MMTLP Bulletpoint Timeline

The following passage provides a chronological overview of the events surrounding the Torchlight Energy Resources (TRCH) and Meta Materials (MMAT) reverse merger, the listing of MMTLP and subsequent trading irregularities, legal actions, and the call for transparency in the financial market. 

• June 2021: Torchlight Energy Resources (TRCH) enters into a reverse merger with Meta Materials (MMAT), resulting in the creation of Series A Preferred shares representing TRCH assets. These assets include a 137,000 acre property in Texas' Permian Basin which is believed to contain the single largest onshore oil and natural gas discovery in the last 35 years.
• October 7th, 2021: MMTLP, a symbol created to represent the Series A Preferred Shares, is listed and made tradable on the OTC market without authorization from Meta Materials. The party that made this security tradable is still unknown, and FINRA refuses to shed light on their identity(s).
• Shortly after this, John Brda informs OTC Markets that this security is trading without proper authorization. OTC Markets tells Mr. Brda that he has to "take it up with FINRA because they approved it." John Brda then does so and is told by FINRA that he has no standing to bring this type of complaint because he is no longer the CEO.
• July 15th, 2022: The first S/1, stating MMAT's intention to spin out the TRCH/MMTLP assets into a private company, is issued. https://www.sec.gov/Archives/edgar/data/0001936756/000119312522194228/d302576ds1.htm
• November 9th, 2022: After undergoing 4 revisions due to comments by the SEC, the final S/1 is issued. https://www.sec.gov/Archives/edgar/data/0001936756/000119312522281275/d302576ds1a.htm
• November 18th, 2022: A notice of effectiveness related to the S/1 is filed after the SEC offers no further comments or questions. https://www.sec.gov/Archives/edgar/data/0001936756/999999999522003344/xslEFFECTX01/primary_doc.xml
• November 25th, 2022: A form 424b4, which provides information on the dates the spin-out is to occur, is filed. https://www.sec.gov/Archives/edgar/data/0001936756/000119312522292114/d302576d424b4.htm
• November 30th, 2022: George Palikaras, CEO of Meta Materials, tweets the following: "Today, META requested FINRA to halt $MMTLP on Dec 14th at close (current distribution date)... OR to freeze trading on Dec 12th at close (current record date). Please take the time to READ the S1. NO public trading after the distribution date, i.e. there is NO ex-dividend date." https://twitter.com/palikaras/status/1598156874162978817
• December 5th, 2022: Sam Draddy, a Senior VP at FINRA sends communication to the SEC stating that he was requesting the comprehensive trading data (known as "blue sheets") on MMTLP and MMAT. (see FOIA document referenced below)
• December 6th, 2022: After no corporate action notice is issued, Congressman Peter Sessions (R-TX) sends a letter to FINRA requesting that they do their jobs and send out the corporate action notice to explain to brokers and the investing public how this spinout will occur. FINRA responds by doing so. This corporate action notice states that the shares will be CANCELLED on 12/13, and that shares of Next Bridge would be paid to clients in exchange for their MMTLP shares on the same date. (image attached below)
• December 7th, 2022: Jeff Mendl, Vice President of OTC Markets, goes on the "Trader TV" broadcast, and states numerous times, along with the host, that trading will occur through December 12th AS PER FINRA, and that at Midnight on December 13th, the symbol will be DELETED (not the shares will be CANCELLED). https://x.com/FreeCommercials/status/1678221078441918464 
• December 8th, 2022: Unhappy with the corporate action notice put out by FINRA, the DTCC calls a meeting with them, and attorneys from Meta Materials. FINRA NO SHOWED THIS MEETING: https://youtube.com/clip/UgkxBTNKzoqrfauuAYuCANx3f9XT-n7Thf-P
• December 8th, 2022: FINRA issues ANOTHER corporate action notice, changing the wording from "MMTLP shares will be cancelled", to "symbol will be DELETED". They also REMOVED the pay date of 12/14. (image attached below)
• December 8th and 9th, 2022: Major broker dealers in the United States send out communications to their clients who inquire delineating the guidance that they received from FINRA stating that this was to trade on the 9th and the 12th in "position close only" fashion. Meaning, no new buying orders would be accepted. https://x.com/FreeCommercials/status/1678221078441918464 
• December 9th, 2022: After being allowed to trade for 14 months and with two trading days left, trading of MMTLP is halted by FINRA five days before the assets are to be spun out into Next Bridge Hydrocarbons.
• February 6th, 2023: Cromwell Coulson, President of OTC Markets, admits in a tweet that short positions still exist in Next Bridge Hydrocarbons, which is now a private company with no intention of being tradable. He also states it "would be easier if Next Bridge shares became publicly tradable." https://twitter.com/cromwellc/status/1622648357561696260?s=20
• February 24th, 2023: Dave Lauer, an expert on securities manipulation and member of FINRA's Market Regulation Committee, calls on FINRA to address the problem, stating that "FINRA screwed up this entire situation", and "FINRA needs to come out and be radically transparent. They need to explain exactly what happened & what the full share count or audit shows, even if under investigation. If the books are reconciled, that needs to be shown - if they're not, then it needs to happen."  https://twitter.com/dlauer/status/1629205424158253056
• March 16th, 2023: FINRA releases a FAQ statement on the situation, believed to be full of misrepresentations and omissions, with NO full share count or audit to back it up. https://www.finra.org/investors/insights/FAQ-MMTLP-corporate-action-and-trading-halt
• March 24th, 2023: Members of the investing public release a rebuttal to FINRA's FAQ, which FINRA later had to go back and edit due to the misrepresentations they were caught in making. https://twitter.com/bleedblue18/status/1639354486190661638
• April 1st, 2023: A FOIA request reveals emails indicating that FINRA and the SEC were aware of the MMTLP issue at the highest levels as early as November 2021. This includes Robert W. Cook, and possibly Gary Gensler. (FOIA document can be found here: https://mmtlpresources.com/wp-content/uploads/2023/04/RELEASABLE-Records-Request-No.-23-00564-FOIA.pdf)

• April 18, 2023: Clifton Dubose, CEO of Next bridge Hydrocarbons, sends FINRA a letter requesting assistance to address ongoing issues resulting from the spin-off from Meta Materials, Inc. The letter outlines concerns related to uncovered short positions in NBH Common Stock, the trading halt, and the adverse impact that this situation has had on the investing public. Moreover, Next Bridge sought FINRA's cooperation in facilitating a temporary trading process to settle unresolved short positions, and maintain fair and orderly markets, while advising "[their] Company has contacted OTC Markets, which has indicated that [they] can apply to trade on an OTC Markets exchange for a limited period of time", and "DTCC has indicated that it is willing to help the Company have the CUSIP deleted after our delisting". https://www.finra.org/media-center/newsreleases/2023/finra-correspondence-next-bridge-hydrocarbons-april-june-2023

• May 19th, 2023: Robert Colby, Chief Legal Officer of FINRA, responds to Mr. Dubose with a letter indicating that FINRA refuses to allow NBH to faciliate a market based reconciliation of the imbalance that FINRA created by halting the security shortly before the exchange was to occur, erroneously stating that the request to do so "does not comport with FINRA’s understanding of its authority and applicable regulations, processes, or market practice." All while knowing that to allow this situation to stand without reconciliation goes against their mandate and the fundamental purpose for which their institution was created. https://www.finra.org/media-center/newsreleases/2023/finra-correspondence-next-bridge-hydrocarbons-april-june-2023
• June 7, 2023: Following a phone call with Mr. Dubose, Robert L. Colby sends a follow up letter. Seemingly sidestepping accountability, Colby makes the statement that FINRA lacks authority to compel specific investors to close short positions. Moreover, Colby's refuses to grant NBH access to blue sheet data for trading activity in MMTLP, raising further questions about transparency and the organization's intentions. Colby's response downplays concerns and omits crucial details intensifies doubts about FINRA's credibility and commitment to investor protection. https://www.finra.org/media-center/newsreleases/2023/finra-correspondence-next-bridge-hydrocarbons-april-june-2023
• July 14th, 2023: Congressman Eli Crane, representing Arizona's 2nd District, sends a letter to SEC Chairman Gary Gensler, expressing constituent concerns about the MMTLP trading halt and alleged illegal share sales. The letter requests that a briefing be provided to his office, and highlighted the need for investor protection in light of the MMTLP situation. https://twitter.com/RepEliCrane/status/1681038826234429440
• July 28th, 2023: 15 Members of the United States House of Representatives' Committee on Financial Services, send a letter to SEC Chairman Gary Gensler requesting a thorough review and substantive briefing of the MMTLP situation. The letter calls for an examination of the trading timeline, actions by regulatory bodies and relevant parties, and the transaction that produced the Next Bridge Hydrocarbons shares. The SEC is asked to provide findings by August 11, 2023, in order to address investor concerns and enhance market integrity. Chair Gensler has yet to deliver this briefing, but as of this writing, has requested to be able to do so in person in September. https://twitter.com/RepEliCrane/status/1685004414635892736
• August 21st, 2023: Congresswoman Norma J. Torres, representing California's 35th District, sends a letter to SEC Chairman Gary Gensler, and FINRA President Robert Cook, expressing constituent concerns about the MMTLP trading halt and alleged illegal share sales. Among the requests, Congresswoman Torres asks for a briefing by the SEC and FINRA, and a written response about what constituents can expect to occur with regard to their current holdings and under what timeline would such a resolution take place (image below).
• September 17th, 2023: Senator Mike Crapo (R-ID) questions SEC Chairman Gary Gensler about the MMTLP situation during a Senate hearing, seeking confirmation that the SEC is reviewing the December 2022 trading halt and requests a commitment to publicly release the SEC's findings. In a stunning display of evasion, Chairman Gensler avoids direct answers, stating that FINRA initiated the trading halt independently and did not seek the SEC's advice or permission. When pressed about the possibility of naked short selling and fraud in MMTLP, Gensler cites the need for public protection as the reason for not disclosing any current or possible investigations, and does not elaborate on the situation any further. https://x.com/unusual_whales/status/1703393616410915306?s=20
• September 19th, 2023: Congressman David G. Valadao (R-CA), expresses deep concerns in a formal letter to SEC Chairman Gary Gensler and FINRA President Robert W. Cook regarding the suspension of trading for Meta Materials' Series A Preferred Shares (MMTLP) on December 8, 2022. The letter demands transparency and accountability from both regulatory bodies, seeking information about the circumstances surrounding the trading halt, confirmation of FINRA's jurisdiction, a clear plan of action for affected constituents, and an audited count of shares held by the investing public as of December 9th, 2022. https://x.com/KarmaCollects/status/1704202996052283794?s=20
• September 26th, 2023: U.S. Senator Mike Crapo, along with Senator and Vice Presidential Candidate JD Vance (R-OH), send a formal letter to Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), requesting an examination of events related to the trading halt of MMTLP. The letter highlights that MMTLP shares began trading on the OTC market in 2021 and that the SEC approved a Form S-1 to spin off part of Meta Materials into Next Bridge Hydrocarbons in 2022. Furthermore, the senators draw attention to the trading halt that was issued by FINRA on December 9, 2022, which complicated the distribution of Next Bridge shares and caused confusion among investors. The senators urged the SEC to review these events and corporate filings to determine if any misconduct occurred and to provide detailed information and analysis to Senate offices. https://www.crapo.senate.gov/imo/media/doc/mmtlpsecletter09262023.pdf 
• September 27, 2023: During a congressional hearing, Congressman Ralph Norman (R-SC) questions SEC Chair Gensler about the audited share count of MMTLP. Chair Gensler responds by stating that this information is public record. However, it is noted that the number of aggregate shares of MMTLP held by each brokerage, including their clients and various capacities, on the date of December 12, 2023, is not a matter of public record. The question sought this specific information, highlighting a discrepancy in Chair Gensler's response regarding the availability of this data. https://x.com/unusual_whales/status/1707251536898699773?s=20
• October 16, 2023: Senator Mike Crapo (R-ID), in a letter sent to FINRA President Robert W. Cook, expresses concerns regarding the suspension of trading for Meta Materials' Series A Preferred Shares (MMTLP) on December 8, 2022. The letter, similar to that sent by Congressman David Valadao, demands transparency and accountability, seeking information about the circumstances surrounding the trading halt, confirmation of FINRA's jurisdiction, a clear plan of action for affected constituents, and an audited count of shares held by the investing public as of December 9th, 2022. https://twitter.com/jen_kapela/status/1714324098275557644/photo/1
• November 6, 2023: FINRA releases a "supplemental update" to their FAQ regarding the MMTLP situation. Critics argue that this update fails to address concerns raised by Congress and the public, highlighting its failure to cover key areas such as liabilities to deliver shares, the temporary trading period requested by Next Bridge Hydrocarbons, the FOIA emails, and tax implications. Of particular note, FINRA categorizes "counterfeit shares" as being nothing more than a social media myth. Critics see the FAQ as a delaying tactic rather than a sincere attempt to address valid concerns, emphasizing the ongoing call for transparency, accountability, and fairness. https://www.finra.org/investors/insights/supplemental-faq-mmtlp-corporate-action-and-trading-halt
• November 15, 2023: MMTLP investors discover that the SEC deleted a document on their website that was being used as reference material to refute FINRA's mischaracterization of counterfeit shares being nothing more than a social media term. The document, which delves into share counterfeiting and quotes 2007 SEC Chairman Harvey Pitt stating that "Phantom shares created by naked shorting are analogous to counterfeit money," was previously available at https://www.sec.gov/comments/s7-08-09/s70809-407a.pdf. However, the document can still be accessed through the internet archive at the following web address: https://web.archive.org/web/20221022103620/https://www.sec.gov/comments/s7-08-09/s70809-407a.pdf.
• November 15, 2023: Congressman Jared Huffman (D-CA) addresses a letter to SEC Chairman Gary Gensler and FINRA President Robert W. Cook expressing concerns on behalf of affected constituents regarding the corporate action taken by FINRA on Meta Material’s Series A Preferred Shares (MMTLP). The letter seeks information on the reasons behind the trading halt of MMTLP on December 9, 2022, just days before the announced deletion of the MMTLP symbol. Congressman Huffman requests affirmation of SEC and/or FINRA's regulatory authority and standard practices, along with a written response outlining the future state of his constituents' investments and expected timelines. https://x.com/KarmaCollects/status/1724952490633040229?s=20
• November 15, 2023: Congressman Vicente Gonzalez (D-TX), a Member of the House Financial Services Committee, writes a letter to SEC Chairman Gary Gensler, urging the SEC to examine the events surrounding the FINRA decision to implement a trading halt of Metamaterials’ Series A Preferred Shares (MMTLP). Congressman Gonzalez expresses concern on behalf of adversely affected constituents, emphasizing the need for transparency in the process. The letter highlights the history of MMTLP's trading, the SEC-approved spin-off, and the subsequent trading halt by FINRA. Congressman Gonzalez requests an investigation to ensure no wrongdoing and urges Chairman Gensler to make the findings available to the public. https://x.com/KarmaCollects/status/1725007651606810984?s=20

• Concerted efforts to bring this issue to the attention of Congress have been underway since Mid March 2023.
• In June of 2023, FINRA delivered a briefing to what we are told was possibly 17 staffers for different members of the House Committee on Financial Services where it is believed that they refused to provide a share count, but acknowledged that there is indeed an imbalance.
• FINRA has faced multiple states and a pre-trial petition for discovery in New York State under CPLR §3102, which is currently under appeal. These legal actions are simply calling upon FINRA to do what they are supposed to do, and provide transparency to individual investors in the form of concrete data. This is akin to having to sue the US Army to defend the country against a military attack from a foreign government. All legal filings can be found here: https://mmtlpresources.com/litigation/
• Counterfeit shares and similar practices affect the entire financial market and pose a threat to national security. Anyone with a 401k, IRA, or any other type of account tied to the stock market is at risk, because this is not the only security they are doing this to. It is however, the only security that is poised to uncover this massive fraud being perpetuated against the investing public, due to the nature of the halt, and the fact that the security is no longer tradable with such a massive failure to deliver taking place.
• People have had their families torn apart, lost their homes, suffered health issues, and there has been one confirmed loss of life in the State of Arizona.
• It is believed that 80,000 or more families currently have their money frozen as a result of this situation.
• First responders, retirees, and military veterans have all been affected.
• As of this writing there are 140 United States military veterans known to have over $12 Million of their hard earned money frozen in this investment. These 140 veterans come from a sample pool of roughly 2,000 shareholders out of roughly 80,000. If one were to extend that sample size outward to account for the full shareholder base, this brings the amount of money belonging to Veterans that is currently frozen into $300m-$500m range.
• The only acceptable resolution is to reconcile outstanding shares to the authorized amount through a predetermined trading period with independent oversight (which as indicated above, the company attempted to do but FINRA denied).

With utmost respect, the first move should be for Congress to subpoena an AUDITED AGGREGATED SHARE COUNT. An audited aggregate share count from each broker dealer would provide the number of shares that each of them is obligated to deliver to their clients. However, the share count MUST be independently audited, and MUST contain the amount of shares each broker was allotted, as well as the amount of shares they are liable to deliver to their clients. This would require NO analysis, and subsequently, would cost Congress NOTHING. When the share count imbalance is revealed, then the next question is “How did this happen?”. The next step would be to subpoena the blue sheets (comprehensive trading data which shows exactly who did what), to be able to ascertain that from the trading data. If indeed there is an imbalance, the expense of Congress paying for the formation of an investigative committee, and the blue sheets to be analyzed would be justified, because at that point it becomes a matter of national security as I can assure you this is not the only stock they are doing this to. Furthermore, with Blue Sheet Data in hand, legislators can effectively be guided towards crafting necessary legislative measures to ensure that this situation never happens again. ANY member of Congress attached to an effort that would uncover such a massive fraud that is stripping the American public of their savings and wealth would be lauded as a hero.

Written by "Drew Diligence" - DrewDiligenceSpeaks@gmail.com - @KarmaCollects on Twitter