Torchlight Energy Resources Inc upsized its stock offering to $250 million from $100 million, looking to cash in on the retail interest in its shares which soared more than 74% on Monday.
The stock rose to as much as $10.88 during the session, making it the latest company to benefit from a rally in meme stocks that helped GameStop Corp and AMC Entertainment Holdings raise money from the equity markets.
Torchlight shares were up another 13.4% in afterhours trading.
The company had announced its initial plans to raise $100 million last week as part of its acquisition by industrial materials maker Metamaterial Inc.
It had also declared a special dividend of preferred stock to be issued as of market close on June 24. (Reporting by Arathy S Nair in Bengaluru; Editing by Arun Koyyur)