Here's Why Torchlight Energy Resources Stock Skyrocketed Today

Shares of Torchlight Energy Resources (NASDAQ: TRCH) soared 58% on Monday after the oil and gas driller extended the closing date of its merger with advanced materials manufacturer Metamaterial.

Torchlight and Metamaterial agreed to push back the transaction date to June 30. This will give Torchlight enough time to pay its shareholders the special dividend it announced on June 14. 

Torchlight Energy Resources' stock price has surged in recent days. Image source: Getty Images.

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Source Fool.com