Torchlight Energy Resources Inc (NASDAQ:TRCH) continues to see heavy buying interest as the stock is up 75% over the past month. Moreover, the stock is up 445% over the past 6-month.
Market Action
As of 10:15, TRCH stock jumped 8.65% to $3.39 with more than 4.17 million shares, compared to its average volume of 7.68 million shares. The stock has moved within a range of $3.3200 – 3.4702 after opening the trade at $3.4269.
Major Trigger:
Torchlight Announces Results from Special Meeting of Its Stockholders
Key Highlights:
- announced the results from the special meeting of its stockholders, which was held virtually earlier today in connection with the previously announced business combination transaction with Metamaterial, Inc.
- A quorum was present at the special meeting and based on the preliminary results of the votes received in person and by proxy, all five proposals to be voted on at the special meeting were approved by the Torchlight stockholders. Torchlight will file a Form 8-K to disclose the final results of the stockholder vote.
- The stockholder approvals obtained at the special meeting were required for the business combination transaction to be carried out pursuant to the Arrangement Agreement, dated December 14, 2020, as amended, pursuant to which Torchlight will, among other things, acquire all of the issued and outstanding common shares of Metamaterial, Inc. as further described in the proxy statement filed by Torchlight on May 7, 2021 with the SEC.
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