Meta Materials Inc (MMATQ)

[janice shell]

Astonishing that the stock is up on its first day on the OTC. WHO would buy it?

[janice shell]

Isn't that idiotic? I'm sure his lawyer's told him to be quiet. But he seems not to be that kind of guy.

[Renee]

I'm sure the SEC and likely the DOJ will get his undivided attention. What a maroon.

[janice shell]

Oh yes. It's a total mess. Get a load of this from George Palikaras. He seems to be sort of unaware that the SEC is suing him--and his buddy Brda--for securities fraud:

Friday's Chapter 7 fire sale announcement by $MMAT is deeply saddening and extremely disappointing, it could have been avoided. This is a case study on how a Board takes down a company. Over the last 12+ years, I had the incredible privilege of working with an extraordinary team… pic.twitter.com/Pc5QBI0pGJ

— George Palikaras (@palikaras) August 12, 2024

[Renee]

Oh yikes.....I wasn't aware that it is Chapter (unlucky) 7. What a messy ending to the very long saga of corporate malfeasance.

[janice shell]

Yes. And not just any bankruptcy. No Chapter 11 reorganization. Just a plain old Chapter 7 liquidation.

[Renee]

Not just OTC, but the nasty 'Q' for bankwuptcy added. Woe to the hapless shareholders.

[janice shell]

Thanks, Renee! It'll be interesting to see how it trades, now that it's OTC...

[Renee]

MMAT changed to MMATQ, bankruptcy. Delisted from the Nasdaq to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

[cervelo]

this stock needs less fibre

[janice shell]

You understand, do you not, that Palikaras is being sued for fraud by the SEC?

[Monksdream]

MMAT new 52 week low

[loanshark007]

Still looking for nekkid shats in this turd pile?

[1Bigmac]

Thank you George:

[janice shell]

Yes, it's amazing.

[valleybenedetto]

I can't believe the stupidity of people.

[Buckey]

LOL its CH7. That is the final Chapter

[janice shell]

Yes. He seems to think all this will blow over, and he'll once again take charge. That is not happening.

[Buckey]

He was the Captain of the boat. He ran it aground and it is sinking fast. This eventual outcome all falls on his leadership. So similar to a Dot com boom and bust stock. spent wads of money and made a lot of people rich on aquistions and that stupid merge

SEC charged him'

pointing fingers at others is just a deflection. Complete reckless abandon or basic business practices.

[janice shell]

There's a long statement at Twitter from Palikaros, made this morning. He's bounding off the walls. Wants to try to persuade the bankruptcy trustee to continue to pay Wes Christian to continue with the stupid NSS case. That will not happen. And just about everything else he says is from Fantasyland. He adds:

In my opinion, this Board and Management and their advisors have conducted a series of fraudulent activities which I will be bringing to light.

Hello?? Has he forgotten that's it's he and his buddy Brda who've been charges with securities manipulation and more by the SEC??

Read the whole thing here:

Friday's Chapter 7 fire sale announcement by $MMAT is deeply saddening and extremely disappointing, it could have been avoided. This is a case study on how a Board takes down a company. Over the last 12+ years, I had the incredible privilege of working with an extraordinary team… pic.twitter.com/Pc5QBI0pGJ

— George Palikaras (@palikaras) August 12, 2024

[Buckey]

will it list on the pinks? Ie MMATQ which it should already be MMATQ or is there is some magical naked short squeeze coming?

[janice shell]

The Delisting Notice indicates that the trading of the Company’s common stock on Nasdaq will be suspended at the opening of business on August 21, 2024, and a Form 25-NSE will be filed with the Commission, which will remove the Company’s securities from listing and registration on Nasdaq.

The Company does not intend to appeal the Staff’s determination. Therefore, the Company expects that the trading of the Company’s common stock will be suspended at the opening of business on August 21, 2024 and delisted from Nasdaq, as indicated in the Delisting Notice.

https://www.sec.gov/Archives/edgar/data/1431959/000095017024097034/mmat-20240812.htm

And that's the news the stock went up on this morning? The 8-K was filed yesterday after the bell.

[valleybenedetto]

8-21-2024 shares will be suspended from Nasdaq. Death rattle.

[1Bigmac]

You think Mccabe got an early wiff.

[Buckey]

I’m
Sorry this all went down as expected but really how did this whole “2 days until we stop trading thing work last time” ? Ch 7

End of story. Sorry for employees mostly. . Sad shit show

[1Bigmac]

Suppose MMAT report came out that you have 2 trading days left and is going private.

[janice shell]

I also wouldn't be surprised if Palikaras tries to horn his way back in, and get hold of some assets. But I believe if he wants them, he'll have to buy them.

[janice shell]

I'm not absolutely sure, but my guess would be it's the bankruptcy trustee.who'll be appointed by the court. But who hasn't been appointed yet.

[Buckey]

Not sure how the law works . But if “the company” terminated everyone then who is the company lol AI

[janice shell]

What is? No professionals are buying, unless they're covering a short position.

[Monksdream]

NUTS but this is what professional do

[valleybenedetto]

Ridiculous

[janice shell]

I can't imagine. Somebody at X is saying the company's "competitors" are "probably" buying up shares? WTF? If the company has any valuable assets, those "competitors" should talk to the bankruptcy trustee.

[valleybenedetto]

Who are the idiots buying this? Full liquidation, no remaining executives. What the fk are they buying George's dirty underwear,?

[janice shell]

Yes, it's over. Chapter 7 bankruptcy, too. Weirdly, there's been some buying since the initial announcement.

Item 1.03. Bankruptcy or Receivership.

On August 9, 2024, after consideration of all strategic alternatives, Meta Materials, Inc., a Nevada corporation (the “Company”), ceased operations and filed a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §101 et seq. (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Nevada (the “Bankruptcy Court”), Case No. 24-50792 (the “Bankruptcy Filing”).

As a result of the Bankruptcy Filing, a Chapter 7 trustee will be appointed by the Bankruptcy Court and will administer the Company’s bankruptcy estate, including liquidating the assets of the Company in accordance with the Bankruptcy Code. Once a Chapter 7 trustee is appointed, an initial hearing for creditors will be scheduled, and the Notice of Bankruptcy Case Filing will be sent to known creditors.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 7, 2024, the Company terminated all of its remaining employees and executive officers, including Uzi Sasson, its President and Chief Executive Officer, and Dan Eaton, its Chief Legal Officer, with the terminations of Messrs. Sasson and Eaton effective concurrent with the Bankruptcy Filing. Following the Bankruptcy Filing, the Company does not have any executive officers or employees.
Effective concurrent with the Bankruptcy Filing, each of John R. Harding, Allison Christilaw, Steen Karsbo, Kenneth Hannah, Vyomesh Joshi and Philippe Morali tendered their resignations as members of the Board of Directors. Each of the directors resigned due to the Bankruptcy Filing, and such resignations are not the result of any disagreements with the Company regarding the Company’s operations, policies, or practices. The resignation of the Company’s directors effectively eliminates the powers of the Board of Directors, and following the director resignations, the Company does not have directors serving on the Board of Directors.

https://www.sec.gov/Archives/edgar/data/1431959/000095017024094376/mmat-20240807.htm

[TheFinalCD]

-70% https://rugs.com/

$MMAT HAS FILED FOR BANKRUPTCY IN NEVADA DISTRICT COURT. ALL EMPLOYEES AND EXECUTIVES HAVE BEEN TERMINATED. ANOTHER WIN. $MMTLP pic.twitter.com/pAyOw4TCfn

— R.I.C.Ocelot (@defaultusert) August 9, 2024

[janice shell]

MTG is literally an idiot. She knows nothing about anything but trash talking.

[1Bigmac]

Rep. Marjorie, Maybe you can look into MMTLP still halted over 600 days it maybe a coincidence:

These brokerage firms are reporting errors for retail investors while institution investors are able to make trades.

That’s too many platforms to be a coincidence.

Controlled to stop panic selling in order to prevent a crash.

Go ahead, call me a conspiracy theorist, I could… pic.twitter.com/wyPfuUF7Xs

— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) August 5, 2024

[janice shell]

According to AllNovaScotia, when Meta and Palikaras came to a parting of the ways, Palikaras kept control of the website and email and the like. And the account with their ISP, TierraNet, expired on 18 July. Meta then contacted TierraNet and paid the fee. Services were restored.

Alas, it was not over. On July 23, the site went down again. According to Meta's attorneys, Palikaras had called TierraNet and explained that he had "personal ownership" of the site. TierraNet refunded Meta's payment and shut down the site again. The company sent cease-and-desist letters. TierraNet agreed to turn the site on again for 10 days. Those 10 days expire on 8 August.

Palikaras has been hinting that he might be willing to extend that deadline, but apparently only if the company makes some changes to it...

Stay tuned!

[janice shell]

maybe they didnt pay their IT provider bills?

LOLOL!! That didn't occur to me. But either way, they're blaming it on a former officer, who's probably Palikaras.

[Buckey]

maybe they didnt pay their IT provider bills? Semms they dint like paying suppliers. Like the GC who built the fancy office not too long ago nor the landlord. what did execs get paid? in private business the execs get paid last if anything left over for them

[Buckey]

Sadly No surprise. just a massive fuck up

[janice shell]

It's actually a sub, Metamaterial Technologies Canada, that filed bankruptcy. But THIS is interesting:

On July 25, 2024, Meta Materials Inc. (the “Company”) became aware that its website, email system and other related information technology (IT) systems were significantly disrupted and taken offline. Upon detecting the disruption, the Company immediately began taking steps to restore, contain, and remediate the incident with internal and external cybersecurity experts, including beginning an investigation as to the cause of the disruption. On initial investigation, the Company learned that a former executive officer of the Company deliberately de-activated and cancelled the renewal of the Company’s website, which significantly impacted the Company’s IT systems, including delivery and receipt of electronic email communications from customers, investors and other stakeholders of the Company. With the assistance of outside legal counsel, the Company was able to compel the reinstatement of the website and commenced a process to ensure that IT functionality would continue uninterrupted. The website was re-activated and email systems restored on July 29, 2024, although functionality continues to be stressed and delayed as systems come back online. The Company, along with its internal and external cybersecurity experts, continue to work diligently to respond to and mitigate any impact from the incident.

https://www.sec.gov/Archives/edgar/data/1431959/000095017024089345/mmat-20240725.htm

So was that Palikaras? If so, has he lost his mind?

[TheFinalCD]

BREAKING NEWS🚨 META MATERIALS INC FILES FOR BANKRUPTCY

https://x.com/MMATNEWS/status/1819128249500287361

[1Bigmac]

Her we go:

[janice shell]

And now, Meta scientist Alma Bardon is suing Uzi Sasson and the company for wrongful dismissal...

https://www.allnovascotia.com/headlines?lineup=business&story_key=MTc4ODE0

[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