Tag: Meta Materials (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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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.

For more news and updates on MMAT stock, join the newsletter below.

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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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