A total of 15 congress members are now requesting an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from a U3 halt in December of 2022, which resulted in disastrous losses for investors.
The MMTLP scandal has sent shockwaves throughout social media as well as congressional offices as investors have assembled to fight the industry’s regulators in what could be one of the biggest market injustices in recent times.
The following congress members are bringing retail’s concerns to SEC Chairman Gary Gensler in a letter that aims at providing answers to any plausible wrongdoing:
- Pete Sessions
- Bill Posey
- Bill Huizenga
- Ann Wagner
- Barry Loudermilk
- Alex Mooney
- John Rose
- Bryan Steil
- William Timmons
- Ralph Norman
- Dan Meuser
- Scott Fitzgerald
- Mike Flood
- Mike Lawler
- Andy Ogles
Gary Gensler was made aware of the MMTLP situation directly through an investor after a hearing in April.
Anna Trades said the Chairman was quite negligent in the way he lacked interest as she expressed her concerns in detail.
Now 15 members of Congress have signed a letter requesting that the SEC review in full detail the events that occurred following the halt and delisting of ticker symbol MMTLP.
Investor activism has paved the way in a manner that demonstrates the power of community when it stands up to real life injustices.
Below is the full context of the letter. Share this article to raise awareness; your voice is now being heard.
Congress Letter to SEC on MMTLP
“Dear Chair Gensler:
We write to request that the Securities and Exchange Commission (SEC) review events surrounding Meta Materials Series A preferred shares(MMTLP).
Additionally, we request that the SEC provide the Committee with a substantive briefing on its findings.
MMTLP shares began trading on the OTC market in 2021.
In the summer of2022, the SEC received and subsequently approved a Form S-1 and amendments to spin-off a portion of the company, Meta Materials, into a new company, Next Bridge Hydrocarbons.
On December9, 2022, FINRA issued aU3 halt on trading in the company’s stock, preventing shareholders from making further trades.
Since the halt, constituent investors have contacted Members of Congress and the Committee regarding the spin-off transaction and the subsequent halt on trading.
To that end, we request that the SEC to review the activities surrounding these market events.
The review should include a timeline of trading of MMTLP on OTC markets, the actions taken by the SEC, self-regulatory organizations, the issuers and the transfer agent and other relevant parties during the time MMTLP was traded, and the transaction that produced the Next Bridge shares.
In addition, please include information regarding theS-1 filed by Next Bridge Hydrocarbons on July 26, 2023.
As part of the requested briefing, we ask that SEC staff be prepared to identify any regulatory or legislative gaps that may be addressed so that the SEC, FINRA, and regulated entities may better protect investors and strengthen market integrity.
Your findings will allow the Committee to better understand the issues that have been raised by investors.
Please provide responsive information to the Committee by August 11, 2023. Contact the Committee’s Majority Staff with any questions regarding this request. Thank you for your attention to this important matter.”
This is a developing story – join the newsletter below for more market news and updates. More than 10,000 readers have already signed up this year.
Also Read: SEC is Now Investigating Meta Materials Former and Current CEOs
Market News Published Daily 📰
Join the newsletter ⬅️ to receive daily stock market news, business news and updates straight to your inbox; more than 10,000 readers have joined!
THANK YOU to all of our blog sponsors, this year we’ve been able to increase our email sends and signup slots as well as introduce push notifications.
Franknez.com is the media site that keeps retail investors informed.
You can also follow Frank Nez on Twitter, Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Become a Sponsor for only $1/mo.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Leave your thoughts below.