Torchlight Energy Resources (TRCH) Surges 170% in a Week: What’s Going On?

Companies that manage to clear off their debts always see a surge in their stocks. Several stock booms happened in 2020 just because of settling their liabilities.

the sun setting behind an oil pump

Investors who are looking for such stocks could consider having a look at the Torchlight Energy Resources Inc (NASDAQ: TRCH) stock, which has managed to deliver gains of as high as 170% over the course of the past week. On Tuesday, the stock surged further and clocked a growth of 50%. The stock managed to record such gains yesterday after it emerged that Torchlight no longer had any term debts on its books.

The company had published a news release in which it revealed that the last secured note holder in Torchlight had converted debts worth as big as $1.5 million into equity in the company. The debt was converted at $1.50 per Torchlight share and the lien holder came into possession of as many as 1 million shares. This is highly positive news and managed to help the stock in maintaining momentum after the strong showing last week.

Emile Ortega

Editor and Computer Expert A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.

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