- FINRA's rare U3 halt frozen MMTLP trades nearly three years ago, leaving ~65,000 shareholders unable to sell, transfer, or value their holdings.
- Investors accuse regulators of inaction over alleged naked shorting and counterfeit shares, fueling lawsuits, congressional inquiries, and growing public outrage.
It’s been almost three years since the Financial Industry Regulatory Authority (FINRA) slapped a rare U3 trading halt on Meta Materials Preferred Shares (MMTLP) on December 9, 2022, freezing trades just days before the ticker was set to convert into private shares of Next Bridge Hydrocarbons (NBH).
What started as a spin-off dividend from the Meta Materials-Torchlight Energy merger has turned into one of the longest-running sagas in retail investing history, leaving an estimated 65,000 shareholders unable to sell, transfer, or even get clear answers on what their holdings are worth today.
Fast-forward to November 2025, and the frustration is boiling over.
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On platforms like X (formerly Twitter) and Reddit, investors are marking the grim milestone with posts that read like cries for help.
No Resolution Was Ever Provided to MMTLP Investors
One user summed it up bluntly: “65k+ investors in #MMTLP have been HALTED for 2 years… COUNTERFEIT SHARES ARE REAL ISSUE!”
Another highlighted the human toll: “Our MONEY AND PROPERTY were ILLEGALLY SEIZED with a U3 halt.”
These aren’t isolated rants—thousands of similar messages flood timelines, with hashtags like #MMTLPFiasco and #FinraFraud trending sporadically as fresh reminders surface.
The core gripe? No audited share count, no resolution on alleged naked short selling, and regulators seemingly dragging their feet despite mountains of complaints, FOIAs, and congressional letters.
Next Bridge Hydrocarbons itself acknowledged delays in June 2025, blaming SEC comments on financial restatements that pushed back filings for 2023, 2024, and now into 2025.
Meanwhile, lawsuits pile up: class actions against NBH for misleading spin-off disclosures, pro se filings against former Meta execs, and motions for insurance funds to cover defenses in the Meta bankruptcy case.
FINRA has stuck to its story—the halt was needed to avoid “significant uncertainty in the settlement and clearance process” after MMTLP shares were canceled and NBH went private.
They’ve repeatedly said no evidence of massive naked shorting turned up in their data.
But investors aren’t buying it.
They point to blue sheet requests, subpoenas hitting hedge funds like Ken Griffin’s, and even a market maker allegedly offering to buy 10 million shares to cover positions—hints, they say, of oversold counterfeit shares.
Investor Sentiment
Sentiment among holders?
A mix of exhaustion and defiance. On Reddit’s r/MMTLP_, threads from 2025 show people venting about lost life savings, with one calling it “like Enron all over again.”
X posts tag everyone from Charles Payne to the new administration, pleading for a hearing or subpoena drop.
“THOUSANDS OF LETTERS” to the SEC, yet Commissioner Hester Peirce’s response boils down to “we take them seriously… it may take some time.”
This desperation for transparency hits harder when you look overseas.
In South Korea, watchdogs just amped up the fight against market manipulation, revising guidelines to slap life imprisonment on anyone pocketing over 5 billion won (about $3.79 million) in illicit gains from tricks like spoofing or illegal short selling.
Fines can hit four to six times the profits, and they’re rolling out electronic tracking for short sales to catch violators red-handed.
It’s part of a broader push after banning short selling temporarily, now extended into 2025, to rebuild trust after scandals eroded retail confidence.
MMTLP holders see this and wonder: Why can’t the U.S. show the same backbone?
“If they can do this to MMTLP they can do it to any ticker,” one investor warned, echoing fears that the halt protected big players caught short, not everyday traders.
Don’t Be Fooled, Pressure is Still Mounting
With over 100 congressional reps backing inquiries at one point, and petitions circling for accountability, the pressure’s mounting.
As 2025 winds down, NBH remains private with overdue reports, Meta’s bankruptcy trudges on funding defenses, and shareholders cling to private shares valued anywhere from zero to speculative highs in isolated broker glimpses.
No public market, no clear exit— just a community convinced the system failed them spectacularly.
Retail investors built Wall Street’s modern buzz, yet here they are, begging for basic answers: How many shares really exist?
Who owes what? And will we ever get our money back?
In a world where South Korea’s throwing lifers in jail for market games, American holders are asking if anyone in power even cares about fair play anymore.
The MMTLP story isn’t over. With new eyes on regulators post-election, 2026 could finally bring the hearing—or the reckoning—this crowd’s been demanding.
Until then, the clock keeps ticking, and the questions keep piling up.
Also Read: Trump Now Hints at Cracking Down on Illegal Short Sellers
