Tag: MMTLP Stock News (Page 1 of 7)

Senator Inquiries Now Grow in The MMTLP Scandal

Senator inquiries are now growing 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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Market News Today - Senator Inquiries Now Grow on The MMTLP Scandal.
Market News Today – Senator Inquiries Now Grow in The MMTLP Scandal.

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Chairman Gensler Continues to Dodge MMTLP in New Briefing

SEC Chairman Gary Gensler continues to dodge the MMTLP inquires according to the latest briefing.

Last week, Rep. David Valadao, California’s 22nd Congressional District, requested four key things from the SEC Chair and CEO of FINRA in regard to MMTLP — one being 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.

Now Rep. Ralph Norman has asked Chairman Gensler if he’s 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.

In mid-July, Congressman Eli Crane, 2nd District of Arizona, submitted a letter to both SEC Chairman Gary Gensler and the House Financial Services Committee Chairman Patrick McHenry relating to the MMTLP fraud allegations.

By late July, a total of 15 congress members requested an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from a U3 halt, which resulted in disastrous losses for investors.

Congress has begun to crack down on the MMTLP fraud scandal after investors organized and sent more than 40,000 letters raising concerns on the issues.

Tens of thousands of investors’ money has been stuck in limbo ever since FINRA locked MMTLP shareholders from buying or selling the stock just days prior to delisting the ticker.

Shareholders are doing everything in their power to raise concerns around the issue in efforts to find a solution.

Why does Gary Gensler continue to doge MMTLP? Users online allege he’s protecting bad actors behind the fraud.

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.

Also Read: Congress Has Now Released a New Report on MMTLP

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Market News Today - Chairman Gensler Continues to Dodge MMTLP in New Briefing.
Market News Today – Chairman Gensler Continues to Dodge MMTLP in New Briefing.

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Member of Congress Orders MMTLP Share Count in New Letter

Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.

A member of Congress has ordered an MMTLP share count in a new letter to SEC Chairman Gary Gensler and FINRA CEO Robert Cook.

Congress has begun to crack down on the MMTLP fraud scandal after investors organized themselves and sent more than 40,000 letters raising concerns on the issues.

In July, a total of 15 congress members requested an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from a U3 halt, which resulted in disastrous losses for investors.

Rep. David Valadao, California’s 22nd Congressional District, has now requested four key things from the SEC Chair and CEO of FINRA in regard to MMTLP — one being an audited share count.

“I am concerned about the Financial Industry Regulatory Authority’s (FINRA) decision to halt trade of the Series A Preferred Shares of Meta Materials, that traded under the symbol MMTLP, days before it was announced MMTLP would be deleted.

This issue has been brought to my attention by numerous constituents, with deep concerns regarding the status and ownership details of their shares.

FINRA’s decision to halt trade in these shares without public notice has resulted in the financial suffering of many in my district and throughout the country.

The U.S. Securities and Exchange Commission (SEC) and FINRA have a responsibility to protect investors and the wider public, ensuring the stability and integrity of the market.

Due to the financial distress faced by my constituents, I am seeking information regarding the actions that led to the suspension of trading for MMTLP on December 8, 2022, shortly before the planned removal of the MMTLP symbol on December 13, 2022.

In response to these concerns, I hereby make the following requests:

Congress Requests Answers From SEC and FINRA on MMTLP

Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.
  1. A concise briefing be delivered to my office from the relevant authority, either the SEC or FINRA, with the capacity to provide insights into the circumstances surrounding the trading halt for MMLTP.
  2. A confirmation from FINRA that the trading halt fell within their jurisdiction and followed established industry standards.
  3. A clearly outlined, written response detailing the expected course of action for my constituents’ existing holdings. This should be accompanied by a timeline that outlines the steps and offers an estimated timeframe for resolution.
  4. I request the delivery of an audited and consolidated count of shares that were held by the investing public related to Meta Materials’ Series A Preferred Shares on the date of December 9th, 2022. This should encompass all relevant documentation or disclosures to foster transparency and confidence among my constituents regarding their ownership interests.

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.”

Just last week, Senator Mike Crapo questioned Gensler on whether an investigation was happening with MMTLP, or whether details of what occurred with MMTLP would be released at some point.

While the SEC Chair failed to provide any valuable answers, momentum is certainly growing for the community.

Especially now that an MMTLP share count is being requested from a member of Congress.

Is the MMTLP case finally coming to an end? It has certainly taken another giant step forward.

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

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Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.

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Congress Is Now Cracking Down on The MMTLP Fraud Scandal

Market News Today - Congress Is Now Cracking Down on The MMTLP Fraud Scandal.
Market News Today – Congress Is Now Cracking Down on The MMTLP Fraud Scandal.

Congress is now cracking down on the MMTLP fraud scandal that has affected tens of thousands of investors after the self-regulatory body, FINRA, halted trading prior to delisting.

Investors were prohibited from taking their money out two days prior to the delisting of MMTLP due to an unprecedented U3 halt.

Since December of 2022, investors have urged FINRA for blue sheets, but the request was denied.

In July, a total of 15 congress members requested an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from the U3, which resulted in disastrous losses for investors.

More than 40,000 MMTLP letters have been sent to Congress this year, with several community members making phone calls daily — their actions have now paid off.

On September 12, Senator Mike Crapo questioned Gensler on whether an investigation was happening on MMTLP, or whether details of what occurred with MMTLP would be released at some point.

While the SEC Chair failed to provide any helpful answers, momentum is growing for the community.

Now the Financial Services Committee is having a meeting on Thursday to identify what the next steps are in terms of finding a solution for the MMTLP scandal.

“The Financial Services Committee to determine next steps. At this point, we feel it’s most helpful to have a coordinated response (FINRA / SEC listens to requests from the Committee much more than an individual member).

I have a meeting on Thursday with the Committee to discuss next steps and will raise every suggestion you made below. Our goal is your goal – get answers and solutions,” said a member from the Financial Service Committee.

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

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Market News Today - Congress Is Now Cracking Down on The MMTLP Fraud Scandal.
Market News Today – Congress Is Now Cracking Down on The MMTLP Fraud Scandal.

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Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

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