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.
Sent TDA a message yesterday, and received a reply today: #MMTLP @PaulusGreatus pic.twitter.com/PHtXHguT7o
— diva2000ck (@diva2000ck) December 21, 2022
— ro!!ercoaster (@Mojolicious1) December 21, 2022
All lies. Hang tight for a real answer.
— Natektronic (@NateK11) December 21, 2022
1. Illegal trading of $MMTLP stock
2. Unregulated naked shorts
3. Using counterfeit shares to drive down the price
4. Shorts not closing
5. Halting a stock when it helps Big Money @FinancialCmte
@FSCDems
Biggest scam ever: Trillions of dollars in fake stocks. pic.twitter.com/3b4LhBzPGd
— Love Taro Pie 🇺🇸🇨🇦 (@VeronicaAMCA) December 30, 2022
#mmtlp #finrafraud pic.twitter.com/C6f4iHa3DQ
— Sean Brookshier (@sean_brookshier) December 30, 2022
DO I HEAR AN AMEN? 💥💥MMTLP💥💥💥💥💥AMEN!!!!!
— 💥MmTLP💥 (@Mark12884765) December 30, 2022
$MMTLP shareholder call to #AST 12/ 27
The broker wanted to know if there's any spots left.
AST: Based on the updates that we have there's nothing that indicates that there's not, okay…… and they should have you know further instructions of anything regarding that through DTC https://t.co/R08D4gA1J1
— Fine Art and Awesome Things (@Art_is_Superb) December 30, 2022
$MMTLP #MMTLP #FINRAFraud https://t.co/YLjUaHAvGm
— Ash🦋 (@AshB2781) December 30, 2022
not a 'peep' out of them…did get a letter from schwab confirming my account has been credited with my preferred shares
— chuck morford (@chuckmorford2) December 30, 2022
@palikaras I called corporate actions with Aneritrade and they said that they are waiting on a statement from MMTLP( Nextbridge) to give them information on how to move forward.What a joke. Pass this along please.
— Susan Galjour ( midnightcaller) (@SusanGaljour) December 30, 2022
how our US Government @The_DTCC @SECGov @FINRA swear there are no faux shares and there are no faux shares in $mmtlp #finrafraud
— $MMTLP Golden tickets (@jennifer_bry) December 30, 2022
$GME, $AMC, $BBIG, $MMTLP, $COSM, $GTII
If this tweet does not have 300K+ views, then there will be no $AMC OR $GME MOASS.$MMTLP did a spin-off into a private company and shorts had to close all of their short positions which would have resulted in an epic squeeze. pic.twitter.com/33KR3rmizk
— Methuselah (@SamuelW78996908) December 30, 2022
this outlines the exact time frame in how the ACATS is processed. There’s buffer for an additional day for review. But this is 2-3 days max.
— Timothy Alan (@_timothyalan_) December 30, 2022
#mmtlp #FINRAfraud #CounterfeitShares @FINRA tell your broker members they must close the counterfeit shares immediately!! I calculated an extremely fair value per share since your agency robbed retail investors of true price discovery with the halt. $9,311.99 #payupbrokers pic.twitter.com/dHc4sGJ2az
— Win-A-Tude (@TrendsBreak) December 30, 2022
@TDAmeritrade the U3 halt has expired and DTCC chill notices are required to be publicly posted to DTCC to be legally binding. I await your response on what time tonight I can expect to receive my #NextBridgeHydrocarbons shares#finrafraud #mmtlp $mmtlp #meta $mmat pic.twitter.com/HXlv6xBMSv
— Theo Maxwell (@_TheoM_) December 28, 2022
pursuant to #FinraFraud rule 6440(a)(3), if halt is not extended, and 10 business days have passed, #MMTLP shall be reinstated for trading. Therefore, if notice of an extension is not received, I fully expect trading to commence 12/26/22. 930am Ring the bell bitch. 🔔 Ding. Ding. pic.twitter.com/78ZNNCe7Ra
— Blood Has Been Shed, Jerry! (@_J_R_E_M_Y_) December 22, 2022
NOTHING HAS CHANGED!! @Fidelity created new cusip/placeholder only for their shares. No one recognizes it, but Fidelity. $MMTLP #Mmtlp.They have showed their hand! Each brokerage will cover their own ASS! KNOW WHAT YOU OWN!!! #Fairmarketsnow.org #finrafruad #AMC #FTX #GME #MMAT pic.twitter.com/BWIyAqIkam
— Johnna (@johnnaarintl) December 30, 2022
#MMTLP and $MMTLP and #FINRAFRAUD we are loading torpedoes into the tubes this weekend in Vermont. 165 million shares at $5,000 a share means a Class Action lawsuit from another planet. (Maybe it knocks earth off its axis, too, but i digress…) pic.twitter.com/aNxW4xS2wP
— Scott Traudt (@Greenhills303) December 30, 2022
#MetaFam I am looking for information on how to access documents from Finra. The FOIA does not pertain to them since they are not a Federally governed entity. I really need to find the 15c-211 that made $MMTLP tradeable. Anyone with info please reach out! #FinraFraud
— UncleSmokeyStockTrades (@SmokeyStock) December 30, 2022
WOW! CHECK THIS OUT! I JUST GOT THIS AFTER DEMANDING PROOF OF MY NEXT BRIDGE HYDROCARBON SHARES!#MMTLP #FINRAFRAUD pic.twitter.com/p3lrlnz6uV
— Amcneverleaving💯 (@Killerfromabove) December 30, 2022
Hey Brokers,
We the people demand answers!
You sold shares you can't deliver!
You lie & stonewall$mmat $mmtlp #finrafraud@Fidelity @WebullGlobal @etrade @RobinhoodApp@IBKR @MerrillLynch @questrade @CharlesSchwab @WellsFargo @MorganStanley @tdameritrade @Ally @Vanguard_Group pic.twitter.com/38GYzQ08HC
— Hollywood Henry (@HollywoodHenry) December 29, 2022
Dear #MMTLP fam,
1. I have not yet heard anything on my case.
2. If the defendant filed I would have received notice via the online portal (I have not) – this means currently no movement
3. I am working full time at my job so very busy
4. I am v tired but thinking of moves
— Roza (@RozaTawil) December 29, 2022
SEC approved 424b says 2 weeks, not trading days for AST to complete transfer of all shares. Brokers CONTRA shares are counterfeit fake shares. 14 days was DEC 27th, 2022. Where the hell are my shares? #MMTLP #NextBridgeHydrocarbons https://t.co/xHqXUN7BqG pic.twitter.com/xIpF24C0k7
— Carl Icahn's Pillow💰💵🏧 (@stonkmeister420) December 28, 2022
If your broker refuses to open a case in your behalf, you have every right to call the DTC and they will open up a case against your broker. +1 888-382-2721
The term is called stonewalling$mmtlp $mmat #finrafraud #Brokerfraud https://t.co/yAJCmXu16B pic.twitter.com/aYDZuzK4ya
— Cyntax 🦋Queen of the Metaverse 🦋 (@Cyntaxed007) December 29, 2022
$MMTLP #FINRAFRAUD
Just spoke to an advisor at @CharlesSchwab (reporting and securities team not in yet). Confirmed internal bulletin update as at yesterday. @The_DTCC have received and are reconciling NBH shares. They are now awaiting outcome from there…
— A Bloke (@TheScore101) December 30, 2022
#MMTLP @RepMaxineWaters @RepTedLieu @RepKatiePorter There are multiple lawsuits including one in California against Finra, DTCC and Fidelity re #MMTLP. It’s time you do your jobs and intervene!!
— Richard Hofman (@Rahraw999) December 29, 2022
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Great post and explanation regarding what’s going on. I hope this gets solved soon and those bad actors are held accountable.
They keep distributing different placeholders, but then when you ask them to have the shares transferred to AST they can’t do it… because they are just placeholders!
Over 6 months later… We could use an update on this story please!