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Meme Stock MMTLP and FINRA Trading Halt (CRS Report for Congress)

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Release Date Aug. 21, 2023
Report Number IN12228
Report Type Insight
Authors Eva Su
Source Agency Congressional Research Service
Summary:

During the fourth quarter of 2022, abnormal trading in MMTLP attracted the attention of capital markets observers and regulators. MMTLP was the over-the-counter (OTC) stock trading symbol for non-voting series A preferred shares of Meta Materials (MMAT), a small nanotechnology and materials company. Since MMTLP’s trading halt in December 2022, investors who suffered financial losses have sent more than 40,000 letters (some generated through automatic letter wizards) to Congress to voice concerns. This Insight explains MMTLP’s lifecycle and trading halt for policymakers.