Tag: Meta Materials News (Page 1 of 2)

Meta Materials Announces Favorable Ruling in New Lawsuit

Meta Materials (NASDAQ:MMAT) announced on Monday a favorable ruling in the company’s latest class action lawsuit.

Shares of the nanotechnology company have risen more than +5% starting the new week.

However, the company stock is still down -80% this year-to-date.

“The lawsuit, initially filed in January 2022, consolidated two separate class action lawsuits primarily stemming from a short-seller report and statements related to META’s business and its proposed combination with Torchlight Energy Resources, Inc.

The court’s decision dismisses these allegations,” the press release said.

Meta Materials announced that the U.S. District Court for the Eastern District of New York has granted the Company’s motion to dismiss the securities class action lawsuit previously disclosed.

The court ruled that the complaint fails to plead any false statements, material omissions, or a strong inference of fraudulent intent by META or the other named defendants.

The court’s order dismisses all claims against all defendants, including META.

“We appreciate the court’s thorough examination of the complaint and the Company’s motion. Our priority remains serving our shareholders and continuing our work in the field of advanced materials and nanotechnology towards developing solutions that make a difference in people’s lives.” said George Palikaras, President and CEO of Meta Materials.

“We are deeply appreciative of the trust, patience and support our shareholders, customers and partners have demonstrated throughout this process.”

Plaintiffs may still seek to appeal the court’s decision.

Related: MMAT Issues New $25 Million Public Offering

Senator Inquiries Now Grow in The MMTLP Scandal

Market News Today - Meta Materials Announces Favorable Ruling in New Lawsuit.
Market News Today – Meta Materials Announces Favorable Ruling in New Lawsuit.

In other related Meta Materials news, Senator inquires have now begun to grow in the MMTLP scandal as Senator Vance joins Senator Crapo in the pursuit for answers.

Last week, Rep. David Valadao, California’s 22nd Congressional District, requested an audited share count.

“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,” said the Congressman.

When Rep. Ralph Norman asked Chairman Gensler if he was aware of the MMTLP situation and whether he knows what the aggregated share count is, the SEC Chair failed to address whether the SEC had that information on file.

A new letter is now making its way around social media from Senator Crapo addressing SEC Chairman Gary Gensler yet again, except this time we see Senator Vance has also signed the request.

“We write today requesting that the U.S. Securities and Exchange Commission (SEC) examine events surrounding the trading halt of Meta Materials Series A preferred shares (MMTLP) and provide appropriate information to Senate offices engaged on this matter.

As noted by our House counterparts in a letter dated July 28, 2023, MMTLP shares began trading on the over-the-counter (OTC) market in 2021. In 2022, the SEC 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 December 9, 2022, FINRA issued a trading halt on the company’s stock, preventing shareholders from making further trades.

In FINRA’s FAQ regarding the MMTLP corporate action and trading halt, it is noted that Next Bridge Shares would be distributed to MMTLP shareholders with settled positions as of December 12, 2022, and FINRA halted trading on December 9 because securities transactions typically must settle within two business days in accordance with SEC rules.

Since December’s events, investors across the country have struggled to gain clarity regarding both the spin-off transaction and the halt on trading. Therefore, we echo our House counterparts and request that the SEC review these market events and any corporate filings made with the Commission. It is equally important to our constituents that the SEC further scrutinize these matters to determine if any wrongdoing occurred.

We hope for a timely response to this matter, and ask that the SEC provided detailed information and analysis.”

This is a developing story – for more market news and updates, opt-in for push notifications, join the newsletter, or follow me on social media below.

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Market News Today - Meta Materials Announces Favorable Ruling in New Lawsuit.
Market News Today – Meta Materials Announces Favorable Ruling in New Lawsuit.

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Why Did FINRA Halt the Trading of MMTLP?

Why Did FINRA halt trading of Meta Materials?
Market News: Why Did FINRA halt MMTLP?

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

Meta Materials
Why did FINRA halt Meta Materials?

“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.

Related: The Retail Community Says FINRA is Corrupt

Who is FINRA?

Why did FINRA halt MMTLP? Why did FINRA halt Meta Materials?
Why did FINRA halt MMTLP? Why did FINRA halt Meta Materials?

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.

FINRA’s mission statement:

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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Hester Peirce Lost for Words on MMTLP Scandal

Market News Daily - Hester Peirce Lost for Words on MMTLP Scandal.
Market News Daily – Hester Peirce Lost for Words on MMTLP Scandal.

Fox Business’s Charles Payne interviewed SEC Commissioner Hester Peirce, who is known to have ties to a lobbyist group of anti-regulators, on the MMTLP scandal.

Transcripts show emails between FINRA and the SEC communicating about the fraud that was occurring in MMTLP prior to the U3 halt and delisting of the ticker.

Regulators knew fraudulent activity was happening and simply unplugged all trading, swallowing shareholders lifesavings and retirement money.

This has raised big fraud concerns within the retail community.

For months, investors have reached out to regulators and have created enough momentum around the problem to gain the attention of Congress.

Congress is now investigating the MMTLP scandal with many investors flocking to D.C to meet with representatives and to tell their stories.

After months of raising awareness, the community was able to get the attention of Fox Business’s Charles Payne.

Charles Payne asked Hester Peirce for her thoughts on the injustices of the MMTLP case.

Here’s what she had to say.

Hester Peirce on MMTLP

“I think the big issue that we’ve, and I’ve certainly heard those concerns, and I think the big issue that we need to take from this is we need to do a better job communicating about what happens when certain actions happen in the market,” said Hester Peirce on MMTLP.

But Charles Payne understands where the retail community stands on this massive issue.

“What happens with this particular case, will they release the FINRA blue sheets for MMTLP?

People are talking about this, people say “my money is frozen in this”, they see it as a deliberate attempt once again to derail regular investors,” says Charles Payne.

“Well again, when people are having issues like that, I do encourage you to contact the SEC,” says Peirce.

But investors have been contacting the SEC — in fact they have also been in touch with the FBI on this case.

“Sometimes it does take time to sort through these issues, but we do take those inquires seriously,” says the SEC Commissioner.

I encourage you to watch the interview clip below.

Charles Payne Fox Business MMTLP News.

Majority of investors were displeased to hear the SEC Commissioner dance around the questions, something the SEC has been very good at doing when addressing retail concerns.

However, MMTLP getting mentioned on FOX Business is a big win for the community as the story of those affected only continues to grow.

SEC Chairman Gary Gensler is expected to address the MMTLP scandal in a hearing tomorrow, April 18th.

Gary Gensler Expected to Answer Inquiries on MMTLP

Market News Daily - Hester Peirce Lost for Words on MMTLP Scandal.

Securities and Exchange Commission (SEC) Chairman Gary Gensler is expected to answer inquiries on MMTLP during a hearing on Tuesday, April 18th.

Investors have gotten in touch with several government representatives and told their stories relating to the MMTLP scandal.

Earlier this month we found out Congress was getting involved in the MMTLP scandal through a leaked letter sent out to Meta Materials CEO George Palikaras; however, a new letter from Congress details an ongoing investigation into naked short selling and other market fraud.

Congressman Bill Posey said in a letter that he’s been hearing from a variety of constituents on retail’s concerns involving MMTLP.

“While we have yet to be given evidence that anyone acted unlawfully or unscrupulously in this matter, I believe the regulatory agencies have an obligation to investigate this matter,” said the Congressman.

But evidence has indeed surfaced.

Conversations between FINRA and the SEC confirm the regulators knew of the fraud that was occurring in ticker symbol MMTLP.

Now investors are confirming they’ve been in contact with Congressman Warren Davidson, who has apparently confirmed to them SEC Chairman Gary Gensler will be questioned about MMTLP in front of the House Financial Services Committee.

This is a developing story – join the newsletter below to stay up to date on the latest MMTLP stock news.


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Market News Today - Hester Peirce Lost for Words on MMTLP Scandal.
Market News Today – Hester Peirce Lost for Words on MMTLP Scandal.

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MMAT Issues New $25 Million Public Offering

Market News Daily - MMAT Issues New $25 Million Public Offering.
Market News Daily – MMAT Issues New $25 Million Public Offering.

Meta Materials (NASDAQ:MMAT) announced today that it has priced an underwritten public offering of 83,333,334 shares of its common stock and warrants to purchase up to an aggregate of 83,333,334 shares of common stock at a combined public offering price of $0.30 per share and accompanying warrant. 

META has granted the underwriters a 30-day overallotment option to purchase up to an additional 12,500,000 shares of its common stock and/or warrants to purchase up to an additional 12,500,000 shares of common stock at the public offering price.

Each warrant is exercisable immediately at an exercise price of $0.375 per share and will expire five years following the date of issuance.

All of the securities are to be sold by META.

The gross proceeds of the offering are expected to be approximately $25 million before deducting the underwriting discount and estimated offering expenses payable by META.

The offering is expected to close on or about April 18, 2023 subject to satisfaction of customary closing conditions, per the company’s press release.

This is great news for Meta Materials fundamentally, though the dilution may not sit well with many shareholders.

Shares of MMAT stock fell more than -39% on Friday despite the company announcing its plan to raise capital.

Here’s how Meta says it plans to use the cash.

Latest Meta Materials Stock News

latest meta materials stock news
Market News Daily – MMAT Issues New $25 Million Public Offering.

“META intends to use the net proceeds from the offering for working capital and general corporate purposes, which include, but are not limited to: on-going development of our existing and future products, (such as our advanced materials NPORE® and NCORE™ for Li-ion battery applications, electro-optical devices, the expansion of our manufacturing facilities and capital equipment purchases), as well as general and administrative expenses.”

The company filed a shelf registration statement on Form S-3 relating to the shares of common stock offered in the public offering described above with the Securities and Exchange Commission (the “SEC”) on November 10, 2022, which was declared effective by the SEC on November 18, 2022.

Meta filed a preliminary prospectus supplement and accompanying prospectus relating to the offering with the SEC on April 13, 2023.

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[stock_market_widget type=”chart” template=”basic” color=”#5679FF” assets=”MMAT” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” display_currency_symbol=”true” api=”yf”]

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