March, and Palikaras said it will have a dual listing following the merger on both the Nasdaq and the CSE. The company is best known for its metaAIR venture with Airbus, which is producing a transparent covering for airplane cockpit windows that can filter out laser attacks. Metamaterial is a specialist in producing metamaterials – materials comprising compounds not found in nature – that alter light, either by magnifying, repelling or filtering it. “There is a shift happening right now in the marketplace and companies like Meta that are focusing on sustainable technologies are coming in at the right time.” “I’m excited that an oil and gas company will divest its existing assets and look to a business like ours,” George Palikaras, who will retain his titles of Metamaterial President and CEO, said in an interview. As part of the deal, Torchlight will sell off its oil and gas assets, and use the proceeds to pay a special dividend to its existing shareholders. The merged company will retain the Metamaterial name, management, business model, and will be headquartered in Dartmouth. ![]() The Dartmouth company, which makes products from manmade substances that alter light, said Monday it has signed a letter of intent to merge with Plano, Texas-based oil and gas producer Torchlight Energy Resources. has agreed to merge with an American company that will provide it with a listing on the Nasdaq stock exchange and at least US$10 million (C$13.3 million) in new financing. ![]()
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