According to the SEC complaint, four defendants bought around 800,000 shares of Torchlight at prices between $1.68 to $1.95 in February 2021. ![]() 13, federal prosecutors and the SEC accused several online influencers of running a $100 million pump-and-dump scheme that included alleged market manipulation in the precursor to Meta Materials, Torchlight Energy Resources (TRCH). Because if you’ve lost money on Meta Materials, there’s a good chance it’s someone else’s fault. Meta Materials Stock: The Making of a Hustleįirst, a little background. What should bagholders now do with Meta Materials stock? MMAT stock is down 50% for the year and almost 94% below its 2021 peak. Special language in the Next Bridge prospectus essentially awards virtually all rights of the spinoff to the company’s insiders. ![]() There’s no easy way to offload them, and blaming FINRA barely makes anyone happier.Įven Meta Material common shareholders don’t have much to celebrate. To them, their preferred stock (which was trading at $12.50 less than a month ago) is now worth about as much as the hoard of stuffed animals sitting in my attic. It’s easy to pin blame on FINRA for halting trading in MMTLP stock in the days before the transaction.īut try telling that to anyone who owned preferred MMTLP stock. Meta Materials maintains full control of Next Bridge’s 134,000 acres of West Texas oil, so little has changed at the enterprise level. In a single stroke, they converted the firm’s entire listed block of preferred MMTLP shares into untradeable common stock of Next Bridge Hydrocarbons, Inc.Īt first glance, the transaction seems like moving cash from one pocket into another. Last Wednesday, executives at Meta Materials (NASDAQ:MMAT) finalized a bizarre transaction.
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