Bloomberg
Reddit-Hyped Oil Explorer Sells $100 Million in New Shares
(Bloomberg) — Torchlight Energy Resources Inc., the tiny oil company touted on Reddit as a possible short squeeze, moved quickly to cash in on its sudden popularity by selling about $100 million in new shares.The Texas-based oil driller that started the year with a market valuation of $71 million disclosed the share sale in a federal filing late Monday. Torchlight, which has seen its valuation more than double in just the past week to more than $1 billion, said it may issue another $150 million
