Future #entrepreneurs, beware! This cautionary tale is unfolding at Meta Materials Inc. ( $MMAT @Metamaterialtec ), where it appears that its current board and management are trying to pull the wool over shareholders' eyes after trying to muzzle the founding CEO. 🧶🔍
Imagine a founder-CEO that was ousted without cause or good reason, and was then offered severance IF he/she agreed to a clause that forbids him/her from making any significant moves or even simply TALKING about the company they created despite still being the largest shareholder for TWO whole years... Yes, you read that right.
All while they work in the shadows to disassemble the company, including recent shady company IP and asset sales of two core business units to cover up their failure.
Here's the clause (and screenshot) that was presented to me in November 2023 while I was still on the $MMAT Board of Directors, straight from the playbook of #CorporateTrickery:
"4. THE EMPLOYEE AGREES that, for a period of two years from the date of this Release, without prior written consent of the Company, neither Employee nor any of Employee's affiliates (as such term is defined under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), nor any of Employee’s representatives acting on behalf of or in concert with Employee (or any of its affiliates) will in any manner, directly or indirectly, (a) effect or seek, offer or propose (whether publicly or otherwise) to effect, or cause or participate in or in any way assist any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, (i) any acquisition, whether by purchase or otherwise, of any loans, securities, assets or rights to acquire securities of the Company; (ii) any tender or exchange offer, merger or other business combination involving the Company; (iii) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company; or (iv) make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies” (as such terms are used in the proxy rules under the Exchange Act and the regulations thereunder) to vote, or seek to advise or influence any person with respect to the voting of any voting securities of the Company; (b) form, join or in any way participate in a "group" (as defined under the Exchange Act) with respect to any voting securities of the Company; (c) otherwise act, alone or in concert with others, to seek to control or influence the management, board of directors or policies of the Company or any of its affiliates; (d) take any action which could reasonably be expected to force the Company or any of its affiliates to make a public announcement regarding any of the types of matters set forth in clause (a) above; or (e) enter into any discussions or arrangements with any third party with respect to any of the foregoing. Employee also agrees during such period not to make public disclosure of any request to the Company (or its directors, officers, employees or agents), directly or indirectly, to amend or waive any provision of this paragraph (including this sentence)."
#Translation: "Sit down, shut up, and let us dismantle what you and your co-founders (@timaras) built without a peep." 🛑🤫
As you can imagine I did not sign this and did not sell out, I kept my integrity intact, I kept my shares to be able to speak about all things Meta Materials. I just had to be sure that when I took the next actions I had ALL the evidence I needed...
Shareholders need to be watchful whether it is $MMAT or other founder-led companies and should take action! This isn't just a red flag; it's a full-blown corporate alarm. 🚨🔔
#Founders make sure the integrity of your vision, and innovative spirit is not compromised or sold off for a few dollars or cents.
Remember the wise words of Warren Buffett: “In the business world, the rearview mirror is always clearer than the windshield.”
IMHO the $MMAT board and management have destroyed progress, shareholder's future returns, and innovation and this is just the tip of the iceberg... I believe soon we will know what further lies beneath the surface. I urge Jack Harding, Uzi Sasson Ken Hannah Allison Christilaw, Steen Karsbo and Philippe Morali to please immediately #RESIGN, you are completely compromised and unfit to deliver value to shareholders and to resolve $MMTLP IMHO. #CorporateGovernance #ShareholderRights #Innovation #ShareholderSuppression
@OfficialPonce Here we go again making it other people’s fault, let’s not forget there were many offers to take care of your cat until you got back on your feet. You just decided for the cat that living in a car for weeks is the better option.
LARGEST CORRUPTION IN STOCK MARKET HISTORY 🚨
If you invest in the United States Stock Market you should WATCH this video and SHARE ✅ @elonmusk $MMTLP https://t.co/Kt7NrPcxm7
🚨🚨🚨
Explosive emails from Dr. David Morens — Senior Scientific Advisor @NIAIDNews & Dr. Fauci ally — reveal a potential violation of federal record keeping laws.
Get your popcorn ready folks...🧵👇
BREAKING: @BlackRock Recruiter Who “Decides People’s Fate” Spills Info on Company’s World Impact
“It’s not who the president is- it’s who’s controlling the wallet of the president”
“You got $10K? You can buy a senator"
“War is real f***ing good for business” #BlackRockExposed
Thanks @camartsbiz for this awesome care package full of collectible figures! Super excited about the Ashoka figure from Star Wars! Also pumped about the Lego and Pokémon toys too!
@"Open Letter to US Congress / Senate, and Georgetown University.
Prof. James Angel representation to Congress in response to the MMTLP fiasco."https://t.co/hvx7Rqpeao on @LinkedIn
@busybrands@cvpayne@HesterPeirce 34K LETTERS HAVE BEEN SENT $MMTLP $MMAT
How many more do you need to get to the bottom of this and offer a resolution to the 64,000 investors defrauded by hedge funds with counterfeit shares?
The SEC & FINRA have been negligent in their duties
“These things take time” and then continues to consistently vote against policy changes that make our markets safer for retail and expose shady corporate actions from these hedge funds #finrafraud#secsucks
Pay attention to the end where she tries to tell the audience that the retail investor environment is the best it’s ever been. Just because we don’t have to pay commissions to trade stocks? True ownership of shares is given up to make this possible.
These hedge funds and brokerages then take advantage of this to make retail investors into their personal bank accounts. Then when the house of cards starts falling out government provides zero transparency and works to sweep the situation under the rug.