TRCH - Torchlight Energy trashed by back-to-back losses near 30%

The bloom may be off the rose for meme stock Torchlight Energy ([[TRCH]] -28.0%), plunging nearly 30% and following a similar rout yesterday after it upsized its stock offering to $250M.The price has been chopped nearly in half since Torchlight said after Monday's close that it was upsizing its stock offering to $250M from the $100M it planned previously.Through Monday, Torchlight shares had soared 1,317% YTD to an all-time high $10.88; now, they're struggling to stay above $5.Reddit commentary has caused wild swings in the stock, starting the week touting Torchlight as a potential short squeeze.The company also has been part of a complex merger process that has been delayed several times, the latest announced on Monday.Most energy stocks are higher today, but the trading action in Torchlight has long since been detached from fundamentals; just last month, the company said sustained losses had raised "substantial doubt" about its ability

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Torchlight Energy trashed by back-to-back losses near 30%