Meta Materials Inc (MMAT)

[janice shell]

What a really dumb story. On everyone's part.

[Buckey]

BIG bank account reckless spending

[janice shell]

Yes. There's the bankruptcy thing. And then there're the fraud charges brought against Palikaras and Brda by the SEC. When Palikaras was in charge, the company spent money like a drunken soldier.

So what's he got to be so self-righteous about?

[Buckey]

ANS seems to keep mentioning the shorts keeping stock down LOL Maybe because it is on the edge of bankruptcy is keeping it down. what a shame

[1Bigmac]

Can Sen. Rand paul get a looksy at digital market MMTLP?

[1Bigmac]

Beware: https://www.linkedin.com/pulse/meta-materials-inc-silencing-innovation-george-palikaras-cxxze?trk=public_profile_article_view

[janice shell]

A new 8-K from MMAT. No good news in it.

https://www.sec.gov/Archives/edgar/data/1431959/000095017024083975/mmat-20240716.htm

[1Bigmac]

Shorty comes out:

[1Bigmac]

Know how to take a reservation:

[janice shell]

Yep. Sad to say, they've dreamt up some crazy fantasy plot involving an attempt to manipulate a short squeeze. They still don't seem to understand that securities manipulation is illegal. And that there was never a big short in MMTLP anyway. Something like 4 million shares.

Absolutely crazy. It might help if they understood how shorting actually works, but they don't.

And of course the SEC is suing Brda and Palikaras for all that and more. This will not end well for them.

[Buckey]

you made me watch this lol its on you i will never get those precious minutes back.

noone ever seems to answer me clearly. MMTLP was a spinoff to get private Torchlight shares That was it CORRECT? did you all get your shares? that was what it was I think. I dont care about price or about when halted, it was a divvy thats it.

[janice shell]

If so, that's ridiculous. MMTLP never even traded in South Korea.

What a pitiful scam this is.

[1Bigmac]

KIWOOM:

[1Bigmac]

Who is getting to the bottom of this mess:

[1Bigmac]

From confusion to down right shady:

[janice shell]

Yes. Very good explanation from Randi.

[Buckey]

I think our friend has a very famous saying for that by James Randi

There exists in society a very special class of persons that I have always referred to as the Believers. These are folks who have chosen to accept a certain religion, philosophy, theory, idea or notion and cling to that belief regardless of any evidence that might, for anyone else, bring it into doubt. They are the ones who encourage and support the fanatics and the frauds of any given age. No amount of evidence, no matter how strong, will bring them any enlightenment. They are the sheep who beg to be fleeced and butchered, and who will battle fiercely to preserve their right to be victimized.

[janice shell]

Yes, it's just nonsense. But there're a lot of true believers.

[Buckey]

as we know the MOASS naked short selling story was always one of the largest myths out there and then Gamestop came along and enough people beleived and they ran the meme stocks through the roof.

But this naked short selling story telling so many tell is just a fabrication.

[janice shell]

That's true. And remember, most of the excitement was about the silly MMTLP story.

[Buckey]

Oddly enough not a single post here ever questioning that purchase at the time or perhaps not odd because noone ever seemed to give much consideration to the fundamentals of this one. Seen it a thousand times in the dot com boom and BUST.

[janice shell]

There's a long article in All Nova Scotia about Meta's sale of Nanotech Security Corp. to Authentix. The company certainly took a bath. Paid $90.8 million Canadian for it; sold it for US $10 million.

Ouch...

https://www.allnovascotia.com/headlines?lineup=business&story_key=MTc4MTMx

[1Bigmac]

[1Bigmac]

Just a simple share count please:

[janice shell]

Yes, it does. He actually understands this stuff, unlike the culties yelping about naked shorting.

[Jimmy Joe]

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs,

That explains everything Janice.

[janice shell]

For heaven's sake, Buckey! That's just SILLY!!

[janice shell]

Will a wells notice get us a SHARE COUNT:

Of course not.

[Buckey]

Here is a thought and call me old fashioned and not with the times. What about running a company to say develop products or maybe even purchase by acquisitions products. then sell the products for more than they cost because that part is the profit part and then pay everyone and landlords and maybe have some left and that's called net profit for re-investing and growing the company and returning maybe a bit to shareholders .

No I am not drinking this early to come up with such a hairbrained idea.

seems all the whining to the SEC and politicians on the MOASS had an unintended consequence of these latest charges

[1Bigmac]

Will a wells notice get us a SHARE COUNT:

[janice shell]

Oooooh, I've never even read Stocktwits. I have, though, always wondered if they know what the word "twit" means.

[trader59]

Stocktwits is the mother lode. And, yeah, they think the SEC action is just a diversion to protect FINRA and keep those blue sheets secret...

[janice shell]

There don't seem to be any MMAT longs, or MMTLP culties, left at IHub. The only ones left seem to be at Twitter/X.

[trader59]

Saw you guys posting over here as well, so I copied my information from the DD board:

Don't confuse the SEC action with the fake short squeeze pump that was ended with the FINRA halt. There were two events, the merger of Torchlight and Meta Materials that is the subject of the enforcement action. When those two were merging, those 2 guys issued the preferred shares (non-trading) to the Torchlight shareholders so that they'd hold the equity in the fake oil drilling business. The story was they'd sell all those assets, and those preferred shareholders would get a dividend from it. The common stock got re-tickered, and holds equity in whatever the heck the Meta Materials business is. All that crap about the dividend forcing the shorts to cover, making a squeeze, etc., happened then.
Now, fast forward a bit, and those preferred shares suddenly start trading, FINRA assigns a ticker to it, nobody has admitted to filing whatever forms were required to get it. I personally think one or both of those guys got that done, since they had a significant holding of the preferred shares and wanted the dump them. Anyhow, those shares trade for awhile, and Meta Materials announces that they're spinning off the old Torchlight, lock, stock, and barrel, filing an S-1 to register stock for it non-publicly trading, with an intent to exchange the public MMTLP shares 1 for 1. When that's getting towards the end is when the 2nd fake short squeeze happened, heavy pumping across all social media about it, same lack of short interest, FTD's, etc. Leads up to the approval of the S-1, the FINRA halt, the pumpers crying foul (especial the social media video bloggers who were making a mint off their followers and still are today with their breaking news and other revelations), and the rest is history. Well, it should be history, maybe soon the SEC will indict the culprits of that one.
Anyhow, it was two events, and the SEC action is about the first one.

[janice shell]

Yes. His conclusion is exactly right:

Because if you run an unprofitable publicly traded oil company with lots of cash needs and no proven oil reserves, a short-selling conspiracy theory is very valuable to you! If you can get shareholders to believe that (1) all your problems are caused by short sellers, (2) you have found a way to punish the short sellers and (3) your scheme will also push the stock price up, then those shareholders will buy a lot of stock and you can make a lot of money.5 This is all just as cynical as can be, tricking people into believing that the public markets are rigged against them by shadowy short sellers, in order to take their money yourself.

But as you say, the ones who need to listen, won't. I wonder, though, if the creeps making death threats are on the FBI's radar. That would be good.

[lucky, mydog]

good article. unfortunately most of the people who need to read it, won't.

[janice shell]

I hope so too!

[1manband]

Yes, I noticed that, too. I don't exactly know what it entails, but I would not be surprised if it involves further public pumping and dumping of the stock by certain different individuals and/or paid promoters online.

We all know that went on - hopefully the SEC will nail them down.

[janice shell]

This is fun, from Bloomberg:

https://www.bloomberg.com/opinion/articles/2024-06-25/mmtlp-tried-squeezing-the-shorts?leadSource=uverify%20wall

OpinionMatt Levine, Columnist

MMTLP Tried Squeezing the Shorts

Also Hunterbrook, Hess/Goldman and corporate country music.
June 25, 2024 at 2:17 PM EDT

[janice shell]

Finally, someone who gets it:

AND THIS IS WHY COMPANIES SHOULDN'T TRY TO ENGINEER SHORT SQUEEZES AND SWINDLE THE PUBLIC.

The $MMTLP story ends with the SEC charging the former CEOs. pic.twitter.com/7KxsOvKQ5r

— Dizzy 🇵🇸 (@dizalifornia) June 25, 2024

They were trying to make the hedgefunds and market makers baghold this thing — you can't engineer a short squeeze and also promise assets that don't exist. While they themselves were selling & making millions!
Perhaps they could have gotten away with it if they hadn't verbally…

— Dizzy 🇵🇸 (@dizalifornia) June 25, 2024

[janice shell]

Yes. Seems Basile's "protected" his posts so only people he approves can read them.

https://x.com/BasileEsq

[janice shell]

This part at the end is new, and potentially interesting:

A separate Commission investigation regarding subsequent events related to Meta Materials (MMTLP) remains ongoing. If you are an individual with information related to this investigation or any other related suspected fraud and you wish to contact the SEC staff, please submit a tip at SEC.gov.

But I'm afraid they've invited an avalanche of conspiracy stuff.

[lucky, mydog]

basile law firm. lolololol

[1manband]

SEC Charges Meta Materials and Former CEOs with Market Manipulation, Fraud and Other Violations

https://www.sec.gov/news/press-release/2024-77

FOR IMMEDIATE RELEASE
2024-77

Washington D.C., June 25, 2024 —
The Securities and Exchange Commission today filed charges against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras. The company has agreed to settle the SEC’s charges in an administrative proceeding, while the SEC’s litigation against Brda and Palikaras will proceed in federal district court.

The SEC’s complaint against Brda and Palikaras alleges that, as a result of a concerted market manipulation scheme, Meta Materials, a Nevada corporation headquartered in Dartmouth, Nova Scotia, Canada, raised $137.5 million from investors in an at-the-market (ATM) offering in June 2021 immediately prior to the merger of Brda’s Torchlight Energy Resources Inc. and Palikaras’ Metamaterial Inc. that formed Meta Materials.

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges that Brda and Palikaras planned and conducted the manipulative scheme that included, among other things, issuing a preferred stock dividend immediately before the merger. The complaint alleges that Brda and Palikaras told certain investors and consultants—and hinted via social media—that the dividend would force short sellers to exit their positions and trigger a “short squeeze” that would artificially raise the price of the company’s common stock. The SEC further alleges that Brda and Palikaras also misrepresented the company’s efforts to sell its oil and gas assets and distribute proceeds to preferred stockholders, giving investors a false impression of the value of the dividend. While investors held or bought the company’s common stock to receive the dividend, the complaint alleges, the company was cashing in by selling $137.5 million in an ATM offering at prices that the company, Brda, and Palikaras knew were temporarily inflated by their manipulative scheme. “We have two days,” the complaint alleges Brda told Palikaras after the first day of the ATM offering, “to take advantage of the squeeze...”

“The conduct we allege was a sophisticated, yet brazen plan by a public company and its former CEOs to purposely mislead investors in the company’s stock,” said Eric Werner, Director of the SEC’s Fort Worth Regional Office. “This conduct is particularly alarming because it involves public company CEOs who were more concerned with ‘burning the shorts’ than creating long-term value for shareholders.”

The SEC’s complaint charges Brda and Palikaras with violating the antifraud and proxy disclosure provisions of the federal securities laws, and charges Brda with aiding and abetting Meta Materials’s violations of the reporting, internal accounting controls, and books and records provisions. The complaint seeks permanent injunctions, officer-and-director bars, and civil penalties from both defendants. The complaint also seeks disgorgement with pre-judgment interest from Brda.

The SEC also instituted a separate administrative proceeding against Meta Materials, entering a settled order finding that Meta Materials violated the antifraud, reporting, internal accounting controls, and books and records provisions of the federal securities laws. Without admitting or denying the findings, Meta Materials was ordered to cease and desist from violations of the relevant provisions of the federal securities laws and to pay a $1,000,000 penalty.

The SEC’s investigation was conducted by Christopher Rogers and Ty Martinez of the SEC’s Fort Worth Regional Office under the supervision of Samantha Martin, B. David Fraser, and Mr. Werner. The SEC’s litigation against Brda and Palikaras will be conducted by Patrick Disbennett and supervised by Keefe Bernstein.

A separate Commission investigation regarding subsequent events related to Meta Materials (MMTLP) remains ongoing. If you are an individual with information related to this investigation or any other related suspected fraud and you wish to contact the SEC staff, please submit a tip at SEC.gov.

[tw0122]

Renewed Call For Action By Congress
Representative Ralph Norman and Pete Sessions issue a new letter to Gensler asking for a briefing.
A surprise letter dropped on Wednesday, June 5th, renewing a call for answers from Gary Gensler and the SEC on MMTLP. A copy of the letter will be archived here.

https://mmtlpresources.com/wp-content/uploads/2024/06/June52024-letter.jpg

[chumfm]

This is after 2 years.A lot of BS,they knew that they had to supply a financial statement before filing.If I were a betting man,I'd say it never happened.They just want control of your shares.They will never file until they have control,so they won't have to pay anyone.Good luck and good trading.

[1Bigmac]

https://www.lelezard.com/en/news-21401384.html

[1Bigmac]

Next bridge: https://www.lelezard.com/en/news-21249748.html

[1Bigmac]

MMTLP to $25000 Dollars:

[janice shell]

And now a financial company called Inter-Coastal Waterways LLC is suing Tradestation Securities, 10 "Doe defendants", and FINRA:

🚨🚨BREAKING NEWS🚨🚨
BASILE LAW FIRM FILES MAJOR FLORIDA RICO & SECURITIES FRAUD LAWSUIT AGAINST TRADESTATION ON BEHALF OF MMTLP INVESTOR. @BasileEsq @TBLF_LawFirm @JosephRoseEsq
Lawsuit Cites 12 Causes of Action:
1- Rescission Pursuant to Section 29(b) of the Exchange Act for… pic.twitter.com/RBxG7x8hjF

— JunkSavvy (@JunkSavvy) May 24, 2024

You can read the complaint there.