If you're new to what
@FINRA did to defraud investors, it's important to understand that the December 8th revision to the MMTLP Corporate Action wasn't a typo.
FINRA overstepped their authority and forced Metamaterials to accept FINRA's version of the initial December 6th MMTLP Corporate Action that was centered on a "Effective December 13th" MMTLP Share Cancellation Date, but this made no sense because the same Corporate Action indicated that MMTLP needed to be held on December 14th in order to receive the Distribution/Pay. (image 1)
If it was a typo and FINRA intended to put that they'd be "Deleting" the MMTLP "trading symbol" effective December 13th, here's the problem with this and the revised December 8th MMTLP Corporate Action...
1. The Corporate Action wasn't about FINRA deleting the MMTLP trading symbol. It was about a 1-for-1 MMTLP for Next Bridge Hydrocarbons "exchange" occurring on December 14th at Market close, at which time the MMTLP shares would be cancelled automatically. (image 3)
2. If FINRA made a typo, why didn't they bother to include the correct December 14th after Market close MMTLP share cancellation date and time? (Compare image 1 to image 3)
The MMTLP Corporate Action was labeled an "Exchanged" Event Type Corporate Action. So compare it to other examples of Exchange Event Type Corporate Actions from both before and after MMTLP. (image 2)
In the examples you'll see that the Corporate Actions are centered on the actual "EXCHANGE & SHARE CANCELLATION". Symbol Deletion is NEVER mentioned!
3. FINRA kept the "EFFECTIVE DATE" of both MMTLP Corporate Actions "00:00:00 12/13/22". But FINRA knew on, and well before 12/18/22, that the Exchange and MMTLP Share Cancellation was supposed to occur on 12/14/22 after Market close.
4. By keeping the focus on 00:00:00 12/13/22, which is basically 12/12/22 after Market close, FINRA attempted to conflate Symbol Deletion and Share Cancellation to create the illusion that they needed to protect investors from buying after 12/8/22.
But brokerages made it clear that they were only planning to allow Position Close Only transactions on 12/9/22 & 12/12/22. (image 4)
If there were short positions that needed to close, those were the days set aside for them to be closed.
By U3 halting trading directly before the start of the 12/9/22 MMTLP trading day, FINRA protected their member firms from a potential short squeeze that might've occurred.
Then, it wasn't in FINRA's first FAQ from March 2023, they waited until the second FAQ to admit that there were short positions that didn't close, but they downplayed the amount, and they've never repeated that estimate under oath.
The FIF (Financial Information Forum) also communicated to the SEC that their members were unable to close their MMTLP short positions due to FINRA's U3 halt, but they did this in private and the SEC for some odd reason will meet with the FIF about the issue, but they won't meet with Next Bridge Hydrocarbons.
Step in anytime!
@VP @TheJusticeDept