Why Did FINRA Halt the Trading of 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.
Related: The Retail Community Says FINRA is Corrupt
Who is FINRA?
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.
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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Show CommentsFrank. How do we infirm regular guy 401k ni interest in stocks how this crime and all the games that the carnival full of all the griffs to fleece us rubes
Its all a ponzi out in our eyes ponzi
THIS HALT IS what GARY the Glitch alluded too way back when. That if anything out of the ordinary should happen, “say retail is making $$$”
This is what they will base their argument
On ” we halted mmtlp back then ND that is the reason we’re halting _______ today.
We have to all walk in to our states capital and blow whistles
I am fairly new to investing. When they stated the shared purchased on the 9th & 12th WOULD NOT have the Distribution Attached it was OBVIOUS they COULD NOT COVER FTDs with them.
Easiest example would be, why would you buy a peanut shell without the PEANUTS?
IF THEY COULD NOT COVER without the Distribution, why would they buy?
This debacle could cause tax implications on holders of $mmtlp. Today, my Fidelity account changed my entire purchase history to say that I sold all my shares on 12/29/22 (impossible, it was halted) and then that I bought the Fidelity placeholder for the same amount on 12/29/22. So it is acting like I have made a profit by selling (I’ve never sold, so impossible) while at the same time changing my capital gains statuses from almost entirely long-term capital gains with a very small portion of short term to now all of them are listed as short term capital gains with a purchase of 12/29/22 (again, impossible). I’m afraid I will get taxed on these ‘gains’ that I never got and receive a big tax bill as a result.
Why isn’t the FBI investigating FENRA?
Great question
FAT MANILLA ENVELOPES!
http://www.mmtlpstudios.com to hear our stories. http://Www.fairmarketsnow.org to read the comprehensive history of what all happened and to in 1 minute or less send letters to your congressional representatives to advocate for resolution and change. Letters change daily! Thank you so much Frank for lending your voice to our cause, it is much appreciated!
🤝
Leave your thoughts below!
Because they’re fucking crooks. Corrupt, bitch ass clowns. They will get theirs.
😤😤
Thank you so much for lending your voice to our cause Frank! You can hear more of our stories at http://www.mmtlpstudios.com which has video testimonials from investors of how this situation has affected them. A member of our community has also created http://www.fairmarketsnow.org which contains a comprehensive timeline of events leading up to the halt as well as a way to email your Congressional representatives with a new letter daily in order to advocate for their aid in our situation.
Sorry for the double post, after the first it didn’t show up so didnt know if there was some error on my end. Happy to delete if I can figure out how…