The Torchlight Energy (NASDAQ:TRCH) stock has been one of the notable gainers over the course of the recent weeks but this past Friday, the stock corrected sharply.
On Friday, the stock declined by as much as 45% but at the same time, it is necessary for investors to keep in mind that over the course of the past month the Torchlight stock is still up by 110%. Hence, it might be a good idea to figure out if the latest correction is an opportunity or not. This past Friday the company announced that there was going to be a one for two reverse stock split.
However, that is not all. Torchlight also announced that its merger with Metamaterial is going to come into effect on June 28. From today, the company is going to be known as Meta Materials and the stock is going to begin trading on NASDAQ under the ticker symbol MMAT.
John Brda, who is the Chief Executive Officer of the company, stated that that Torchlight is going to continue to focus on divestiture in order to create more value of its Preferred A shareholders. The company’s shares have recorded major gains this year so far and has also come to the attention of traders on Reddit.
Market Reaction:
On Friday, TRCH stock jumped 4.20% to $4.95 with more than 110.64 million shares, compared to its average volume of 31.10 million shares. The stock has moved within a range of $4.8000 – 5.3800 after opening the trade at $5. Over the past 52-week, the stock has been trading within a range of $0.2100 – 10.8800.
 Stock Sees Selling Pressure At Higher Levels: What to do Now?){kind=link}