Tag: Meta Materials (Page 1 of 2)

Meta Materials Is Now Liquidating Its Entire Assets Under Bankruptcy

August 10, 2024 / Frank Nez

Meta Materials is now liquidating its entire assets under bankruptcy provisions of Chapter 7, the company confirmed per a filing.

“As a result of the Bankruptcy Filing, a Chapter 7 trustee will be appointed by the Bankruptcy Court and will administer the Company’s bankruptcy estate, including liquidating the assets of the Company in accordance with the Bankruptcy Code.,” the filing said.

Once a Chapter 7 trustee is appointed, an initial hearing for creditors will be scheduled, and the Notice of Bankruptcy Case Filing will be sent to known creditors.

Investors have expressed their disappointment towards the board of directors on social media.

“No shock. Interesting that they tried a 1:100 dilution and that was the one and only attempt. No communication with investors regarding concerns.

They just want wide open no strings ATM. lol. What a joke. It was all risk vs reward once palikaris was booted no communication,” said one investor on X.

“Absolutely disgusting the fraud and manipulation that destroyed this company. The board of directors are CROOKS absolute disgrace!!!”, said another.

Meta Materials terminated all of its employees and executive officers on August 7, 2024, including Uzi Sasson, its President and Chief Executive Officer, and Dan Eaton, its Chief Legal Officer, with the terminations of Messrs. Sasson and Eaton effective concurrent with the Bankruptcy Filing.

The Company currently does not have any executive officers or employees.

Upon the bankruptcy filing, each of John R. Harding, Allison Christilaw, Steen Karsbo, Kenneth Hannah, Vyomesh Joshi and Philippe Morali tendered their resignations as members of the Board of Directors.

Each of the directors resigned due to the bankruptcy filing, and the resignations were not the result of any disagreements with the company regarding the company’s operations, policies, or practices, per the SEC filing.

“The resignation of the company’s directors effectively eliminates the powers of the Board of Directors, and following the director resignations, the Company does not have directors serving on the Board of Directors.”

Investors were hoping the company would help guide them in seeking justice to the MMTLP fraud that occurred.

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Also Read: The SEC Now Awards A Whistleblower A Whopping $37 Million

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The S&P Global now raises AMC Entertainment’s rating to CCC from SD (selective default), but says the company is “unsustainable”.

“While AMC has extended most of its near-term maturities, we continue to view its capital structure as unsustainable due to its substantial debt burden,” S&P Global said in a statement.

On July 22, AMC Entertainment announced that it had addressed its debt burden by using its theater properties and related intellectual property as collateral to extend the maturity on its 2026 debt obligations out to 2029.

However, according to credit rating agency S&P Global, AMC’s efforts to pay down an estimated $4.5 billion in long-term debt face significant industry-wide challenges, as also stated by CEO Adam Aron.

This is as the company tries to weather the ongoing impact of the COVID-19 pandemic as well as the disruptions caused by the concurrent strikes by Hollywood actors and writers.

So while AMC has succeeded in pushing out its debt maturity timeline, it continues to grapple with macroeconomic headwinds facing the movie theater industry.

The dual strikes in the entertainment sector have further complicated AMC’s efforts to manage its substantial debt load and navigate the recovery from the pandemic’s effects.

“The negative outlook reflects our expectation that AMC’s revenue will decline by 5 percent-7 percent in 2024 due to a limited theatrical release slate, resulting in negative free operating cash flow and leverage in the mid-7x area,” the credit ratings agency added in its commentary about AMC’s overall capital structure.

The credit ratings firm added AMC’s box office performance should improve towards the end of 2024, “but we think that full-year performance will be materially worse than 2023.”

“Through the first half of 2024, the box office has faced significant disruption from the strikes, especially in the second quarter.

We now forecast total domestic box office revenue of around $8.25 billion for 2024, a decline of about 7% compared to 2023,” S&P Global forecasts.

CEO Adam Aron said AMC Entertainment Holdings Inc. had the best Q2 June in its 104-year-old history.

The company was also able to secure more than $770 million in cash equivalents by the end of the second quarter.

The “box office is making a come back”, said Adam Aron during the Q2 earnings call.

In a statement, CEO Adam Aron suggested to continue supporting AMC movie theaters to increase consumer demand.

His optimism and bullish sentiment derives from the $770 million in cash equivalents the company was able to generate.

To further support this sentiment, the CEO cited box office numbers are roaring and anticipates upcoming titles will continue to propel AMC Entertainment forward.

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Also Read: SEC Now Charges CEO For Whopping $170 Million Fraud Scheme

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Meta Materials Now Files An Unexpected Bankruptcy

August 1, 2024 / Frank Nez

Meta Materials now files an unexpected bankruptcy following a slew of technical difficulties with its website and communications systems.

In an SEC filing, the company reports that it has commenced bankruptcy proceedings by filing an assignment in bankruptcy under section 49 of the Bankruptcy and Insolvency Act (Canada) in the District Court of Ontario.

“Grant Thornton Limited was appointed as trustee in the bankruptcy for the benefit of the creditors of MTCI.

The trustee will wind down the business of MTCI and make distributions, if any, to its creditors in accordance with the applicable provisions of the Bankruptcy and Insolvency Act (Canada),” the filing read.

On July 25, Meta Materials’ website, alongside its email system and other communications were taken offline.

The website was then re-activated and email systems restored on July 29, 2024.

The company stated that it proceed with its bankruptcy filing on July 26, the time in between when all of its systems were temporarily offline.

Investors are now questioning the integrity of the company after being left in the dark in regards to the MMTLP event.

“Everyone weaseling their way around taking accountability for stealing our money.

I wouldn’t be surprised If NBH did the same thing. Just slowly pulling away with loop holes,” says one user (@U3HaltCorrupt) on X.

“So…what do we do? Never been in this situation before having shares in a company who files for bankruptcy,” says another investor.

Last year, the SEC provided John Brda and former Meta Materials CEO George Palikaras with “Wells Notices” relating to a previously disclosed SEC investigation into, among other things, the merger involving Torchlight Energy Resources, Inc. and Metamaterial Inc.

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Also Read: Foreign Markets Are Now Imposing Bans For Illegal Trading

Other Stock Market News Today

Market News Today - Meta Materials Now Files An Unexpected Bankruptcy. — Market News Today – Meta Materials Now Files An Unexpected Bankruptcy.

The SEC now charges a CEO for a whopping $170 million fraud scheme that tricked its investors about the company’s actual growth.

In its statement, the Securities and Exchange Commission (SEC) has charged Abraham Shafi, the founder and former CEO of the private social media startup “IRL” (Get Together Inc.), with defrauding investors.

According to the SEC’s complaint, Shafi, who resides in Pepeekeo, Hawaii, raised approximately $170 million from investors by misrepresenting IRL as a rapidly growing social media platform that organically attracted the majority of its claimed 12 million users.

In reality, the SEC alleges that IRL spent millions of dollars on advertisements that offered incentives to download the app, and Shafi concealed these marketing expenses from investors.

The SEC further alleges that Shafi failed to disclose to investors that he and his fiancée, Barbara Woortmann, used IRL’s business credit cards to pay for hundreds of thousands of dollars in personal expenses, including clothing, home furnishings, and travel.

By making false and misleading statements about the company’s growth and concealing the extensive personal use of company funds, the SEC claims that Shafi defrauded investors who provided the $170 million in funding to IRL.

“As we alleged, Shafi took advantage of investors’ appetite for investments in the pre-IPO technology space and fraudulently raised approximately $170 million by lying about IRL’s business practices,” said Monique C. Winkler, Director of the SEC’s San Francisco Regional Office.

“Investors in this space should continue to be vigilant.”

The SEC’s complaint, filed in the U.S. District Court for the Northern District of California, charges Shafi with violating the antifraud provisions of the federal securities laws and seeks permanent injunctive relief, civil money penalties, disgorgement with prejudgment interest, and an officer-and-director bar against Shafi.

The complaint also names Woortmann as a relief defendant and seeks disgorgement with prejudgment interest for the personal expenses she charged to an IRL credit card that were ultimately paid with investor money, per the report.

Also Read: Short Seller Who Shorted GameStop Now Surrenders to Securities Fraud

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Meta Materials Announces Favorable Ruling in New Lawsuit

October 2, 2023 / Frank Nez

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.

Senator Inquiries Now Grow in The MMTLP Scandal

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.”

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Why Did FINRA Halt the Trading of MMTLP?

June 8, 2023 / Frank Nez

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

“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?

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.

“We are going to see the mother load of shares that don’t exist.. it’s going to pale $AMC & $GME “ 🚨

FINRA halted the trading of $MMTLP and this ticker may expose the Corruption on Wall Street with Naked Shorts. FINRA currently has multiple Lawsuits against them atm💥 rt pic.twitter.com/fMEPfSTcly
— Meta News🚨 (@MMATNEWS) March 2, 2023

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MMAT Issues New $25 Million Public Offering

April 14, 2023 / Frank Nez

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

“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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Tag: Meta Materials (Page 1 of 2)

Meta Materials Is Now Liquidating Its Entire Assets Under Bankruptcy

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Meta Materials Now Files An Unexpected Bankruptcy

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Meta Materials Announces Favorable Ruling in New Lawsuit

Senator Inquiries Now Grow in The MMTLP Scandal

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Why Did FINRA Halt the Trading of MMTLP?

FINRA Comments on MMTLP Halts

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MMAT Issues New $25 Million Public Offering

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