The Plano, Texas-based company traces its roots back to Pole Perfect, incorporated in 2007 in Nevada to market feminine fitness dance studios utilizing the advantages of pole dancing.
Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally.
Torchlight said on Friday that it closed the deal and the new company, Meta Materials Inc, would begin trading under the ticker symbol "MMAT" on Monday. The deal includes plans to divest the legacy energy assets. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. In a reverse takeover to list on the Nasdaq and access the U.S. The shares, however, gave up some of the gains after the company upsized its stock offering. Torchlight's stock rose as high as 74% last Monday as retail investors piled into the stock with record volumes. The DSA bans certain types of targeted advertisements on online platforms such as those meant for children or when they use special categories of personal data, such as ethnicity, political views and sexual orientation.ĭSA fines for breaches can go to as high as 6% of a company's global turnover.(Reuters) -Shares of Meta Material Inc gave up premarket gains to fall 20% on Monday, the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy Resources, which was at the center of huge speculative bets by small individual traders. "We're continuously exploring ways to actively defend against this behaviour, and we set up an internal task force to investigate these claims and immediately address them."īreton said Meta would also have to demonstrate the measures it plans to take to comply with European Union online content rules known as the Digital Services Act (DSA) after Aug. She said Meta teams had dismantled 27 abusive networks between 20 while in January this year it had disabled more than 490,000 accounts for violating its child safety policies. "I will discuss with him at Meta's HQ in Menlo Park (California) on 23 June."Ī spokesperson for Meta said it has strict policies and technology to prevent predators from finding or interacting with teenagers on its apps. "Mark Zuckerberg must now explain and take immediate action," he said, confirming what an EU official had earlier told Reuters.
Torchlight merger meta code#
"#Meta’s voluntary code on child protection seems not to work," Breton said in a Twitter post.
Social media platforms such as Meta's Instagram, ByteDance's TikTok, Snap's (SNAP.N) Snapchat and Alphabet's (GOOGL.O) YouTube have stirred concerns among regulators and users over content targeted at young children.
BRUSSELS, June 8 (Reuters) - EU industry chief Thierry Breton will meet Meta Platforms (META.O) Chief Executive Mark Zuckerberg on June 23 and demand that he act immediately to tackle content targeting children, as Meta's voluntary child protection code seemed not to be working.
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