MMTLP Meltdown

MMTLP Update: 1,000 Days Since the Halt – What's Next for Next Bridge Hydrocarbons?

By Market Insights | September 29, 2025

The MMTLP Saga: A Recap

The MMTLP saga, rooted in the 2021 merger of Torchlight Energy Resources (TRCH) and Meta Materials (MMAT), took a dramatic turn on December 9, 2022, when FINRA halted trading (U3 status) just before the record date for the spin-off to Next Bridge Hydrocarbons (NBH). This left thousands of shareholders with "placeholders" for NBH shares, unable to trade or redeem them. Allegations of naked shorting, regulatory collusion, and over 1 billion counterfeit shares have fueled outrage. As of September 29, 2025, the 1,000-day mark since the halt has passed, with investors still seeking answers.

September 2025: Key Developments

Recent events have reignited hope and frustration. Here's what's new:

  • 1,000-Day Milestone: On September 4, 2025, advocacy group Fair Markets Now held a Zoom call to mark 1,000 days since the halt, demanding restitution for affected holders. Social media buzz, including posts from @ChampionNBH, estimates losses in the billions due to unaddressed counterfeit shares.
  • SEC and FINRA Scrutiny: A September 5 SEC admission of lost text messages from former Chair Gary Gensler during the MMTLP period raised suspicions of a cover-up. A GAO report contradicts Gensler's claim of annual FINRA reviews, showing only biennial checks in 2021–2023.
  • Meta Materials Progress: A September 23 YouTube analysis (@TradingSecrets7) noted Meta Materials' latest 10-K filing as a step toward S-1 approval, critical for converting placeholders to NBH shares (now $FNGR on OTC). No firm timeline exists, but this is a positive signal.
  • Broker Revelations: On September 25, @ChampionNBH reported a major broker admitting to 110 million counterfeit MMTLP shares during due diligence, echoing patterns in stocks like $DJT and $GME.
  • Parallel Halts: Recent SEC suspensions of $QMMM and $WOLF, blamed on "social media manipulation," mirror MMTLP’s halt, with investors like @MetaMan1111 calling for racketeering probes.

Next Bridge Hydrocarbons Placeholders: Current Status

Your placeholders are IOUs for NBH shares, tied to Texas oil and gas assets. Here's the situation:

  • No Distribution Yet: NBH, trading as $FNGR, awaits S-1 approval to convert placeholders. A June 18, 2025, SEC update signaled restatements for 2022–2023 financials, with August funding boosting liquidity.
  • Potential Outcomes: Advocacy groups estimate 64,000+ holders await 1:1 share swaps or cash settlements. If naked shorting claims hold, penalties could follow.
  • Risks: Placeholder value is speculative, with historical MMTLP prices ranging from $0.85 to $12.50. Past lawsuits (e.g., Rosen Law Firm, 2021–2022) haven't resolved the issue.

Community Pulse on X

The X platform is a hotbed of MMTLP discussion. Key voices include:

  • @VE_Starr: Urges constitutional pushback, linking MMTLP to $GME and $AMC fraud.
  • @ToxicSeasons: Presses incoming SEC Chair Paul Atkins (@SECPaulSAtkins) for blue sheet disclosures.
  • @zing_leo12693: Promotes upcoming X Spaces for strategy sessions.

Hashtags like #MMTLP, #FinraFraud, and #FairMarketsNow trend, with calls for FBI/DOJ involvement and "pain and suffering" compensation.

What’s Next?

With Paul Atkins as incoming SEC Chair, his market-friendly stance offers hope for reform. However, delays in S-1 approval and systemic shorting issues cloud the outlook. Month-end rebalancing could trigger volatility, potentially forcing short covers. Investors should:

  • Monitor NBH’s investor relations and SEC filings for S-1 updates.
  • Join r/MMTLP_ or fairmarketsnow.org for community action.
  • Contact brokers to verify placeholder status.
  • Engage on X, tagging @SECGov and @SECPaulSAtkins.

Final Thoughts

The MMTLP saga is a stark reminder of retail investors’ vulnerability to regulatory gaps. While progress creeps forward, the fight for transparency continues. Stay active, stay informed, and don’t let your voice fade.

Disclaimer: This is not financial advice. Consult a professional for your investments. Sources include SEC filings, X posts, and public advocacy sites.

© 2025 Market Insights. All rights reserved.

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