Tag: MMTLP (Page 1 of 9)

Official: NBH Is Now Actively Working To Meet With FINRA

Official: Next Bridge Hydrocarbons (NBH) is now actively working to meet with FINRA and the SEC to address investor concerns on MMTLP.

The oil and natural gas company said in a statement that it “hope[s] the meeting can largely be devoted to discussing forward-looking and productive options for jointly addressing ongoing investor concerns.”

The MMTLP scandal has been recognized as one of the biggest Wall Street frauds of the decade.

Investors who held shares of MMTLP stock on the record date of December 12 would receive a preferred dividend of Next Bridge Hydrocarbon on Wednesday, December the 14th.

However, MMTLP stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning, leaving investors without funds to pull out and in the dark.

NBH has released the following statement:

“Next Bridge firmly believes that we and our investors have a right to know, and Congress and the SEC have an interest and duty to understand, the total aggregate outstanding uncovered short positions held by foreign and domestic institutions that exceed the issued and outstanding shares of our company.

Unfortunately, this important figure remains unknown.

We call on FINRA and the SEC to take a more proactive ownership role in completing the necessary accounting for several key reasons:

First, FINRA and the SEC have access to resources, investigatory powers, and foreign information sharing tools, and we rely on them to serve as champions of the full and complete trading facts for the investing public and US companies whose securities are publicly traded under their oversight.

Second, we believe this information is necessary to help clarify potentially misleading information that has been disseminated to investors and the public.

FINRA issued an “Investor Insights” FAQ on its website stating that “there was an aggregate short interest position in MMTLP in accounts held at broker-dealers as of December 12 of approximately 2.65 million shares out of 165.47 million total shares outstanding.”

FINRA went on to characterize this volume as “not significant.”

We infer no intent to mislead by FINRA, but we note that this statement was not qualified to make clear that the scope of the data available to FINRA under the investigatory powers it cited was limited, and thus it implied a categorical summation of the entire uncovered short interest position in Next Bridge.

If FINRA is unable to report on the entire universe of the outstanding uncovered short positions in Next Bridge, including short interest positions held via foreign brokers, we request that they maintain full transparency of this fact in communications with interested parties and refrain from descriptions of the short interest as inconsequential until this is borne out via a comprehensive investigation.

One of the biggest concerns is that uncovered short selling activity might have been carried out by entities that are also exempt from SEC registration or via transactions that are otherwise exempt from reporting.

This in it of itself is worthy of bringing to the table when involving regulatory structure and fair change for retail investors.

Share this article with the community to raise awareness.

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Also Read: 40,000 MMTLP Letters Have Now Been Sent to Congress

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Market News Today - Official: NBH Is Now Actively Working To Meet With FINRA.
Market News Today – Official: NBH Is Now Actively Working To Meet With FINRA.

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Missing MMTLP Certificates Now Back Up Possibility of Illegal Trading

Missing MMTLP certificates now back up the possibility of illegal trading, more evidence that fraud was at play prior to delisting.

Investors who held shares of MMTLP stock on the record date of December 12 would receive a preferred dividend of Next Bridge Hydrocarbon on Wednesday, December the 14th.

However, more than a year later, brokers are claiming that they do not have enough certificates to transfer this dividend to AST.

Broker firm TradeStation told investors that it was not possible to provide them with their (obligated) dividend due to a lack of certificates.

This has raised the question of the number of shares in existence created through the illegal practice of ‘naked short selling’, and provides evidence of how investors are still being affected to this day.

“So you did call in on the 13th requesting to have your shares sent over to (the Next Bridge Shares), transfer over to AST, and we did inform you unfortunately we could not send them over because we do not have enough certificates at this time,” a TradeStation representative told an investor.

“Still can’t get Robinhood to transfer mine since October 31!!!,” says a user on X, formerly known as Twitter.

Activists online are urging congress members to hold these financial institutions liable for the massive disruption and distress caused to individual shareholders.

“$MMTLP shareholders have validated 194% of TradeStation’s allocated registered stock certificates. @TradeStation’s official allocation at AST: 122,622. Shareholders’ validated shares: 237,927 and counting!” reports retail activist JunkSavvy on X.

MMTLP TradeStation news and updates.
MMTLP TradeStation news and updates.

This is a developing story — for more news and updates like this, follow me on X.

NOTE: Several FrankNez MMTLP reports has now been acknowledged by the Congressional Research Service.

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Also Read: Massive Banks Are Now Getting Fined For Illegal Short Selling

Other MMTLP News and Updates

Market News Today - Missing MMTLP Certificates Now Back Up Possibility of Illegal Trading.
Market News Today – Missing MMTLP Certificates Now Back Up Possibility of Illegal Trading.

Massive concern in MMTLP now surges according to a new letter sent out to the SEC and FINRA with over 70 co-signatures from Congress.

“Over 70 co-signers on my letter this morning to FINRA and the SEC concerning #MMTLP – Meta Materials Series A preferred shares,” reported Rep. Ralph Norman on X last Friday.

“We write to request that the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) review events surrounding Meta Materials Series A preferred shares (MMTLP),” the letter read.

“As you know, MMTLP was created during a merger between Meta Materials (MMAT) and Torchlight Energy Resources (TRCH) to provide preferred stock dividends to TRCH shareholders.

MMTLP shares began trading on the OTC market in 2021. In the summer of 2022, the SEC received and subsequently approved a Form S-1 and amendments to spin-off a portion of the company, Meta Materials, into a new company, Next Bridge Hydrocarbons (NBH).

On December 9, 2022, FINRA issued a U3 halt on trading in the company’s stock, preventing shareholders from making further trades.

Since the halt, constituent investors have contacted Members of Congress regarding the spin-off transaction and the subsequent halt on trading. Specifically, we have received more than 40,000 letters from concerned investors,” the letter stated.

Many of our constituents have concerns regarding the circumstances surrounding the U3 halt and level of short selling in MMTLP.

As you know, the securities industry is regulated by a disclosure-based regime, and transparency is paramount to FINRA’s and the SEC’s goals of protecting investors and ensuring market integrity.

We believe it is appropriate that FINRA and the SEC review these market events and determine what, if any, wrongdoing may have occurred in order to dispel misinformation and properly safeguard investors.”

Now Congress is requesting for the following questions to be answered by regulators:

Read Full Excerpt Here.

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Market News Today - Missing MMTLP Certificates Now Back Up Possibility of Illegal Trading.
Market News Today – Missing MMTLP Certificates Now Back Up Possibility of Illegal Trading.

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Scroll below to view my stock purchases this month!

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Massive Concern in MMTLP Now Surges According to New Letter

Massive concern in MMTLP now surges according to a new letter sent out to the SEC and FINRA with over 70 co-signatures from Congress.

“Over 70 co-signers on my letter this morning to FINRA and the SEC concerning #MMTLP – Meta Materials Series A preferred shares,” reported Rep. Ralph Norman on X last Friday.

“We write to request that the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) review events surrounding Meta Materials Series A preferred shares (MMTLP),” the letter read.

“As you know, MMTLP was created during a merger between Meta Materials (MMAT) and Torchlight Energy Resources (TRCH) to provide preferred stock dividends to TRCH shareholders.

MMTLP shares began trading on the OTC market in 2021. In the summer of 2022, the SEC received and subsequently approved a Form S-1 and amendments to spin-off a portion of the company, Meta Materials, into a new company, Next Bridge Hydrocarbons (NBH).

On December 9, 2022, FINRA issued a U3 halt on trading in the company’s stock, preventing shareholders from making further trades.

Since the halt, constituent investors have contacted Members of Congress regarding the spin-off transaction and the subsequent halt on trading. Specifically, we have received more than 40,000 letters from concerned investors,” the letter stated.

Many of our constituents have concerns regarding the circumstances surrounding the U3 halt and level of short selling in MMTLP.

As you know, the securities industry is regulated by a disclosure-based regime, and transparency is paramount to FINRA’s and the SEC’s goals of protecting investors and ensuring market integrity.

We believe it is appropriate that FINRA and the SEC review these market events and determine what, if any, wrongdoing may have occurred in order to dispel misinformation and properly safeguard investors.”

Now Congress is requesting for the following questions to be answered by regulators:

NOTE: Several FrankNez reports on the MMTLP scandal have now been acknowledged by the Congressional Research Service.

Congress Requests Answers From Regulators Regarding MMTLP

Market News Today - Massive Concern in MMTLP Now Surges According to New Letter.
Market News Today – Massive Concern in MMTLP Now Surges According to New Letter.

Congress members are requesting the following questions to be answered from regulators by no later than January 31, 2024:

  1. Provide a timeline of trading of MMTLP on the OTC markets; the actions taken by the SEC, self-regulatory organizations, the issuers, the transfer agent, and any other relevant parties during the time MMTLP was traded; and the transaction that produced Next Bridge Hydrocarbon shares.
  2. The Former CEO of Torchlight Energy Resources stated that “MMTLP was never designed to trade.” Please provide a detailed explanation, including the relevant statutory authority and procedures, that allowed for MMTLP shares to trade on the OTC market.
  3. Provide the relevant statutory authority, jurisdiction, and adherence to established industry standards regarding the U3 trading halt of MMTLP issued on December 9, 2022.
  4. Provide the exact date and circumstances surrounding FINRA’s determination to implement the U3 halt, including all unredacted communications between FINRA, SEC, governmental agencies, any outside organizations, FINRA members and non-FINRA members, and any other individuals. Also include all information surrounding the SEC or FINRA’s knowledge of the share price in any public or non-public exchange before issuance of the U3 halt.
  5. Provide the first date and time that FINRA or its agents advised any market participant in any manner that MMTLP would no longer trade on December 9, 2022. Include any relevant documents or communication.
  6. Did FINRA issue a Blue Sheet request for MMTLP during the period of October 2021 through December 2022? Why or why not?
  7. How many questions, complaints, and/or inquiries have you received regarding MMTLP?
  8. Provide the statutory or legal justification used by the SEC and FINRA to ignore public requests and congressional inquiries regarding MMTLP.
  9. Provide the delivery of a certified audited and consolidated count of shares that were held by all U.S. and foreign financial institutions, together with their clearing firm counterbrokers including trades not reported in the consolidated audit trail (CAT), related to MMTLP on the date of December 12, 2022. Please include all shares/holdings of long and short positions, as well as IOUs held by each participating broker and market participant as record owner, beneficial owner, or in any other capacity (each reported separately) including but not limited to: all shares registered at AST, all shares held in U.S. broker dealers, all shares held offshore that were traded and never settled through the appropriate clearing channels, and the ability to provide the location associated with each short position identified above.
  10. Have all MMTLP shareholders received their NBH shares?
  11. In your view, did MMTLP investors knowingly enter into a risk-taking transaction with full understanding of material information and without misleading guidance from social media or elsewhere? For example, the SEC has charged social media influencers with manipulation schemes in the past.
  12. In your view, are there better ways to provide transparency and clarity regarding risk disclosures that could enhance market integrity and reduce market disruptions? For example, retail investors and experts (e.g., OTC Markets Group’s vice president) were reportedly confused about MMTLP’s final trading date. As such, investors may not have been able to optimize their investment decisions.
  13. Do you have evidence to suggest the existence of fraud and manipulation related to MMTLP transactions, such as illegal forms of naked shorts and counterfeit shares, that could distort the market?
  14. Have you seen any indications of insider trading and/or pump and dump related to MMTLP transactions?
  15. Are your organizations willing to work with NBH to determine a resolution for existing shareholders? For example, some investors have expressed concern that, even though their brokerage account statements include shares of NBH in their account, these shares may not have actually been delivered to their broker-dealers.
  16. Identify any regulatory or legislative gaps that should be addressed to ensure the SEC, FINRA, and other regulated entities may better protect investors and strengthen market integrity.

This is a developing story – for more market news and updates like this, follow me on X: @FNez_Blogger.

Also Read: Gary Gensler is Now Dodging MMTLP Inquires From Congress

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Market News Today - Massive Concern in MMTLP Now Surges According to New Letter.
Market News Today – Massive Concern in MMTLP Now Surges According to New Letter.

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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.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



Gary Gensler is Now Dodging MMTLP Inquires From Congress

SEC Chair Gary Gensler is now dodging MMTLP inquires from Congress after several letters have been sent without any update or response for the general public.

Congressmember Barbara Lee is the latest member of congress to request answers from Chairman Gensler on MMTLP.

On Monday, December 4, she sent the following letter:

“I am writing regarding an action taken by the Financial Industry Regulatory Authority (FINRA) on META Material’s Series A Preferred Shares (MMTLP).

This has been brought to my attention by a number of my constituents who have expressed concerns with the holding and status of their MMTLP shares.

On December 8th, 2022, FINRA halted trading of MMTLP and announced deletion of the MMTLP symbol five days later.

My constituents have expressed that as a result, they were left without clarity on the future of their investments.

The U.S. Securities and Exchange Commission (SEC) and FINRA have a responsibility to protect investors and safeguard the integrity of our public markets.

Given the financial distress constituents have experienced because of these decisions, I want to ensure that market decisions are being made by regulators in an efficient and transparent manner.

I request that you fully investigate the events surrounding the trading halt of MMTLP and ensure no wrongdoing took place.

Furthermore, I request that you make nay findings publicly available and that you to provide clear guidance to my constituents about what they should expect to occur regarding their current MMTLP holdings and under what timeline they should expect a resolution to take place.

I also ask that you identify any regulatory or legislative gaps that could be addressed to better protect investors and market integrity.”

In November, two letters were sent to both the SEC Chair and FINRA CEO on by two different members of Congress.

As of today, no public announcement has been made by SEC Chairman Gary Gensler on his findings regarding the inquires from Congress and retail investors.

This is a developing story.

Also Read: 40,000 MMTLP Letters Have Now Been Sent to Congress

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Other Market News Today

Market News Today - Gary Gensler is Now Dodging MMTLP Inquires From Congress.
Market News Today – Gary Gensler is Now Dodging MMTLP Inquires From Congress.

A massive group of investors will now occupy FINRA offices and locations across the United States on Friday, December 8.

#OccupyFINRA sheds light on the anniversary of the MMTLP U3 halt that occurred last year, just days before the deletion of the ticker.

Investors have raised awareness of the market injustice that caused families to lose their homes and much worse when their money became trapped.

It’s been nearly a year now with no resolution from U.S. regulators.

Congress has been very proactive thanks to thousands of investors calling their representatives in what has been one of the most organized Main Street events in history.

Last month, Congress member Jared Huffman wrote to Gary Gensler and FINRA CEO Robert Cook describing constituents who are experiencing financial distress as a result of FINRA’s trading halt of MMTLP.

“They [The Constituents] are requesting affirmation that SEC and/or FINRA acted within their regulatory authority and operated under standard practices by issuing the trading halt, and a written response outlining what they can expect to occur with regard to their current holdings, including timelines,” said the Congress member.

Congress member Vicente Gonzalez wrote to SEC Chairman Gary Gensler also requesting answers on the MMTLP fraud.

More than 40,000 letters have been sent to Congress this year, with several of our reports on the matter now being cited by an official Congressional report.

Congress is very well aware of investors’ concerns.

It’s important to note that any protests occurring next month is suggested to remain peaceful and investors should practice safety.

Investors participating in Occupy FINRA can access all FINRA offices and locations here.

Repost this story on X.

Also Read: A Senator Now Puts Pressure on FINRA Regarding MMTLP

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Market News Today - Gary Gensler is Now Dodging MMTLP Inquires From Congress.
Market News Today – Gary Gensler is Now Dodging MMTLP Inquires From Congress.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

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.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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