Why Torchlight Energy Shares Are Getting Hammered Today

After surging Monday, Torchlight Energy Resources Inc. TRCH shares are trading lower by 20% at $7.90 after the company announced an amendment to its at-the-market offering deal with Roth Capital. The offering was raised from $100 million to $250 million.

Torchlight Energy acquires, explores, exploits, and develops oil and natural gas properties in the United States. It is primarily focused on the acquisition of early-stage projects, the development and delineation of the projects and then the monetization of those assets once these activities are completed.

Torchlight Energy's primary interests include the Orogrande Project in Hudspeth County, Texas and the Hazel Project in the Midland Basin.