CNBC host Jim Cramer mentioned Torchlight Vitality Assets Inc. (NASDAQ:TRCH) is a “meme inventory” that’s higher as a result of it has raised cash.
What Occurred: Cramer famous on CNBC’s “Mad Cash Lightning Spherical” Tuesday that Torchlight Vitality had big quantity and it has raised cash.
See additionally: Wish to Purchase Torchlight Vitality Assets (TRCH) Inventory?
“I’m really a believer in meme shares which have raised cash as a result of then they’re higher,” the tv character mentioned.
Why It Issues: Shares of Torchlight Vitality tumbled greater than 29% in Tuesday’s buying and selling session after the oil and fuel producer introduced an modification to its at-the-market providing cope with Roth Capital. The providing was raised from $100 million to $250 million.
Torchlight Vitality is among the many firms which are seeing excessive curiosity on Reddit’s r/WallStreetBets discussion board. The corporate’s shares hit a brand new 52-week excessive of $10.88 on Monday after it introduced an settlement to increase the date to shut its enterprise mixture with Metamaterial Inc. (OTC:MMATF) to June 30.
Value Motion: Torchlight Vitality shares closed 29.4% decrease in Tuesday’s buying and selling session at $7.00.
Learn Subsequent: Uncommon Choices Exercise Perception: Torchlight Vitality Res
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