What is MMTLP? MMTLP was Meta Materials Inc.'s Series A Preferred Stock. On December 9, 2022, FINRA imposed an unprecedented U3 trading halt, trapping over 65,000 retail investors immediately before a planned distribution of Next Bridge Hydrocarbons (NBH) shares. Three years later, an organized community of shareholders is still seeking transparency through FOIA requests, court cases, and congressional action.
Community Reading: The Oversold Flight
MMTLP: The Oversold Flight is a six-page community explainer that uses an airline analogy to introduce the MMTLP / Next Bridge story, the December 2022 trading halt, and the questions that followed.
An explanatory analogy and community perspective; see the document’s source notes for context.
Injustice Clock
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Days Since U3 Halt (Dec 9, 2022)
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Days Since NBH S-1 (Jan 23, 2023)
By the Numbers
813+
Court Documents Filed
748+
FOIA Requests Tracked
130+
Community Complaints Filed
1,356+
Documented Timeline Events
FOIA Disparity — The Smoking Gun
SEC's MMTLP FOIA Grant Rate vs. Overall Rate
0.22% (5 of 2,274) vs. 10.9% (4,445 of 40,706) — a 50x disparity
MMTLP represents 5.59% of all SEC FOIA requests but accounts for 18.1% of all Exemption 7 (law enforcement) full denials — invoked at 3.2x the expected rate. 48.9% of MMTLP FOIA responses were "Merged/Bundled" — the SEC's tactic of mass-consolidating and closing requests.
Key Public Events Timeline
Jun 25, 2021TRCH/MMAT Reverse Merger creates MMTLP preferred shares
Oct 7, 2021MMTLP begins trading against company wishes
Dec 5, 2022FINRA fraud team flags MMTLP investigation
Dec 6, 2022 14:53FINRA posts initial corporate action notice
Dec 8, 2022 13:11FINRA unilaterally revises corporate action without issuer input
Dec 8, 2022 18:01OTC Markets posts Caveat Emptor notice
Dec 9, 2022 08:09FINRA issues U3 trading halt — 65,000+ investors trapped
Jan 23, 2023Next Bridge Hydrocarbons S-1 filed
Jul 28, 2023House Financial Services Committee letter to SEC (15 signatures)
Dec 22, 2023Rep. Norman letter signed by 74 Members of Congress
Jun 5, 202441 Members of Congress follow-up letter to SEC
Sep 2025SEC OIG confirms former Chair Gensler's text messages were lost
Mar 2026Congressional hearing: "Examining FINRA's Role"
Active Court Cases
Meta BX (Bankruptcy)US Bankruptcy Court, Nevada — 2,666+ docket entries; trustee subpoenas to Citadel, Virtu, DTCC, FINRA
Kelly v. FINRAUS District Court, Nevada — Direct challenge to FINRA's U3 halt authority
Rolo v. SECUS District Court, Connecticut — Constitutional and federal securities claims
Pease v. SECUS Court of Appeals — On appeal from W. Texas
Spears v. NBHUS District Court, W. Texas — Administratively closed pending appeal
Willcot v. SECUS District Court, W. Texas — 259+ documents
Traudt v. GenslerVermont — Appealed to 2nd Circuit; 98 documents
Primary Sources & Public Records
Court Records: CourtListener.com (RECAP archive), PACER SEC Records: sec.gov/foia, efoia.sec.gov, SEC EDGAR Congressional Letters:Dropbox archive SEC OIG Report on Lost Texts: sec.gov/files/sec-oig-review-587-2025.pdf Live Dashboard: mmtlp.ai
Key Public Statements & Findings
FINRA's Stated Rationale: "Significant uncertainty in the settlement and clearing process" — contradicted by FINRA's own fraud team contemporaneous emails investigating trading activity, not settlement mechanics.
FINRA's "Undue Burden" Defense: In Meta BX bankruptcy, FINRA claims compliance with subpoenas would cost "hundreds of thousands of dollars and hundreds of thousands of hours" — implicitly admitting massive relevant records exist.
OGC Remand 25-00126-REMD: SEC Office of General Counsel acknowledged some U3 halt records do not qualify for Exemption 8 (financial institution reports), undermining blanket denial claims.
