Why Torchlight And Metamaterial Are Trading Higher Today

Why Torchlight And Metamaterial Are Trading Higher Today

Torchlight Energy Resources Inc TRCH and Metamaterial Inc MMATF are trading higher Friday morning as investors anticipate the special stock dividend payment today.

What Happened: On June 21, 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 was put in place to provide time for the record and payment dates of the special stock dividend to occur. It was announced that the payment date for the special stock dividend would be June 25.

See Also: Jim Cramer Says Torchlight Energy A 'Meme Stock' That's Better After Raising Money

Price Action: Torchlight has traded as high as $10.88 and as low as 21 cents over a 52-week period.

Metamaterial has traded as high as $14.98 and as low as 19 cents over a 52-week period.

At last check Friday, Torchlight was up 8.11% at $5.13. 

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