$MMTLP Another 🧵in response to the November 6th, 2023, FINRA MMTLP Supplemental FAQ attempting to explain their actions regarding the corporate actions and trading halt.


FUN FACT: @FINRA has used the "Investor Insights" content section of to provide educational tools catered to retail investors for 8 years. Guess how many "articles" have ever been centered around a single ticker? TWO and both were addressing #MMTLP. Ticker based FAQ's from FINRA are even more rare than a U3 Halt.

Link to prior #FINRAfraud FAQ rebuttal:


While FINRA attempts to cast blame on the issuer and their corporate action, what they fail to address, or intentionally ignore, is the issuer’s Corporate Action was submitted with ample time for an exhaustive review, and then rewritten by FINRA at the eleventh hour; an action FINRA declares they lack authority to do in their various communications and publications. Conveniently absent from all of FINRA’s FAQ’s, the corporate action’s instructions were so confusing to the impacted parties (including, among others, the DTCC), FINRA failed to appear at a scheduled meeting meant to provide guidance and clarity to those parties. Coincidentally, FINRA took these actions knowing there was possible fraudulent activity in the trading of MMTLP, as evidenced by their email correspondences with the Securities and Exchange Commission (SEC) beginning in late November 2021 through the morning of December 5, 2022 when they reviewed of the Electronic Blue Sheets (EBS) – none of which they have publicly admitted to as of yet in any of their FAQ’s.

FINRA continues to receive questions regarding the circumstances surrounding these events because of the lack of real transparency with both the investing community and the multitude of Congressional inquiries to FINRA and directly to SEC Chair Gary Gensler. Instead, FINRA elicits more suspicion by the complete lack of transparency, misdirection of the core issue of the MMTLP situation (were investors defrauded with counterfeit shares), and finally, their refusal to provide a certified audited share count of the 105 broker/dealers holding open short and long positions in MMTLP, something recently ordered, in an unrelated case, by a federal judge in In Re Sorrento Therapeutics, Inc.

From the outset, FINRA attempts to disparage the grassroots retail community that evolved out of the MMTLP situation’s central issue and feigns a lack knowledge of what is meant by the term “counterfeit shares.” Rather they describe the situation using the more innocuous industry term “naked short selling” as if to imply the selling of US Securities without having a proper locate somehow legitimizes the actions of market participants and magically makes the practice legal and viewed as normal market mechanics. It doesn’t. 🤨

Investors’ concerns are further legitimized as broker/dealers (FINRA’s members) have made attempts by shareholders of MMTLP to transfer their shares to Next Bridge Hydrocarbon’s transfer agent confusing and prohibitive with untruths, conflicting instructions, exorbitant fees, and excessive timelines, with many even refusing to transfer the shares at all. More egregious are documented occurrences of FINRA’s member firms terminating customer relationships and closing accounts of shareholders requesting transfer of their MMTLP shares to the issuer’s transfer agent, a process that enables their shares to be directly registered in the shareholder’s name, in book entry, with the stock issuer. This is particularly ironic given the SEC’s recent publication outlining the benefits of direct registration of US Securities.

The following response provides a rebuttal to FINRA’s FAQ and calls on them to definitely address the questions posed to them by MMTLP investors and Congressional Representatives.finra.org/investors/insi…
FINRA.org

https://x.com/bleedblue18/status/1639354486190661638?s=20

12. Were the right number of Next Bridge shares distributed in connection with the corporate action?
Yes, the “right” number of NBH shares were distributed. However, FINRA fails to make the distinction (implying indistinguishability) between the distributed number of issued shares of both Meta Materials Series A Preferred Shares [MMTLP] and Next Bridge Hydrocarbons ([NBH), and the delivery of ALL shares to existing open long positions held by beneficial owners, in street name, under bulk certificates at FINRA’s broker/dealers. Discrepancies in issued shares and open long positions hide behind the veil of bulk certificates. In both FINRA FAQs, FINRA acknowledges that open short positions and open naked short positions exist in MMTLP. Every share of MMTLP sold short has a buyer with a corresponding long position, therefore it is factually incorrect to assert that ALL shareholders of MMTLP received their NBH shares, and simultaneously acknowledge open short/naked short positions. If there are existing open short/naked short positions in MMTLP, then there are more open long positions in MMTLP than issued shares of NBH. Furthermore, FINRA suggests only issuers can issue shares, which fails to recognize that market makers create short/naked short shares.

FINRA cannot claim enough shares were issued and identify a short position on a non-tradable security at the same time. Investors have experienced differences in identifiers held at each broker since the FINRA U3 halt. It is impossible to identify a short/long/counterfeit stock unless the exact allocation of “sold shares” from each broker is audited in comparison to the original allotment of shares issued by NBH.

$MMTLP 🧵In response to @FINRA 's March 16th, 2023 FAQ: MMTLP Corporate Action and Trading Halt: finra.org/investors/insi…

FINRA's response is disingenuous and intentionally deceptive. It is also a magnification of the simple fact that the U3 Halt of MMTLP exclusively benefited… twitter.com/i/web/status/1… It was clearly stated in the SEC approved proxy statement that the Series A Preferred shares were not to be listed or traded on any exchange. Additionally on June 21, 2021, the Options Clearing Corporation (OCC) released a memo stating the settlement of the Series A Pref shares… twitter.com/i/web/status/1…

$MMTLP It's time to take the gloves off. It's time to drag those responsible for the MMTLP situation into the light. It's time to narrow our collective focus from organizations that have facilitated fraud to the individual names and responsibilities. A #FINRAfraud exposé thread🧵 The Series A Preferred Shares (now known as MMTLP) became tradable after a Form 211 was submitted without knowledge or permission of the issuer (TRCH/MMAT) and that included FRAUDULENT, outdated information. Video courtesy @johnbrda & @AlfromBoston617.