The Company is cooperating and intends to continue to cooperate with the SEC’s investigation. The subpoena requests that the Company produces certain documents and information related to, among other things, the merger involving Torchlight Energy Resources, Inc. In September 2021, the Company received a subpoena from the Securities and Exchange Commission, Division of Enforcement, in a matter captioned In the Matter of Torchlight Energy Resources, Inc. The reference to the subpoena was in Part II– Other Information: According to Investopedia, all public companies trading in the US are required to file 10-Q forms for each of the first three quarters of their fiscal years in which they disclose “relevant information regarding their finances as a result of their business operations.” News of the subpoena was found in Meta Materials’ 10-Q filing for the quarter ended September 30. I explored all the weird aspects of that listing - a reverse takeover that was hyped on social media, earning it the title of “meme stock” - back in September, but now it seems the SEC is also taking a closer look at it.
![torchlight energy merger torchlight energy merger](https://pennystocks.com/wp-content/uploads/2020/12/alternative-energy-penny-stocks-to-watch-Torchlight-Energy-Resources-TRCH-stock-chart.jpg)
Meta Materials was Innovacorp’s first “unicorn” investment - that is, its first portfolio company to list on the Nasdaq with a valuation of $1 billion (plus). In other Innovacorp news, the US Securities and Exchange Commission has subpoenaed Meta Materials in connection with its merger with Torchlight Energy (with thanks to the spectator who alerted me to this development).