Spoiler alert: shareholders are losing their shirts. Blame a series of unusual gaffes, snafus and miscommunications.
using the example of MMTLP to air grievances against the same stock-market regulators that torment the bird lady and her flock.
“It’s pretty clear to me that people have been swindled,” James Angel, a professor at Georgetown University’s McDonough School of Business who’s been following the MMTLP saga and owns shares, toldThe upshot was a security backed by an optimistic estimate of West Texas oil reserves that was never supposed to trade being bought up on an over-the-counter marketplace by investors who had beef against short-sellers and a regulatory agency that ended up calling the whole thing off, circumventing...
What was obvious from the beginning was that this special dividend wasn’t supposed to trade. Meta Materials said as much in a July 2021 SECut guess what? In one of the surprising lessons that MMTLP has taught us, it’s possible for a security to trade on the OTC market without the involvement of the company. If a security, in this case a preferred dividend share class, has a nine-digit identifying number called a CUSIP, a market-maker can register it with the OTC and begin selling.
In a widely circulated video, OTC Markets Groups’ Jeff Mendl didn’t seem to know when trading would end either. “What I can say though is MMTLP as of the end of trading on the 12th will no longer be on the OTC markets,” he said in a December 7 interview onThen, on December 9, FINRA issued a rare “U3” tradingdue to what it called an “extraordinary event.” The dramatic intervention effectively stopped trading of the stock forever.
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