Stock Alert: Torchlight Energy Resources Surges 50%

(RTTNews) - Shares of oil and gas exploration company Torchlight Energy Resources, Inc. (TRCH) are surging over 50% on Monday morning. The company said it has agreed to extend the outside date by which Torchlight and Metamaterial must close their business combination transaction to June 30, 2021.

TRCH is currently trading at $9.66, up $3.39 or 54.07%, on the Nasdaq. The shares have traded in a range of $0.21 and $9.90 for the 52-week period.

The extension of the date provides time for the June 24 record date and the June 25th payment date of the special Series A Preferred Stock dividend, declared on June 14 to transpire.