'Meme stock' Torchlight blazes on after upsizing share sale

Meta Materials

22/06/2021 09:31

** Shares of "meme stock" Torchlight Energy Resources Inc
 TRCH.O  jump 7.7% to $10.68 in early premarket trading; among
top traded stocks with ~522,000 shares changing hands
    ** Company upsizes stock offering to $250 mln from $100 mln,
looking to cash in on interest from small-time traders who sent
its stock soaring ~74% on Monday  urn:newsml:reuters.com:*:nL3N2O344O
    ** TRCH, whose shares had already doubled in value last
week, is the latest U.S. stock to capture attention of
individual traders on social media sites including Reddit
    ** Company, which is being bought by industrial materials
maker Metamaterial Inc  MMAT.CD , last week said it would sell
up to $100 mln shares and announced a special dividend  urn:newsml:reuters.com:*:nACS7J1W2a
    ** "If TRCH does what it did on Friday - Will Close Above
$12 - HOLD & BUY THE DIPS!!!" - says one thread on a Reddit
forum described as being for TRCH shareholders
    ** Long-time retail favorites AMC Entertainment Holdings Inc
 AMC.N  and GameStop Corp  GME.N  up just 0.6% after stunning
rallies this year

 (Reporting by Sagarika Jaisinghani in Bengaluru)
 ((sagarika.jaisinghani@thomsonreuters.com))