Why Torchlight Energy Is Trading Lower Again Today

Torchlight Energy Resources Inc TRCH continues to trade lower Wednesday morning after the company announced an amendment to its at-the-market offering deal with Roth Capital in which the offering was raised from $100 million to $250 million.

Related Link: Jim Cramer Says Torchlight Energy A 'Meme Stock' That's Better After Raising Money

What Happened: Torchlight Energy surged over the last week as investors anticipate its upcoming merger with Metamaterial Inc MMATF. 

On Monday, the stock hit a 52-week high after the two companies announced an agreement to extend the date by which Torchlight Energy and Metamaterial must close their business combination transaction to June 30. 

The extension was put in place to provide time for the record and payment dates of the special stock dividend to occur. 

The oil and gas exploration company was the top trending stock on Stocktwits at publication time. 

See Also: Want to Buy Torchlight Energy Resources (TRCH) Stock? 

TRCH Price Action: Torchlight Energy has traded as high as $10.88 and as low as 21 cents over a 52-week period. 

At last check Wednesday, the stock was down 24.01% at $5.32. 

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