More than 40,000 MMTLP letters have now been sent to Congress as of Tuesday, marking 236 days since the U3 halt and delisting of the ticker.
MMTLP investors have been reaching out to members of Congress all year while sending out complaint forms to the SEC, FINRA, and the Department of Justice.
NOTE: This report has now been acknowledged by the Congressional Research Service.
What started as an event that was shoved under the carpet has now made headlines on various news platform, primarily due to the community’s incredible efforts in raising awareness both on social media and in D.C.
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.
Unfortunately, the FINRA-MMTLP blue sheet motion was dismissed in June by a judge in the Supreme Court of New York City for allegations deemed as “speculative and conclusory”.
However, Mark Basile says that the motion is currently under appeal.
As of July, 15 members of Congress have now signed a letter requesting that the SEC review in full detail the events that occurred following the halt and delisting of ticker symbol MMTLP.
They Congress members are:
- 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
Retail investors invested in several tickers have demonstrated joy for the MMTLP community as the event marks a step towards progression.
For more context, you may read the full letter below.
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MMTLP Letter to SEC from Members of Congress
“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.”
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