TRCH - Torchlight Energy upsizes stock offering by $150M but shares keep climbing

sefa ozel/iStock via Getty Images Looking to cash in on the blistering rally that has doubled the stock price in the past week, Torchlight Energy (TRCH) discloses it upsized its stock offering to $250M from the $100M it planned previously. Shares +5.4% post-market after soaring another 58% in today's regular trading to as high as $10.88, shattering its all-time high. Torchlight has been one of the most discussed stocks on Stocktwits in recent days with overwhelmingly positive sentiment. A week ago, Torchlight declared a special dividend of preferred shares in connection with its merger deal with Metamaterial. But the company reported last month that its Q1 oil and natural gas revenues fell 97% Y/Y to a mere $2,471, saying sustained losses raised "substantial doubt" about its ability to remain a going concern.

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Torchlight Energy upsizes stock offering by $150M but shares keep climbing