Torchlight Energy upsizes stock sale by $150 million on retail trading boost

Meta Materials

21/06/2021 22:46

June 21 (Reuters) - Torchlight Energy Resources Inc  TRCH.O 
upsized its stock offering to $250 million from $100 million,
looking to cash in on the retail interest in its shares which
soared more than 74% on Monday.
    The stock rose to as much as $10.88 during the session,
making it the latest company to benefit from a rally in meme
stocks that helped GameStop Corp  GME.N  and AMC Entertainment
Holdings  AMC.N  raise money from the equity markets.
    Torchlight shares were up another 13.4% in afterhours
trading.
    The company had announced its initial plans to raise $100
million last week as part of its acquisition by industrial
materials maker Metamaterial Inc  MMAT.CD . 
    It had also declared a special dividend of preferred stock
to be issued as of market close on June 24.  urn:newsml:reuters.com:*:nACS7J1W2a

 (Reporting by Arathy S Nair in Bengaluru; Editing by Arun
Koyyur)
 ((arathys.nair@thomsonreuters.com; +1 646 223 8780 (Extn 2726);
Twitter: https://twitter.com/ArathySom;))