Petition: Request for the Department of Government Efficiency to Conduct an Audited Share Count for Meta Materials Inc. (MMTLP)
To: The Department of Government Efficiency (DOGE), United States Government
Subject: Urgent Request for a Forensic Audit of MMTLP Share Count to Ensure Transparency and Protect Investor Rights
We, the undersigned investors and concerned citizens, respectfully petition the Department of Government Efficiency (DOGE) to initiate a comprehensive, independent, and audited share count of Meta Materials Inc.'s Series A Preferred Shares (MMTLP). This action is essential to address serious concerns about transparency, potential market manipulation, and regulatory oversight failures that have caused significant financial harm to thousands of retail investors.
Background
Meta Materials Inc., a publicly traded company, issued Series A Preferred Shares (MMTLP) to shareholders as a dividend representing legacy oil and gas assets following a merger in June 2021. These shares began trading on the over-the-counter (OTC) market in October 2021. In December 2022, the Financial Industry Regulatory Authority (FINRA) halted trading of MMTLP, citing an extraordinary event related to the planned spinoff of these assets into a private company, Next Bridge Hydrocarbons, Inc.
On December 14, 2022, MMTLP shares were canceled and converted into untradeable shares of Next Bridge Hydrocarbons, preventing investors from selling their holdings or realizing value. This sudden halt and delisting, announced with minimal notice, led to substantial financial losses for retail investors, with share prices plummeting from $12.50 in November 2022 to effectively zero.
Investors have raised concerns about potential market manipulation, including allegations of naked short selling, synthetic share creation, and failures to deliver (FTDs). These issues are exacerbated by a lack of clear information regarding the total number of MMTLP shares outstanding and the integrity of the share distribution process.
Why This Matters
The MMTLP situation has undermined confidence in the U.S. financial markets, particularly among retail investors who feel neglected by regulatory bodies such as FINRA, the Securities and Exchange Commission (SEC), and the Depository Trust & Clearing Corporation (DTCC). Key issues include:
Lack of Transparency: Investors have not received verified information on the total MMTLP shares outstanding or the number of Next Bridge shares distributed. While approximately 165 million Next Bridge shares were reportedly distributed, matching the expected MMTLP share count, no independent audit has confirmed this.
Allegations of Market Manipulation: Investors and congressional representatives have expressed concerns about potential naked short selling and synthetic shares, which may have artificially inflated the share count and suppressed MMTLP’s price before the halt.
Regulatory Failures: FINRA’s trading halt, imposed days before the share cancellation without clear communication, has been criticized as inadequate and potentially harmful to investors, who were unable to sell their shares.
Financial Harm: Thousands of retail investors across the United States have suffered significant financial losses, with many reporting severe personal impacts.
Our Request
To restore investor trust and ensure accountability, we urge the Department of Government Efficiency to take the following actions:
Conduct a Forensic Audit: Commission an independent, third-party audit of MMTLP’s share count as of December 9, 2022, the date of the FINRA trading halt. This audit should include:
Verification of the total number of MMTLP shares outstanding.
Examination of trading records to identify discrepancies or evidence of synthetic shares or FTDs.
Confirmation of the number of Next Bridge Hydrocarbons shares distributed to MMTLP shareholders.
Ensure Transparency: Publicly release detailed findings of the audit, including all relevant documentation, to provide investors with clarity on their ownership interests and the integrity of the corporate action.
Investigate Regulatory Oversight: Coordinate with appropriate government agencies to investigate the roles of FINRA, the SEC, and the DTCC in the MMTLP trading halt and subsequent events, focusing on potential regulatory gaps or conflicts of interest.
Recommend Reforms: Propose legislative or regulatory reforms to strengthen oversight of self-regulatory organizations, improve protocols for extraordinary trading halts, and prevent similar crises in the future.
Why DOGE?
The Department of Government Efficiency is well-suited to address this issue by streamlining government processes, reducing bureaucratic inefficiencies, and ensuring accountability in federal agencies. The MMTLP crisis highlights systemic flaws in financial regulation that require urgent attention to protect American investors and uphold market integrity.
Call to Action
We, the MMTLP investors and supporters, stand united in our demand for justice and transparency. The financial losses and regulatory failures associated with MMTLP are not only a personal tragedy for thousands of Americans but also a warning of broader issues in our financial system. By acting decisively, DOGE can help rebuild trust in our markets and demonstrate a commitment to safeguarding retail investors.
We respectfully request that the Department of Government Efficiency prioritize this matter and provide a response within 60 days outlining the steps to be taken.
Signed,
 MMTLP Investors