The Company expects to close the Arrangement no later than June 30 th, 2021. The payment date for the Series A Preferred Stock dividend will be June 25 th. He took up this role in December 2012 after the departure of co-founder Tom Lapinski. The extension provides time for the Jrecord date and the June 25th payment date of the special Series A Preferred Stock dividend, declared on June 14, 2021, to transpire.The company is led by its president, CEO, secretary, and director John Brda.It joined the public market in November 2010 after completing its initial public offering (IPO).Torchlight Energy was founded in October 2007. Torchlight Energy (TRCH), an oil and gas exploration company announced that it has declared a Special Dividend of Series A Preferred Stock to be issued on a one-for-one basis to Common Stockholders of Record as of the close of market trading on J(subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid).TRCH currently has projects underway in the Midland Basin, Orogrande Basin, and the Delaware Basin.It holds interests in Texas, including the Permian Basin and the Eagle Ford Shale.The company’s main focus is on the “acquisition and development of highly profitable domestic oil fields.”.It has a total of four full-time employees. The Company expects to close the Arrangement no later than June 30. Torchlight Energy is an oil and gas exploration and production company based out of Plano, Texas. The extension provides time for the Jrecord date and the June 25th payment date of the special Series A Preferred Stock dividend, declared on June 14, 2021, to transpire.In these cases, the ex-dividend date will be deferred until one business day after the dividend is. If the dividend is 25 or more of the stock value, special rules apply to the determination of the ex-dividend date. is expected to close before the end of June. The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) increased by over 40 pre-market. Holders of Series A Preferred Stock will be entitled, on a pro rata basis, to any future net proceeds or other potential benefits derived from the disposition of the oil and gas assets of Torchlight, subject to certain holdbacks. Stockholders of record on June 24, 2021, will be entitled to receive the dividend which will consist of one share of Series A Preferred Stock for each one share of common stock owned on that date (subject to adjustment for any reverse split of Torchlight’s common stock after the record date but before the dividend is paid). This Special Dividend is to be issued in connection with the previously announced business combination transaction with Metamaterial, Inc.
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