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Press Releases
Rep. Norman Leads Letter to FINRA and the SEC Concerning Meta Materials Series A Preferred Shares
Washington, D.C.,
December 22, 2023
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Austin Livingston
(202-740-8937)
On Friday, Rep. Ralph Norman (SC-05) led more than 70 members of Congress in a letter to the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) concerning Meta Materials Series A preferred shares (MMTLP).
Meta Materials Series A preferred shares (MMTLP) were created during a merger between Meta Materials (MMAT) and Torchlight Energy Resources (TRCH) to provide preferred stock dividends to TRCH. MMTLP shares began trading on the OTC market in 2021.
In the summer of 2022, the SEC received and subsequently approved a Form S-1 and amendments to spin-off a portion of the company, Meta Materials, into a new company, Next Bridge Hydrocarbons (NBH).
On December 9, 2022, FINRA issued a U3 halt on trading in the company's stock, preventing shareholders from making further trades. Since the halt, constituent investors have contacted Members of Congress with serious concerns about the spin-off transaction and the subsequent halt on trading. To date, more than 40,000 letters from concerned constituents have been sent to Congress.
Rep. Norman's letter to FINRA and the SEC was co-signed by more than 70 members of Congress. It calls for a comprehensive review of events to "determine what, if any, wrongdoing may have occurred." Additionally, Rep. Norman asks for answers to 16 specific questions by January 31, 2024.
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