In July, a total of 15 congress members requested an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from a U3 halt, which resulted in disastrous losses for investors.
Rep. David Valadao, California’s 22nd Congressional District, has now requested four key things from the SEC Chair and CEO of FINRA in regard to MMTLP — one being an audited share count.
“I am concerned about the Financial Industry Regulatory Authority’s (FINRA) decision to halt trade of the Series A Preferred Shares of Meta Materials, that traded under the symbol MMTLP, days before it was announced MMTLP would be deleted.
This issue has been brought to my attention by numerous constituents, with deep concerns regarding the status and ownership details of their shares.
FINRA’s decision to halt trade in these shares without public notice has resulted in the financial suffering of many in my district and throughout the country.
The U.S. Securities and Exchange Commission (SEC) and FINRA have a responsibility to protect investors and the wider public, ensuring the stability and integrity of the market.
Due to the financial distress faced by my constituents, I am seeking information regarding the actions that led to the suspension of trading for MMTLP on December 8, 2022, shortly before the planned removal of the MMTLP symbol on December 13, 2022.
In response to these concerns, I hereby make the following requests:
Congress Requests Answers From SEC and FINRA on MMTLP
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.
A concise briefing be delivered to my office from the relevant authority, either the SEC or FINRA, with the capacity to provide insights into the circumstances surrounding the trading halt for MMLTP.
A confirmation from FINRA that the trading halt fell within their jurisdiction and followed established industry standards.
A clearly outlined, written response detailing the expected course of action for my constituents’ existing holdings. This should be accompanied by a timeline that outlines the steps and offers an estimated timeframe for resolution.
I request the delivery of an audited and consolidated count of shares that were held by the investing public related to Meta Materials’ Series A Preferred Shares on the date of December 9th, 2022. This should encompass all relevant documentation or disclosures to foster transparency and confidence among my constituents regarding their ownership interests.
Considering the seriousness of this situation and the substantial consequences on my constituents, I urge your prompt attention. I appreciate your consideration of this critical issue.”
Just last week, Senator Mike Crapo questioned Gensler on whether an investigation was happening with MMTLP, or whether details of what occurred with MMTLP would be released at some point.
While the SEC Chair failed to provide any valuable answers, momentum is certainly growing for the community.
Frank Nez is an American entrepreneur, journalist, writer, and investor. Frank's work has been cited by SEC and Congressional reports. Franknez.com is a personal finance and market news publication, dedicated to publishing content on money, investing, entrepreneurship, and retail investor news.
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