NEW YORK, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that the United States District Court for the Eastern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of Torchlight Energy Resources, Inc. and Meta Materials Inc. securities (NASDAQ: TRCH) (NASDAQ: MMAT):

SUMMARY NOTICE

TO: ALL PERSONS OR ENTITIES WHO PURCHASED META MATERIALS INC. F/K/A/ TORCHLIGHT ENERGY RESOURCES, INC. SECURITIES FROM SEPTEMBER 21, 2020 TO JUNE 24, 2022, INCLUSIVE, OR HELD TORCHLIGHT ENERGY RESOURCES, INC. STOCK AT THE TIME OF ITS MERGER WITH METAMATERIAL, INC. ON JUNE 28, 2021.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure that a hearing will be held on May 21, 2024, at 10:00 a.m., before the Honorable James R. Cho, United States Magistrate Judge, in Courtroom 11D South at the United States District Court for the New York Eastern District Courthouse, 225 Cadman Plaza East, Brooklyn, New York 11201, for the purpose of determining, among other things: (1) whether the proposed Settlement of the claims in the Litigation for the sum of $3,000,000.00 in cash should be approved by the Court as fair, reasonable and adequate to the Members of the Settlement Class; (2) whether, thereafter, the Litigation should be dismissed with prejudice as set forth in the Stipulation of Settlement dated January 19, 2024 (“Stipulation”); (3) whether the Plan of Allocation is fair, reasonable and adequate and therefore should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys’ fees and reimbursement of expenses incurred in connection with the Litigation and awards to the Plaintiffs should be approved.

If you purchased Meta Materials securities between September 21, 2020 and June 24, 2022, both dates inclusive, or held Torchlight Energy Resources, Inc. stock at the time of Torchlight’s merger with Metamaterial, Inc. on June 28, 2021, your rights may be affected by the settlement of this Litigation. If you have not received the detailed Notice of Pendency and Proposed Settlement of Class Action (the “Long Notice”) and a copy of the Proof of Claim and Release form, you may obtain them free of charge by contacting the Claims Administrator, by mail at: Meta Materials Inc. Securities Litigation, c/o Strategic Claims Services, Inc., 600 N. Jackson Street, Suite 205, Media, PA 19063.

If you are a member of the Settlement Class and wish to share in the distribution of the Settlement Fund, you must submit a Proof of Claim and Release no later than June 5, 2024 to the Claims Administrator, establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any Judgment entered in the Litigation, regardless of whether you submit a Proof of Claim and Release, unless you exclude yourself from the Settlement Class, in accordance with the procedures set forth in the Long Notice, no later than April 23, 2024 to the Claims Administrator. Any objections to the Settlement, Plan of Allocation or attorneys’ fees and expenses must be filed and served, in accordance with the procedures set forth in the Long Notice, no later than April 23, 2024 to the Court.

Inquiries, other than requests for the Long Notice and Proof of Claim and Release, may be made to Lead Counsel for the Settlement Class: Adam M. Apton, Esq., Levi & Korsinsky, LLP, 33 Whitehall Street, 17th Floor, New York, New York 10004, aapton@zlk.com.

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE
CLERK’S OFFICE, THE DEFENDANTS, OR DEFENDANTS’ COUNSEL.

If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above.

DATED: FEBRUARY 6, 2024
        
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
EASTERN DISTRICT OF NEW YORK