Unprecedented Bipartisan Congressional Inquiry on MMTLP
In an extraordinary development, 74 members of Congress, led by Representative Ralph Norman, have joined forces to address the perplexing situation surrounding Meta Materials Series A preferred shares (MMTLP). This bipartisan initiative, marked by a detailed letter to SEC Chair Gary Gensler and FINRA President & CEO Robert W. Cook, signifies a critical escalation in seeking clarity and accountability in the MMTLP debacle.
Key Points of the Congressional Letter:
Comprehensive Inquiry: The letter demands a thorough review of MMTLP’s trading history, the regulatory decisions made during its trading period, and the spin-off transaction producing Next Bridge Hydrocarbon shares.
Demand for Transparency: The lawmakers call for detailed explanations on the trading authorization of MMTLP shares and the legal grounds for the U3 trading halt imposed by FINRA.
Seeking Regulatory Accountability: The letter presses for unredacted communications and documents relating to the trading halt, questioning FINRA and SEC’s decision-making process and their awareness of MMTLP’s market conditions.
KEY MILESTONES IN THE MMTLP TIMELINE:
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12/14/20: Torchlight Energy Resources & Meta Material Sign MOU for Merger
6/28/21: Completion of the Merger between Torchlight Energy Resources & Meta Material; MMTLP Created
10/2021: MMTLP Unexpectedly Made Tradable on the OTC Market
7/15/22: MMAT Files Initial S1 for Next Bridge Hydrocarbons Spinout as a Private Company
9/06/22: MMAT Files First Amendment S1/A-1
10/05/22: MMAT Files Second Amendment S1/A-2
10/21/22: MMAT Files Third Amendment S1/A-3
11/09/22: MMAT Files Fourth Amendment S1/A-4
11/18/22: S1 Registration Statement Becomes Effective
12/9/22: FINRA Implements U3 Halt on MMTLP Trading
12/12/22: Record Date for Spinout of MMTLP into Next Bridge Hydrocarbons
12/14/22: Distribution Date for Spinout of MMTLP into Next Bridge Hydrocarbons
Throughout 2023: A Series of Congressional Inquiries Demand Transparency and Answers regarding the MMTLP Situation
These key dates provide a comprehensive timeline that outlines the significant developments in the MMTLP story, from its inception to the ongoing quest for clarity and resolution
Request for Share Count Audit: A crucial request is made for a certified audit of the consolidated count of MMTLP shares, emphasizing the need to clarify shareholding discrepancies and potential market manipulations.
