A lot of you are likely here because you heard "DIVIDEND TWENTY MILLION DOLLARS BUY NOW! TO THE MOON! SQUEEZE IN COMING!" So what exactly is going on here?
What is happening is a reverse merger in order to bring Metamaterial Inc. onto the nasdaq by merging with Torchlight Energy. As part of this merger all the current shares of TRCH will be converted to MMAT and you will also receive a Series A Preferred Stock which will serve as a place holder for any dividend payouts from the selling of Torchlight's land and oil assets.
The ex dividend date is for June 24th. Now it's important to note that you must purchase shares by June 22nd and hold them through June 24th. AKA if you want the dividend, you must buy share by June 22nd and hold them until June 24th.
**WE DO NOT KNOW THE AMOUNT OF THE DIVIDEND**
There is many estimates about the amount ranging from $0.50 all the way to $45.00, but we DO NOT know currently what the payout will be, anyone telling you they know is making up a number, and I wont be speculating in this post.
**KNOW WHAT YOU HOLD**
Found this post on Yahoo Forums under TRCH stock by Nolan