'Meme stock' Torchlight plummets after upsized stock offering

Meta Materials

22/06/2021 17:52

(Updates)
    ** "Meme stock" Torchlight Energy Resources Inc  TRCH.O 
plummets 22% to $7.71, reversing its premarket gains; among top
losers on the Nasdaq, with ~19 mln shares changing hands
    ** Co raises its share offering to $250 mln to take
advantage of a 74% surge in its stock price  urn:newsml:reuters.com:*:nL3N2O42M6
    ** 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  is down 1.9%, while GameStop Corp  GME.N  up 5.5%, after
stunning rallies this year

 (Reporting by Sagarika Jaisinghani and Sahil Shaw in Bengaluru)
 ((sagarika.jaisinghani@thomsonreuters.com;
sahil.shaw@thomsonreuters.com))