$MMAT update: 06-28-2021
You are probably watching and asking why am I unable to trade MMAT ? And, why has it dropped ~20%?
Everyone is basically in the same boat. I don’t think there is any real reason to be concerned why you may not be able to trade MMAT right now or if the value in your trading account is, for example $0.12.
This is not your normal merger and it has a lot of moving parts that need to be integrated.
One of those parts has to do with the MMATF float. This may take some time to sort things out as it is in the hands of the trading platforms and exchanges. Last week short volume ending as of Friday June 25 was 35.45% . The n. short amount was 61.78%.
That is significant.
Fintel showed last week that TRCH had a higher % of doing ‘the trajectory’ over GME and AMC. That will get anyone’s attention.
What MMAT management has basically done is thrown ‘metaphorically speaking’ a grenade into the market.
You simultaneously have a dividend, oil assets divesture, reverse split merger, russell (which is today), cusip change, and share repurchase all happening basically at the same time. Plus integration into the old TRCH shell and the MMATF component, and you have to also link that into MMAT on the other side of the border.
They had to do a lot of things because they needed to get rid of any ‘perceived baggage’ coming into the new MMAT shell. They can’t risk having institutional investors getting cold feet with investing into the new MMAT.
To put it bluntly - this is a regulators nightmare.
In my opinion, this was management focusing on neutralizing the n. shorts, synthetics, etc. etc. Legal shorts still had legal ground, but they would be seriously rolling the dice Monday morning June 28 hoping everything would be on solid ground for them if they didn't deal with their holdings on Friday June 25.
This is going to take a bit to sort things.
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Slick88inyotwt : So in other words they basically turned everything off so they can fix under the table all the corrupt shut that would come out if they allowed a squeeze to happen benefiting share holders .??
MR CLARK KENT OP Slick88inyotwt : OP was before Monday. Lots of shenanigans going on still. Rumour 6th July update may not happen. Time will tell.
Slick88inyotwt : cool thanks. appreciate your linfo