Missing MMTLP certificates now back up the possibility of illegal trading, more evidence that fraud was at play prior to delisting.
Investors who held shares of MMTLP stock on the record date of December 12 would receive a preferred dividend of Next Bridge Hydrocarbon on Wednesday, December the 14th.
However, more than a year later, brokers are claiming that they do not have enough certificates to transfer this dividend to AST.
Broker firm TradeStation told investors that it was not possible to provide them with their (obligated) dividend due to a lack of certificates.
This has raised the question of the number of shares in existence created through the illegal practice of ‘naked short selling’, and provides evidence of how investors are still being affected to this day.
“So you did call in on the 13th requesting to have your shares sent over to (the Next Bridge Shares), transfer over to AST, and we did inform you unfortunately we could not send them over because we do not have enough certificates at this time,” a TradeStation representative told an investor.
“Still can’t get Robinhood to transfer mine since October 31!!!,” says a user on X, formerly known as Twitter.
Activists online are urging congress members to hold these financial institutions liable for the massive disruption and distress caused to individual shareholders.
“$MMTLP shareholders have validated 194% of TradeStation’s allocated registered stock certificates. @TradeStation’s official allocation at AST: 122,622. Shareholders’ validated shares: 237,927 and counting!” reports retail activist JunkSavvy on X.
This is a developing story — for more news and updates like this, follow me on X.
NOTE: Several FrankNez MMTLP reports has now been acknowledged by the Congressional Research Service.
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Also Read: Massive Banks Are Now Getting Fined For Illegal Short Selling
Other MMTLP News and Updates
Massive concern in MMTLP now surges according to a new letter sent out to the SEC and FINRA with over 70 co-signatures from Congress.
“Over 70 co-signers on my letter this morning to FINRA and the SEC concerning #MMTLP – Meta Materials Series A preferred shares,” reported Rep. Ralph Norman on X last Friday.
“We write to request that the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) review events surrounding Meta Materials Series A preferred shares (MMTLP),” the letter read.
“As you know, MMTLP was created during a merger between Meta Materials (MMAT) and Torchlight Energy Resources (TRCH) to provide preferred stock dividends to TRCH shareholders.
MMTLP shares began trading on the OTC market in 2021. In the summer of 2022, 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 (NBH).
On December 9, 2022, FINRA issued a U3 halt on trading in the company’s stock, preventing shareholders from making further trades.
Since the halt, constituent investors have contacted Members of Congress regarding the spin-off transaction and the subsequent halt on trading. Specifically, we have received more than 40,000 letters from concerned investors,” the letter stated.
“Many of our constituents have concerns regarding the circumstances surrounding the U3 halt and level of short selling in MMTLP.
As you know, the securities industry is regulated by a disclosure-based regime, and transparency is paramount to FINRA’s and the SEC’s goals of protecting investors and ensuring market integrity.
We believe it is appropriate that FINRA and the SEC review these market events and determine what, if any, wrongdoing may have occurred in order to dispel misinformation and properly safeguard investors.”
Now Congress is requesting for the following questions to be answered by regulators:
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