MMTLP: From investors to investigators, Meta yet to disburse next bridge shares

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Despite the completion of Next Bridge Hydrocarbons, Inc. on December 14, 2022, MMTLP shareholders have yet to receive their next bridge common shares.

On December 9, 2022, the Financial Industry Regulatory Authority (FINRA) halted trading and quoting in Meta Materials (MMAT) Inc.’s Series A preferred shares (OTC Symbol: MMTLP).

Several weeks after the halt of MMTLP stocks by FINRA, investors have yet to receive a response to their petitions, a legal response or update.

After halting the shares, investors and shareholders were advised to “Please note that this disclosure and dates from FINRA regarding the trading of MMTLP in connection with the distribution of the shares of Next Bridge Hydrocarbons, Inc. supersedes and replaces all of META’s prior disclosure regarding the logistics and timing of the trading of MMTLP in connection with the distribution.

“Please contact your broker, bank or other nominee for assistance with any questions concerning ownership or trading of META’s Series A Preferred shares.”

After 2 weeks, investors have reported that the new Next Bridge common shares have not appeared in their brokerage accounts. As the dust settles from the contentious trading halt, this has raised some concerns.

Despite being spun off from a publicly traded company, Next Bridge Hydrocarbons is not a publicly traded company. Investors who owned MMTLP stock expected to receive shares of the private company.

Next Bridge Hydrocarbons while speaking to investors said that “We expect it will take AST up to two weeks after the December 14, 2022 distribution date to complete the distribution of the NBH common shares.

“If you are a record holder (on the books of the NBH maintained by AST) of the MMTLP Series A Preferred Stock as of the December 12, 2022 record date, AST will mail statements of holdings to all registered stockholders after the distribution is complete. If you held MMTLP Series A Preferred Stock in “street name” through a broker, bank or other nominee, you should contact your broker or bank directly.”

Aggrieved investors since the halt of MMTLP stocks have not stopped to ask FINRA to clarify the sudden halt of the shares. Some have called the halt a ‘fraud/illegal’ move.

Recently users have been rubbing minds; discussing how to navigate the gray areas. Some even wrote to MMAT, FINRA and called on other external bodies to help in the fight for their shares.

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