mmtlp Stock: Investigation into Meta Materials and Potential Market Manipulation
- Shams ul Zoha
- February 24, 2023
- 4:36 pm
WHAT YOU SHOULD KNOW
- Meta Materials is a company that invents, designs, develops, and manufactures a range of functional materials and nanocomposites.
- John Brda, the former CEO of an oil and gas company that merged with Meta Materials, has formed a group of shareholders to investigate potential market manipulation by market makers, broker deals, and other unnamed third parties that he believes caused MMAT’s stock to lose almost half its value over the past year.
- The SEC has charged a trading group, including Zack Morris, for promoting false information on certain stock tickers on their Discord to increase buying power and later taking profits while still pushing traders to buy.
Meta Materials Inc. mmtlp stock is a company that invents, designs, develops, and manufactures a range of functional materials and nanocomposites. The company’s product line includes metaAIR, a type of eyewear designed to protect against laser glare, NANOWEB, a transparent conductive film, holoOPTIX, a holographic optical element, and glucoWISE, a non-invasive glucose measurement device.
Why is MMTLP stock not trading?
John Brda, the former CEO of an oil and gas company that merged with Meta Materials (NASDAQ:MMAT) in 2021, has formed a group of shareholders to investigate potential market manipulation by market makers, broker deals, and other unnamed third parties that he believes caused MMAT’s stock to lose almost half its value over the past year.
Meta Materials is a company that is focused on developing next-generation materials for use in communications and aerospace. The company’s shares were trading at around $1 with a market capitalization of less than $375 million on January 19th, 2022. Its estimated total revenue for 2022 is $11 million.
In 2021, Meta Materials briefly became a meme stock and rose to a high of nearly $20 per share. The company claims to have received orders for its KolourOptik optical material from an unnamed central bank to be used against counterfeiters. Meta Materials also displayed new materials for batteries and electric cars at the CES booth in January.
Brda, who was the CEO of Torchlight Energy Resources, the company that merged with Meta Materials in 2021, is concerned about potential unauthorized sales of Next Bridge Hydrocarbons’ shares by market makers, broker dealers, and other third parties. Brda wants to investigate the original listing of MMTLP preferred stock on over-the-counter exchanges and the conversion of preferred shares into Next Bridge common. Trading in MMTLP stock was halted last month as the company prepared to spin off its Next Bridge Hydrocarbons unit.
Is MMTLP stock a pump and dump?
The SEC has charged a trading group, including Zack Morris, for promoting false information on certain stock tickers on their Discord to increase buying power and later taking profits while still pushing traders to buy. Some retail investors are concerned that the SEC is not taking serious matters of market manipulation by hedge funds and market makers into their own hands. Although promoting false information is wrong, Meta Materials MMTLP stock seems to have a strong community behind it, with many protesting against FINRA halting it a week prior to its spinoff.
Where is MMTLP stock listed?
MMTLP stock was listed on the Nasdaq. The mmtlp stock price data is currently not avaialble.
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