TRCH - Meme stock Torchlight Energy stays hot skyrockets 36%

ronniechua/iStock via Getty Images Torchlight Energy Resources (TRCH) +36.1% pre-market, continuing its rapid rise after being touted on Reddit as a potential short squeeze. Shares have more than tripled since early May and have blasted 783% higher YTD. At the start of last week, Torchlight declared a special dividend of preferred shares in connection with its merger deal with Metamaterial; since then, shares have more than doubled. The run-up paused only momentarily when Torchlight filed to sell up to $100M in common shares. Today, the company extended the date for the closing of its business combination transaction with Metamaterial to June 30 from June 24. Elephant Analytics is a skeptic, issuing a bearish analysis published recently on Seeking Alpha.

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Meme stock Torchlight Energy stays hot, skyrockets 36%