This is important because there can be zero short shares in a private company, essentially trapping all short positions. Meta Materials announced that the Torchlight assets will be spun into a private company called Next Bridge Hydrocarbons. Later in October of 2021, FINRA and OTC markets approved the registration of $MMTLP to start trading, despite illegally making this tradeable without the company’s consent. One to two market makers illegally made this ticker tradeable (using outdated company information), despite the merger documentation stating that this dividend placeholder will not be tradeable, just so they could close out their illegal naked short positions. Much to Brda’s surprise, the non-tradeable dividend placeholder was trading on the OTC (over-the-counter) market without the company’s consent. Brda discusses the entire situation in a 48-minute YouTube interview. In October of 2021, Torchlight CEO John Brda said he got a call telling him to take a look at his brokerage account. Torchlight shareholders started to see a temporary, non-tradeable dividend placeholder in their brokerage accounts ($MMTLP) following the legal structure of the merger approved by the SEC. There were an estimated 30 million short shares not closed out. The illegal, naked shorting only got worse from there. Since the stock was heavily shorted, the short positions that caused Torchlight’s stock to drop to $0.20 did not close out their positions when they were supposed to. There was a total of 165,472,241 special dividends distributed. With this merger, Torchlight shareholders received a special, non-tradeable dividend that would be converted to cash when the Torchlight oil and gas assets are sold. They decided to merge with Meta Materials Inc., a Canadian developer of high-tech materials and nanocomposite products. They then struggled to raise the capital needed to continue drilling wells and meet their drilling quotas.ĭue to the heavy shorting, Torchlight CEO John Brda had to do something major to save their company and ultimately their gold mine of oil and gas. This caused the price of their stock to drop to $0.20/share. Despite all of the positive news coming out of Torchlight, their stock price was seeing unusual trading patterns from heavy shorting. It has an estimated 3.2 billion barrels of recoverable oil, as well as a surplus of natural gas. This land was presented as one of the largest discoveries of oil and gas on U.S. They own 97,500 acres of land in the Orogrande Basin in Texas. It started with Torchlight Energy Resources Inc., a small-cap company listed on NASDAQ. and $MMTLP this year, the keyword to keep in mind is “everyone.” Shorting Torchlight We work every day to ensure that everyone can participate in the market with confidence.” As we dive into what happened to Meta Materials Inc. FINRA’s mission is “To protect investors and ensure the market’s integrity.
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