$MMAT  $Meta Materials Inc.(MMAT)$ owns (75%??)reverse takeover of Trch, which is a (NASDAQ-listed) company by Metamaterial, by way of a plan of arrangement. Torchlight?s prearrangement shareholders will receive approximately (25%) of the new combined company post-closing and (META shareholders will receive approximately (75%) ownership in the combined company ., we will issue and declare a A (preferred stock) to the shareholders of record of Torchlight just before we close.

And this will represent (100%) of the value of our existing oil and gas assets. This Series A preferred stock dividend will be unregistered and the preferred shareholders will have the right to receive any and all cash dividends on a per preferred share basis of any net proceeds received from the sale of the disposition of the oil and gas assets owned by Torchlight prior to the earlier of December 31 or six months from the closing of the arrangement. During the sale period, may spin off or sell any of the remaining oil and gas assets.