$Torchlight Energy Resources Inc(TRCH.US)$ is trading significantly higher Monday morning after the company provided an update on its proposed business combination with $METAMATERIAL ORD(MMATF.US)$.
What Happened: The two companies announced an agreement to extend the date by which Torchlight and Metamaterial must close their business combination transaction to June 30.
The extension provides time for the record and payment dates of the special stock dividend to occur. The payment date for the special stock dividend will be June 25.
Price Action: Torchlight has traded as low as 21 cents over a 52-week period. The oil and gas exploration company is making a new 52-week high in premarket trading today.
At last check Monday, the stock was up 39.55% at $8.75.