Next Bridge Hydrocarbons Announces SEC Declares Effective its S-1 Registration Statement
Company prices and commences a public offering of 40 million shares
https://t.co/2hO7KuPeJJ
🚨Breaking news: 🦋
@Nasdaq just LOST its Motion to Quash.
Read that again s l o w l y . . .
The Bankruptcy Court in Nevada has now ordered Nasdaq to produce extensive $MMAT/TRCH trading data under Rule 2004, including RASH and CORE data, order attributes, cancellations, replaces, executions, and related transaction records covering nearly FOUR YEARS.
The Court was NOT persuaded by the ‘undue burden’ argument, noting that producing ~15GB of spreadsheet data is not exactly impossible for… Nasdaq. (One $10 usb stick)
Even more important, the Court explicitly recognized the Trustee’s AUTHORITY to investigate whether wrongdoing occurred on behalf of the estate, including potential claims tied to stock trading activity.
Translation:
This investigation is very much ALIVE.
For months, some people mocked and undermined the Trustee’s efforts, claimed discovery would never happen, and acted like every subpoena didn’t get served initially and that it would be crushed before daylight. Instead, the wall keeps cracking.
FINRA discovery.
Now Nasdaq discovery.
And the Court explicitly referenced separate pending motions involving Citadel, Virtu, and Anson.
Interesting times ahead.
Turns out Rule 2004 is not just a decorative suggestion.
To the Trustee and legal teams, incredible respect.
It takes courage to walk into rooms filled with institutions that have virtually unlimited resources and say:
‘Produce the data’
And to the echo chambers already warming up their spin machines tonight…
You may want to read the actual order first. 🤝
Blessings to all.
HEY CHICAGO, WHAT DO YOU SAY?
The Cubs are going for 10 IN A ROW TODAY 🙌
If they fly the W again, you've got a chance to win a piece of $10,000 in bonus bets!
1⃣ REPOST
2⃣ FOLLOW @FDSportsbook
3⃣ REPLY w/ how many runs the Cubs score tonight
Rules: https://t.co/rcsSuqtYuk
Have you looked at FINRA’s Technology page lately? They literally boast:
“FINRA processes a peak volume of 600 billion transactions every day… Our technologies run hundreds of surveillance algorithms… to uncover market manipulation, insider trading, and other methods that firms or individuals might employ to gain an unfair advantage.” Why is this more relevant than EVER right now? Because in the Meta Materials Chapter 7 bankruptcy, our trustee hit FINRA with a Rule 2004 subpoena demanding ~25 million granular Trade Reporting Facility (TRF) records — every off-exchange trade in MMTLP — plus the full short-interest and Reg SHO short-sale volume data tied to it. And think about this!
Sam Daddy and his counterpart @SECGov had this information back in 2021!
FINRA’s own UPC committee also had this information when they wrote (and then re-wrote) the MMTLP corporate action — twice!
They run hundreds of algorithms on 600 billion transactions a day.
The data exists.
The algorithms exist.
The subpoena is now court-ordered. The only question left is: what exactly was @FINRA watching… and why are they hiding it? #MMTLP