In accordance with the definitive proxy filed in May 2021, the Arrangement Agreement between Torchlight and Meta Materials, Inc. provided that the Combined Company will use commercially reasonable efforts to sell the Oil & Gas Assets prior to the Asset Sale Expiration Date of December 28, 2021. Torchlight stockholders are eligible to receive a dividend of shares of Series A Preferred Stock, as long as they held shares on the respective record date.
As per communication provided by Meta Material’s officials, the Series A Preferred stock is not expected to be listed on a securities exchange.
In accordance with the above, Trading 212 issued new shares, to an unlisted instrument to all eligible holders to reflect this entitlement in line with the announced market terms of the event.
The instrument will not be traded on our platform, as it is only listed to Over-the-counter ‘grey market’ offerings, where Trading 212 cannot source an official price from an exchange. The quotation visible on our platform is for indicative purposes only and does not represent any actual value. Please note that META is not involved in the initiation of trading of the Series A shares on Over-the-counter markets.
The right to receive a Series A dividend in the future is attached to the Series A shares.
In other words, as long as you hold the mentioned shares into your account, you’ll receive the dividend distributions, once announced and paid out. Upon completion of the assets disbursement, the Series A shares will be cancelled and therefore cease to exist.
It’s worth reminding that no such record date has been set at the time. However, Meta Materials expects to sell or spin-off the oil and gas assets by December 28, 2021. The date may be amended at a later stage.
We will keep you informed, as soon as there are more details of the record date, nonetheless.