TRCH - Torchlight Energy files for $100M common stock offering

ImagineGolf/E+ via Getty Images Torchlight Energy (TRCH) -8.6% pre-market after filing to sell up to $100M in common shares, according to an 8-K filing. The stock has been a trendy pick of late, generating lots of Stocktwits chatter; shares have more than tripled since May 3 and skyrocketed 743% YTD. The company started the week by declaring a special dividend of preferred shares in connection with its merger deal with Metamaterial. Count Elephant Analytics as a skeptic after issuing a bearish analysis, newly published on Seeking Alpha.

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Torchlight Energy files for $100M common stock offering