Tag: Meta Materials News (Page 2 of 2)

MMTLP Shareholders Demand FINRA Release Blue Sheets

Market News Daily - MMTLP Shareholders Demand FINRA Release Blue Sheets.
Market News Daily – MMTLP Shareholders Demand FINRA Release Blue Sheets.

MMTLP shareholders are demanding FINRA to release the blue sheets, also known as EBS (electric blue sheets).

So, what are the blue sheets?

Electronic Blue Sheet (EBS) data files, which contain both trading and account holder information, provide regulatory agencies with the ability to analyze a firm’s trading activity.

Firms are expected to provide complete, accurate and timely Blue Sheet data in response to regulatory requests.

Incomplete, inaccurate and untimely Blue Sheet data compromises regulators’ ability to identify individuals engaging in insider trading schemes and other fraudulent activity. 

MMTLP shareholders want insight as to what type of trading activity was occurring, that could prove to be manipulative or illegal, prior and during the trading halts.

Earlier in March, FINRA responded to investors affected by the MMTLP scandal but shareholders of the security now demand blue sheets.

#ReleaseTheBlueSheets has grown on social media as investors continue to scrutinize the self-regulatory organization.

FINRA sends Blue Sheet requests to firms by email and also posts them on FINRA’s Request Manager system as a second means of notification.

To access FINRA’s Request Manager, go to FINRA Gateway, choose the Request & Filings tab, and then select the “Bluesheet Request” type filter. 

Brokers that do not have entitlement to FINRA’s Request Manager should contact (800) 321-6273.

Firms are responsible for providing FINRA with the firm’s most current Blue Sheet contact information.

Firms should promptly inform the Blue Sheet section of any contact changes by sending an email, per FINRA’s website.

FINRA Investigations Surface

MMTLP FINRA Investigations – FINRA lawsuits.

John Brda, former CEO of Torchlight, which merged with Meta Materials in 2021 says all the bad actors are going to get subpoenaed for their information.

“What’s interesting is that we’re going to find out one way or another, whether we have to do it through the court system or whether congress is going to effectuate change in a way that they can.

We’re going to find out, we’re not gonna stop in this effort so, we have what we believe are, if we end up filing suit in that manner, we have what we believe are basically bulletproof items that will survive motion to dismiss, and then the discovery process starts.

And then discovery is a wide-open door for us to understand actually who all the bad actors are, you know broker dealers involved, market makers, hedge funds, FINRA, DTCC, everybody; everybody’s gonna get subpoenaed for their information.

So, no I don’t believe it’s gonna go away and no I don’t believe it’s gonna be swept under the rug.

We’re hitting this from both angles, through congress and through the court system and we’re not going away — it’s just not gonna happen”, said John Brda.

FINRA has broken their silence after shareholders made enough noise on social media to grab the regulators attention.

Now investigations are surfacing as the scandal becomes more public.

Latest MMTLP Update

MMTLP investors are now reaching out to the Oversight Committee as well as the Financial Service and Senate Committee to make a collective stance on the events that occurred just months ago when FINRA froze trading and delisted the ticker.

“Remember, the way this works is everyone contacts their own reps, then they all convene behind the scenes with their staff and determine who is going to run with this because it is a big deal. This IS with the oversight committee and they are on it!”, said John Brda.

Investors anticipated a long-awaited MMTLP short squeeze during the last few trading days prior to the spinoff — primarily due to big buying volume flooding the market to receive Next Bridge Hydrocarbon shares.

However, MMTLP stock stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.

There are no answers to whether the Oversight Committee will take any action yet but investors who have reached out have said that the committees are very well aware of the events.

The purpose of the Oversight Committee is to ensure the efficiency, effectiveness, and accountability of the federal government and all its agencies.

“We provide a check and balance on the role and power of Washington – and a voice to the people it serves.”

Oversight Committee Number: (202) 225-5074.

This is a developing story — receive updates on MMTLP and other market news via the newsletter or social media platforms below.

FINRA investigation update – FINRA lawsuit news.

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Market News Today - MMTLP Shareholders Demand FINRA Release Blue Sheets.
Market News Today – MMTLP Shareholders Demand FINRA Release Blue Sheets – FINRA lawsuit news.

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MMTLP News: Subpoenas Will Go Out Says John Brda

MMTLP News - John Brda MMTLP
Market News Today – John Brda on MMTLP and FINRA scandal.

The MMTLP scandal continues to grow as investors with full effort put pressure on self-regulatory organization, FINRA.

Earlier this week MMTLP shareholders were able grab the organizations attention after sharing a publication that shed light on the fraud that occurred in December 2022 when trading was frozen, and the ticker was delisted.

The results were devastating as tens of thousands of shareholders lost their entire investment, many had invested their life savings and pension fund money.

John Brda, former CEO of Torchlight, which merged with Meta Materials in 2021 says all the bad actors are going to get subpoenaed for their information.

I had the privilege to speak with John in a space call hosted by BusyBrands.

I wanted to know John’s thoughts on whether he thinks there will be some sort of justice or solution for shareholders, or whether he thinks FINRA will simply try to dismiss the event without taking any real accountability.

His response was very reassuring.

Here’s what he had to say.

John Brda on MMTLP and FINRA Scandal

John Brda on MMTLP and FINRA scandal. MMTLP Subpoenas.

“What’s interesting is that we’re going to find out one way or another, whether we have to do it through the court system or whether congress is going to effectuate change in a way that they can.

We’re going to find out, we’re not gonna stop in this effort so, we have what we believe are, if we end up filing suit in that manner, we have what we believe are basically bulletproof items that will survive motion to dismiss, and then the discovery process starts.

And then discovery is a wide-open door for us to understand actually who all the bad actors are, you know broker dealers involved, market makers, hedge funds, FINRA, DTCC, everybody; everybody’s gonna get subpoenaed for their information.

So, no I don’t believe it’s gonna go away and no I don’t believe it’s gonna be swept under the rug.

We’re hitting this from both angles, through congress and through the court system and we’re not going away — it’s just not gonna happen”, said John Brda.

MMTLP shareholders will be pleased to know action is being taken by activist investors from all walks in life.

For more news, updates, and information on MMTLP, be sure to join the newsletter below.

Related: FINRA Responds to Investors Affected by MMTLP Aftermath

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Market News Today - John Brda on MMTLP and FINRA scandal.
Market News Today – John Brda on MMTLP and FINRA scandal. MMTLP Subpoenas.

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FINRA Responds to Investors Affected in the MMTLP Aftermath

Market News Daily - FINRA responds to MMTLP Investors.
Market News Daily – FINRA responds to MMTLP Investors.

Yesterday we published a piece highlighting FINRA and the MMTLP scandal, deeming it one of the biggest Wall Street frauds in modern finance history.

The MMTLP community got LOUD and managed to gain the attention of the self-regulatory institution FINRA.

That’s right, FINRA heard you and has released an extensive article responding to retail’s concerns, though unfortunately it doesn’t justify the manipulation and blatant theft that occurred to MMTLP shareholders.

In an FAQ, FINRA says it determined that MMTLP had a high probability of undergoing an extraordinary event and it could have caused or had the potential to cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process.

Investors speculate a short squeeze could have been that extraordinary event that could have potentially swayed the market.

In this article, I’m going to include some of FINRA’s responses from their official page.

Why did FINRA halt trading in MMTLP?

MMTLP Update | FINRA MMTLP Statements | FINRA MMTLP News – Franknez.com.

“FINRA is permitted under its rules to impose a quoting and trading halt in an OTC equity security where FINRA determines that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the security or has caused or has the potential to cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process.

FINRA made such a determination for MMTLP and halted trading on December 9.

Among FINRA’s concerns were the facts that, after December 12, the MMTLP shares would cease to be DTC-eligible; MMTLP shares would be cancelled at the time of the distribution (i.e., December 14); and Next Bridge common stock was not expected to be DTC-eligible—raising uncertainty regarding how transactions executed after December 8 would settle in an orderly manner in relation to these dates.

Had MMTLP continued trading after December 8, there was the possibility that investors buying MMTLP during that time period may not have realized that those shares were about to be cancelled by Meta Materials, that they may not receive MMTLP shares before they were cancelled, and that they would not be recorded on December 12 as MMTLP holders eligible to receive Next Bridge common stock in the distribution.”

Why did FINRA halt trading on December 9 if shareholders as of December 12 were entitled to receive the Next Bridge distribution?

FINRA responds to MMTLP investors.
FINRA responds to MMTLP investors.

“FINRA halted trading in MMTLP on Friday, December 9, because securities transactions typically must settle within two business days in accordance with SEC rules.

This means that trades in MMTLP executed on December 8 typically would settle on December 12, while trades executed on December 9 or December 12 typically would not settle until after December 12.

This is important because a seller ceases to be a holder of shares and a purchaser becomes a holder of shares only after a transaction settles.

Therefore, for purposes of the Next Bridge / MMTLP corporate action, only those trades in MMTLP that were executed on or before December 8 typically would have settled in time to establish the purchaser as a new holder of the shares as of December 12.

In addition, after December 12, the MMTLP shares would no longer be DTC-eligible (and the Next Bridge shares were not expected to be DTC-eligible).

This means that, after December 12, any unsettled trades in MMTLP would have needed to be handled through broker-to-broker processes outside of DTC.

Thus, there was uncertainty about whether trades executed after December 8 would settle in an orderly manner, including whether they would settle before the MMTLP shares were cancelled on December 14.”

What happens if short positions in MMTLP were not closed out before FINRA halted trading?

“Broker-dealers have operational conventions in place for adjusting short positions following a corporate action. 

In this instance, FINRA understands that firms have adjusted short positions in MMTLP to reflect an equal size short position in Next Bridge (i.e., an account with a short position of 100 shares of MMTLP now reflects a short position of 100 shares of Next Bridge). 

In other words, the corporate action did not compel short positions to be closed or extinguish any obligations associated with outstanding short positions.”

Do FINRA’s Statements Justify What Happened?

Next Bridge Hydrocarbons
FINRA MMTLP Update | FINRA MMTLP Statements | FINRA MMTLP News – Franknez.com.

These are just but a few statements made by FINRA in response to retail’s concerns in MMTLP.

Investors’ money is still missing after regulators delisted MMTLP in exchange for private stock of company Next Bridge Hydrocarbons.

But the entire promise by Next Bridge has also been questioned.

Next Bridge Hydrocarbons released the following statement regarding the MMTLP halt.

“We recognize that some of our shareholders who owned Meta’s Series A Non-Voting Preferred Stock prior to the Spin-Off might have been affected by FINRA’s halting of the trading in that stock while the Company was still wholly owned and controlled by Meta.

The current board and officers of the Company have no information from FINRA regarding the Trading Halt other than the information in the public notice published by FINRA announcing the Trading Halt.

Further, FINRA did not provide any advance notice to the Company or Meta prior to its initiating the Trading Halt.

While we were not involved in the Trading Halt, we certainly empathize with anyone adversely affected by the Trading Halt and are assessing the matter.

The Company believes that our primary means of delivering shareholder value is to develop our interests in the Orogrande Basin, and we remain focused on this objective.

No further statement has been released since.

Investors Urge FINRA to relist MMTLP

FINRA Fraud

Investors have come up with a solution — to temporary relist MMTLP and allow shareholders to trade the days that were taken from them in the market.

This would allow shareholders to at the very least take their money out of the trade.

If FINRA and parties involved cannot come up with a solid solution to the blatant theft, bigger consequences may head their way.

You can read the full statements by FINRA here.

FINRA MMTLP Update | FINRA MMTLP Statements | FINRA MMTLP News – Franknez.com.

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Market News Today – FINRA responds to MMTLP Investors | FINRA MMTLP Update.

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What Happened to Shares of Next Bridge Hydrocarbons?

Market News Daily: What Happened to Shares of Next Bridge Hydrocarbons?
Market News Daily: What Happened to Shares of Next Bridge Hydrocarbons?

It’s been more than two months since investors have not received their shares of Next Bridge Hydrocarbons.

The last day to purchase MMTLP shares (and be eligible for the dividend) was Dec. 8, 2022.

MMTLP’s final trading day was Dec. 12, 2022.

The distribution date of the private Next Bridge Hydrocarbon shares was Dec. 14, 2022.

More than two months later and shareholders have not received the proposed preferred shares.

The company’s preferred shares that traded under MMTLP have been deleted as part of the highly anticipated Next Bridge Hydrocarbons spinoff.

Before that, on Dec. 9, the Financial Industry Regulatory Authority (FINRA) halted trading ahead of the final day on the market for MMTLP stock.

Next Bridge Hydrocarbons is not a publicly traded company, despite being spun off from one.

Investors who held MMTLP stock on Dec. 13 were expecting to receive shares of the private company.

Next Bridge Hydrocarbons on MMTLP Halt

Market News: Next Bridge Hydrocarbons stock news and updates.

Next Bridge Hydrocarbons released the following statement regarding the MMTLP halt.

“We recognize that some of our shareholders who owned Meta’s Series A Non-Voting Preferred Stock prior to the Spin-Off might have been affected by FINRA’s halting of the trading in that stock while the Company was still wholly owned and controlled by Meta.

The current board and officers of the Company have no information from FINRA regarding the Trading Halt other than the information in the public notice published by FINRA announcing the Trading Halt.

Further, FINRA did not provide any advance notice to the Company or Meta prior to its initiating the Trading Halt.

While we were not involved in the Trading Halt, we certainly empathize with anyone adversely affected by the Trading Halt and are assessing the matter.

The Company believes that our primary means of delivering shareholder value is to develop our interests in the Orogrande Basin, and we remain focused on this objective.”

In regard to what happened to shares of Next Bridge, the company said the following:

“AST has distributed all shares of our common stock related to the Spin-Off –either directly to any stockholders that held their shares directly registered with AST or to our shareholders’ bank, broker or nominee representatives.”

About Next Bridge Hydrocarbons

The Company is an independent public reporting energy company engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. Our primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas. In addition, we have minor interests in the Eastern edge of the Midland Basin in Texas, and two minor well interests in Oklahoma. Please visit www.nextbridgehydrocarbons.com for more information.

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Market News Today - Next Bridge Hydrocarbons stock update
Market News Today – Next Bridge Hydrocarbons stock update.

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