MMTLP, META MATERIALS PREFERRED SHARE holders beware!!! I checked with Tiger this morning and Tiger is not sure if we can trade MMTLP tomorrow even thoigh last day to trade is stated as 12th December, 2022. On close of trading on Monday, 12th December, MMTLP shares will become Next Bridge Hydrocarbons (NBH) shares one for one. But do take note that NBH would not be listed on Tiger platform as NBH is non-tradable. Hence those with MMTLP has two ways to go about solving this mystery:
One way is to sell MMTLP by end of trading session of Thursday, 8th December, 2022 as Tiger may not let you sell on the 9th onwards and your MMTLP becomes NBH shares. In this case, you may have to sell at a low price to the shorts to clear your MMTLP shares, which is not advisable as NBH shares is highly values because of its oil and gas hoardings in the huge Oligrande basin.
The other way is to hold your MMTLP shares till 14th Dec and let it be conberted to NBH shares. However, NBH shareholders will have to wait and see how these shares will come to you as it will not show on the Tiger app. Just have to pray and guess how the highly valued shares of NBH you will then own, come back to you.
For me, being a risk-taker, I will let my MMTLP become NBH shares and see how events turn out. I will wait for NBH to inform me of my shareholdings and see what I can do with those shares. Even if I cannot sell back as it is non-tradable as stated, I will get to earn from its huge dividend payouts, which I believe to be quiye substantial even after taking off that 15% withholding tax for non-residents of the US.
Comments
Wow. All MMTLP shareholders were not able to trade on Tiger last night. Tiger did inform me that trading is possible till end of Monday, 12th Dec. This mive cannot be blamed on Tiger as all brokers freezed trading on MMTLP. Seemed FINRA had put a stop to buying and selling of MMTLP shates from the opening bell as it was conducting an investigation on trading of the stock. Could it be FINRA's ploy to dismiss the huge short interest which has to be made good by Monday? Seems like another scam in the infamous US stock markets orchestraded by the powers that be.
Further to my posting on MMTLP yesterday, Tiger clarified that MMTll share holders can sell their preferred shares right up to Monday 12th December before market close at 5am Singapore time. If you do not sell by then and your shares were bought by end of ttading session on Thursday, then your MMTLP shares will become Next Bridge Hydrocarbons (NB) shares at a ratio of 1:1. However, do note again that NB shares will not appear on Tiger app as NB shares are not tradable, being a private entity. We will have to wait for NB to inform us of our shareholdings. Rumour has it that NB maybe worth at least $60 a share. Will we be approached by NB to sell the shares back to the company by private treaty? I should think so, otherwise hold the shares long term as NB has a $3.2 trillion worth of oil and gas reserves in the Oligranfe basin it owns. This is huge going forward.