Meta Materials Inc (OTCMKTS: MMTLP) It’s been red for the past 2 days after another significant short attack on Tuesday sapped the stock’s momentum with MMTLP closing at $9.55 on Wednesday. Meta Materials announced Wednesday that its board of directors has approved distribution to META’s Series A non-voting preferred stockholders; MTL extension. Registered shareholders are as of December 12 with the distribution date set for December 14, after which MMTLP will cease trading. There is a full explanation of the release and release dates below. Please note that FINRA has not yet approved the dates, once they do they will file a 424b. Upon completion of the deployment, Next Bridge will be an independent public reporting firm with a capacity of between 3.2 and 3.7 billion barrels of oil.

MMTLP is currently the largest short squeeze in the markets with an estimated over 80 million short-sold shares they need to cover before MMTLP stops trading on Dec. 14. To share. As we’ve discussed in previous articles, historically short compressions occur AFTER the record date has been set, meaning that MMTLP is finally in a prime position to begin compression. MMTLP has already been widely compared to recent short squeezes $HKD and $OSTK excessive stock which went from $7 to $120 a share AFTER the record date was announced. The excitement for MMTLP is palpable with longs promising not to start selling up to $100 a share.

Meta Materials Inc (OTCMKTS: MMTLP) is the placeholder of the Spin off Next Bridge Hydrocarbons of Meta Materials. One MMTLP (Series A Preferred Stock) will be exchanged for one Next Bridge common stock once the demerger is complete.

Next Hydrocarbon Bridge is exclusively developing its Orogrande Basin asset, the Orogrande Project, located in West Texas. The Orogrande project has demonstrated the potential for a multistack fee zone, with a total thickness of 600 to 800 feet, with geological and reservoir similarities to the Midland Basin. 134,000 net acres, 3,150 potential wells and 3.2 to 3.7 billion potential recovery (BBL)

On November 23, Meta Materials announced that its board of directors has approved distribution to holders of META’s Series A Non-voting preference shares; MTL extension. Upon completion of the distribution, Next Bridge will be an independent public reporting firm and MMTLP will cease trading upon market close on December 14. You can find the press release here.

December 12 is the RECORD DATE As long as you are registered as a shareholder on December 12 after the close of 4:00pm EST, you will be eligible to receive Next Bridge Shares. This also confirms that non-TRCH, MMTLP shareholders will also receive the dividend. The posting date is on Monday and the distribution date is on Wednesday. This means that the Shorts have until December 14th to close their positions. The estimated $80 million sorting position will be forced to cover if they don’t do so by the time the company goes private.

The image above was posted on short squeeze subreddit and quickly becoming a top spot on the Short Squeeze subreddit.

boborygmy replied: “It’s thereIt looks like it will still be marketable until EOD 14. So let’s play it, from a short perspective. Let’s say you’re short on a lot of stock. You can let it go until the last day, because even if you buy stock to cover, you won’t get the stock in the new company. There’s no further incentive to close by the 12. Each of those shares bought covered simply takes you from having a negative share of the new company, to zero.
So the shorts want you to sell out, at a lower price, before EOD on the 12th. They want you to think there will be some confusion about the sale between the 12th and 14th. But there will be (I think) massive short purchases to close on those days. The last day (or maybe two) is when shit REALLY hits the fan. If you hold the 12th and sell before the EOD on the 14th, your broker will handle the distribution of those shares for you. And it’s okay to sell the shares until the 14th EOD”.

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MTL extension

Both Roller pigeons And Market Moves has made videos focused on estimating the total open short position currently in MMTLP and we share them here:

Rollerpigeons said: “Yet, my shorts range in (MMTLP) is shorts and synthetics are about 216-280 million shares sold short. This is a quick and dirty linear method given one dataset I had and given the other dataset based on float and I had a range. This is 1 to 1 assuming 1 short covers a purchase of MMTLP. Of course, given this MMTLP chart can go very, very high, it can easily go as high as $400, if you want to continue graphing it. $400 per share. That’s just given this graph, it’s not giving financial advice, it’s just math if you want to continue graphing anything. But that doesn’t take into account that MMTLP is going to get very parabolic once it hits the $60-a-share break point. Again, that was a quick and dirty linear model. Simple math, just to give you what I consider my estimates.

Market Moves made a video on wednesday evening during which he focused partly on the FTD – non-delivery. He explained that FTDs only happen when there are short sellers as you cannot fail to deliver a stock you own. In the case of short sellers, there is a failure to borrow or fail to locate similar stocks or fail to buy within 2 days of the transaction known as the settlement date (T+2). While failed stocks are rare and account for less than 1% of overall market volume, FTDs give a good indication of how many shares have been sold short in a particular stock which is approximately 100 times on any given FTD day . Market Moves then references that FTD spreadsheet on MMTLP directly from the SEC website stating, “If we add up all the FTD (as of November 1) there were a total of 13,239,940 FTDs. The reason I’m adding them all together is to get an idea of ​​how many shorts there are. We know that 1% of total volume translates into FTDs, so we divide the 13,239,940 FTDs by 1% and we get 1,323,994,000 (1.3 billion MMTLP shares sold short through November 1st). I think it’s very unlikely, but let’s just use 80% and if so we currently have somewhere in the range of 264 million open short positions in MMTLP. If 90% of shorts closed their positions, again I think this is very unlikely, there would be 132 million short positions open. This is just looking at the MMTLP data, this does not take into account the open short position left by Torchlight Energy because we know there was a large short position trapped in TRCH. Market Moves he also pointed out that MMTLP has been on the OTC thresholds list for the past 27 days and to enter this list a stock must have a minimum of 10,000 FTD per day. He calculated that MMTLP had a low of 270,000 FTDs in the last 27 days stating: “If we calculate that FTD represents 1% of short positions, then 27 million extra short positions have been opened and if we calculate that 80% of these short closed their position which means we have 5.4 million more shares shorted on top of the numbers I already gave you.It will be quite interesting to see all these shorts trying to cover their positions because they I cannot be short on a stock that is not trading. There are a lot of shorts out there, we know that to be the case, I don’t know exactly how many shorts there are but I know there are a lot of short positions open in MMTLP.

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As we can see from the videos above from Roller Pigeons And Market Moves two investors who have been following MMTLP for a long, long time, many months before the current run-up, estimate the short position is much, much higher than the 200+ million short positions currently open on MMTLP. With record and distribution dates now set for Monday and Wednesday, December 12 and 14 pending FINRA approval, MMTLP shorts now must buy every single stock currently held short before the distribution date. IS it will be a wild ride that many predict will rival shorts from GME, AMC, and others recently HKD and OSTK. We will update on MMTLP when something new happens, then make sure you are subscribed to microcapdaily.com

Disclosure: We hold neither long nor short positions in MMTLP and have not been compensated for this article.

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