Torchlight Energy (NASDAQ:TRCH) stock is soaring higher on Wednesday as its shares experience incredibly heavy trading.
TRCH has seen more than 186 million shares of its stock change hands as of this writing. That’s a massive spike compared to the company’s daily average trading volume of roughly 9 million shares.
So what exactly has TRCH stock up today. The news is likely connected to the closing of a public offering. This saw it sell 23 million shares of its stock at $1.20 per share. That includes the underwriter of the deal fully exercising its over-allotment option.
Keeping that in mind, here’s what potential investors in TRCH stock need to know about the company before they invest.
- Torchlight Energy is an oil and gas exploration and production company based out of Plano, Texas.
- The company’s main focus is on the “acquisition and development of highly profitable domestic oil fields.”
- It holds interests in Texas, including the Permian Basin and the Eagle Ford Shale.
- TRCH currently has projects underway in the Midland Basin, Orogrande Basin, and the Delaware Basin.
- Torchlight Energy was founded in October 2007.
- It joined the public market in November 2010 after completing its initial public offering (IPO).
- The company is led by its president, CEO, secretary, and director John Brda.
- He took up this role in December 2012 after the departure of co-founder Tom Lapinski.
TRCH stock was up 82.5% as of Wednesday afternoon and is up 313.4% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.