Retail Investors Say FINRA Abused Its Power by Halting MMTLP
On Friday, FINRA shocked retail investors everywhere as it halted trading of MMTLP stock ahead of the new spinoff.
This news has left investors with some pressing questions.
Meta Materials is distributing shares of subsidiary Next Bridge Hydrocarbons to its shareholders through what’s known as a ‘spinoff’.
The date of record will fall on Dec. 12, followed by the distribution date on Dec. 14.
However, shares of MMTLP will be automatically canceled, lose all of their rights, and no longer be tradable on the over-the-counter (OTC) market following the distribution.
In addition, Next Bridge will be an independent public reporting company that is not eligible for electronic transfer through any clearing corporations.
Next Bridge operates as an energy company with a key focus on an oil and natural gas project in the Orogrande Basin in West Texas.Â
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Why did FINRA halt MMTLP Stock?
FINRA confirmed the trading halt this morning on its over-the-counter equities list.
It has been given the halt code U3, indicating that it pre-dates a significant event.
In this case, it is the Next Bridge Hydrocarbons spinoff, an event that promises to generate high trading volume upon its completion.
Retail investors have been voicing their concerns with the halt with many accusing FINRA of market manipulation.
Many traders have even called for a lawsuit against FINRA and have resorted to tagging market influencers such as Elon Musk and AMC Entertainment CEO Adam Aron.
Though it is fair to point out that Adam Aron has not raised concerns about the market manipulation in his own company.
And unfortunately, FINRA’s actions all seem to be ‘legal’ per the FINRA Rulebook.
InvestorPlace says, “FINRA clearly believes it is necessary to halt trading in order to protect the interests of current investors. Retail traders may not be happy with the result, but it seems that FINRA is well within its rights to cease trading ahead of an important market event”.
But I’m curious to know what you think.
Leave your thoughts below.
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Show CommentsHow is finra protecting investors when the halt trading the day that the only buying is to close. When a company goes private by law all shorts have to be covered. The only people protected where market makers and short sellers of a symbol that has been on the thresholds list for 54 days. Your article is garbage and you should do some research if your going to publish something..
FINRA is absolutely NOT in their rights to issue a timeline specifying trading would occur through the 12th, then pull the plug on trading on the 9th leaving investors with no way out. FINRA did not allow or require the short positions in the stock to cover. This means hundreds of millions of shares were sold that were not real/valid shares. FINRA IS CULPABLE AND COLLUDED WITH BOARD MEMBERS IN A SCHEME TO DEFRAUD THE FREE MARKET.
I am sickened by the whole thing. Shorting. Naked shorting. Fail to Deliver list for 40 days. Hijacking a ticker with false info and using it cover a previous short, then shorting it as well, then just halting the ticker altogether so they never have to cover. Well, it will be well documented that those shares HAVE to be covered, and all these greedy hedge funds and shorters will get a taste of their own medicine. Finally. Its right there clear as day.
Counterfeit shares were created on a ticker, MMTLP, that was never to be traded. FINRA approved the creation of this tradable ticker without the approval of Meta Materials (MMAT). The spin off trapped the counterfeits and counterfeiting counterfeiters who (at least one) are allegedly on FINRA BOD. Nothing to see though, move along, as usual. The one alleged counterfeiter could possibly be named Ari, but who knows right?
Why did you leave out the fact that finra allowd hedge funds to short the stock down 60% in two days with no hault. But the day they had to cover finra halted to protect the hedge funds
More blatant corruption. More retail investors being taken advantage of. More money for law-breaking scumbags. Not even a slap on the wrist, and they’ll be back to business (crime) as usual.
It’s incredible how these powers are able to ‘legally’ screw over the people. Too many investors are being taken advantage of. Now is the time to raise awareness.
The problem they have is that AST is full and they have double the float in shares that they counterfeited. Now Finra is trying to cover up their crimes and hurting investors in the process.
You have to direct register your shares with a company called AST, apparently they already have 165 million shares registered m, so that would leave all shares left on brokerages to be synthetic and would all need to be covered by short sellers, no matter the price. So that’s the significant event, all their scum friends would lose too much money and expose naked shorting practices, so let’s just screw retail traders instead. Disgusting.
To make things worse, their was a massive short / sell off the day before it was halted, creating more shares that would need to be covered but REALLY making it look like A LOT of people were tipped off or in on the whole thing.
The only ones that they are protecting is the ones that have shorted this stock
Certainly seems like it
Let’s start a discussion! Leave your thoughts below.
Just want to say that I had to go through DuckDuckGo just to find this article, absolutely nothing comes up with google or bing…
This article is still fairly new. However, the more my readers share this content, the quicker Google recognizes this and indexes it on its search engine.