If you purchased shares of Meta Materials Inc. Then, on December 14, 2021, market researcher Kerrisdale Capital released a report alleging that, among other things, “Meta has habitually made outlandish and misleading claims about the feasibility, development, and commercial potential of various technologies only to repeatedly move the goalposts or retrospectively alter its claims, often just quietly dropping entire projects they had previously touted as pivotal.” On this news, Meta Materials’ shares fell 5.8%, to close at $2.91 per share on December 14, 2021. On this news, Meta Materials’ shares fell almost 4%, to close at $4.77 per share on November 16, 2021, damaging investors. (NASDAQ: TRCH), an oil and gas exploration company (Torchlight) and Metamaterial Inc. On November 15, 2021, Meta Materials filed with the SEC its quarterly report for the period ended September 30, 2021, announcing that in September 2021, it had received a subpoena from the SEC requesting the Company to produce certain documents and information related to, among other things, the merger involving Torchlight Energy and Metamaterial Inc. 15, 2020 /CNW/ Torchlight Energy Resources, Inc. However, as would later be revealed, defendants failed to disclose that the Company had materially overstated its business connections and dealings, had misstated its products’ novelty and capabilities, and priced its products too high. 22, 2021 /CNW/ Torchlight Energy Resources, Inc. If Torchlight and Metamaterial enter into a definitive agreement by the later of Novemor such later date that is agreed to by Torchlight and Metamaterial in writing, the 0.5 million from the escrow account will be released to Torchlight and Torchlight will lend this. The Company touted the business combination, as well as Metamaterial’s proprietary advanced technologies, agreements, commercialization, products, and production. Metamaterial will become a wholly owned subsidiary of Torchlight. Meta Materials purports to be a developer of high-performance functional materials and nanocomposites.Īccording to the complaint, before the business combination with Metamaterial Inc., which closed on June 28, 2021, the Company was known as Torchlight Energy Resources, Inc. (NASDAQ: MMAT) between Septemand December 14, 2021, for violations of the Securities Exchange Act of 1934. I think that Metamaterial is an exciting startup, but the end of the short squeeze is. (MMAT) Misled Investors Regarding its Business ProspectsĪ shareholder filed a class action on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Meta Materials Inc. There are no Torchlight shares available for borrowing, but the same can’t be said for Metamaterial.
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