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

Reuters | June 21, 2021, 6:18 p.m. | Original

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.

Reporting by Arathy S Nair in Bengaluru; Editing by Arun Koyyur

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