The Torchlight Energy (NASDAQ:TRCH) stock has enjoyed a strong rally so far and soared by as much as 32% in premarket trading today after the company announced special deferred dividends.
After the closure of markets yesterday, the company declared a special dividend on the Series A preferred shares and it is connected to the imminent merger with Metamaterial. In its statement, the company revealed that those who hold a common share in Torchlight as of June 24, 2021 will be get one share of the Series A preferred stock.
The dividend is going to be awarded on a one-for-one basis. In this regard, it is also necessary to point out that the Torchlight Energy stock has recorded considerable gains over the course of the past 6 months and gone up by as much as 539%. It is now going to be interesting t see if the announcement of the special dividend leads to further gains in the stock today.