FINRA halted $MMTLP in December without notice leaving investors confused and angry.
The regulator blatantly proved to be one of the biggest obstructions in the market when it also failed to deliver investors with Meta Materials’ planned distribution of its preferred stock.
Now shareholders are demanding FINRA release a statement regarding the events that occurred with MMTLP.
The last day to purchase shares (and be eligible for their dividend) was Dec. 8, 2022.
Meta Material’s final trading day was Dec. 12, 2022.
The distribution date of the private Next Bridge Hydrocarbon shares was Dec. 14, 2022.
Shareholders never received the proposed preferred shares.
So, why did FINRA halt the trading of Meta Materials / MMTLP and delist the security leaving several investors questioning the integrity of our regulators?
Here’s what the regulator said.
FINRA Comments on MMTLP Halts
“Effective Friday, December 09, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) halted trading and quoting in the Series A preferred shares of Meta Materials Inc. (OTC Symbol: MMTLP).
Pursuant to Rule 6440(a)(3), FINRA has determined that an extraordinary event has occurred or is ongoing that has caused or has the potential to cause significant uncertainty in the settlement and clearance process for shares in MMTLP and that, therefore, halting trading and quoting in MMTLP is necessary to protect investors and the public interest.
The trading and quoting halt will end concurrent with the deletion of the symbol effective Tuesday, December 13, 2022.”
“See also Form S1 Registration Statement for Next Bridge Hydrocarbons, Inc. stating that…immediately after the Spin-Off, all shares of Series A Non-Voting Preferred Stock of Meta shall be cancelled. Available here.”
In simple terms, FINRA’s only explanation was that the halt was due to ‘uncertainty’ in the settlement process which could harm investors and public interest.
And perhaps that’s true — though I don’t think they were referring to retail investors at all, but rather FINRA’s private investors and partners.
Tinfoil hat on, you tell me.
Who is FINRA?
FINRA stands for the Financial Industry Regulatory Authority and is a self-regulatory government organization that oversees U.S. broker-dealers.
The organization contains records of every trade made available intraday, including that of naked short sales.
FINRA requires firms to be able to meet their short sale requirements as well as have a process to close out fails to deliver within their required timeframes.
However, they’re the open window that allows these manipulative strategies to occur in the market.
FTDS (fails-to-deliver) are mounting up every month according to SEC data, and FINRA is unable to get firms to close out these obligations.
The retail community is calling it foul play, alleging the possibility of lobbying within the self-regulated organization.
At FINRA, our mission is clear—to protect investors and promote market integrity. At FINRA, our mission is clear—to protect investors and promote market integrity. Each year, we conduct thousands of investigations of potential violations of securities industry rules, regulations and U.S. securities laws.
So, who’s watching FINRA?
Justice for the MMTLP community must be served.
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