Torchlight, which had a net loss of $2.1 million in the first three months of this year, has warned repeatedly that it had substantial doubt about its ability to continue as a going concern. Shares went from around 3.50 to nearly 11, falling back down to the 5 level of late. Since mid-June, shares of TRCH stock have been on an absolute rollercoaster ride.
In November 2010, Pole Perfect bought Torchlight Energy and abandoned all of its previous business plans within the health and fitness industries before formally changing its name to Torchlight in 2011. Torchlight Energy (NASDAQ:TRCH) has taken its investors on a wild ride over the last little while, but Friday, the ride pointed skyward. While there are several reasons behind the stock’s recent surge, the one very. Plano, Texas-based Torchlight traces its roots back to Pole Perfect, incorporated in 2007 in Nevada to develop and market feminine fitness dance studios utilizing the advantages of pole dancing. Torchlight Energy stock rose by 20.3 percent on March 11 and is marching higher in pre-market trading on March 12. Torchlight was also the top traded stock before the bell for a second straight day, with more than 4.6 million shares changing hands by 7:30 a.m. The stock, which has risen more than 10 times in value since the start of the year, was trading at $11.18 before the bell on Tuesday, on track to open at a record high. The new stock debuted on the Nasdaq on June 28. The company is being acquired by industrial materials maker Metamaterial Inc in a deal that analysts say will likely see its current main business sold or hived off. Now that Torchlight has effectively merged with Metamaterial, investors can buy shares of the combined company under the symbol 'MMAT' on the Nasdaq. Torchlight Energy Resources Stock Price (Quote) NASDAQ:TRCH During the day the stock fluctuated 0 from a day low at 2.08 to a day high of 2.08. The company converted all of its debt into Torchlight common stock. The company last week also declared bit.ly/3zVN4Sb a special dividend of preferred stock to be issued to shareholders who held its shares as of market close on June 24. Since the definitive agreement, Torchlight has eliminated all of its debt. Last week, Torchlight announced plans to raise $100 million and on Monday increased the offering by $150 million after its shares surged 74% in value. June 22 (Reuters) - Shares of Torchlight Energy Resources Inc rose more than 15% early on Tuesday, with small-time investors piling into the latest social media-hyped stock trade after the oil and gas producer upsized its share offering to $250 million.
0 kommentar(er)
