Defendant Name: Meta Materials, Inc. (f/k/a Torchlight Energy Resources, Inc.)

Defendant Type: Public Company
SIC Code: 7997
CUSIP: 59134N10

Initial Case Details

Legal Case Name In the Matter of Meta Materials, Inc. (f/k/a Torchlight Energy Resources, Inc.)
First Document Date 25-Jun-2024
Initial Filing Format Administrative Action
File Number 3-21976
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-11
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
• Sec 14(a)
• Rule 14a-9
Securities Act
• Sec 17(a)(1)
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 25-Jun-2024
Headline Total Penalty and Disgorgement $1,000,000

Related Documents:

33-11292 25-Jun-2024 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 And Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On June 25, 2024, the SEC instituted cease-and-desist proceedings against Meta Materials, Inc., stating: "In June 2021, Respondent raised $137.5 million in an at-the-market offering (the “ATM Offering”). Leading up to the offering and in connection with a merger, Respondent engaged in a scheme to inflate the price of its stock and defraud investors through numerous material misstatements and omissions about the potential value of a stock dividend to be issued as part of the merger. As a result of its fraudulent conduct, Respondent sold 16.2 million shares during its ATM Offering for tens of millions of dollars more than it could have absent its efforts to inflate its stock price."
2024-77 25-Jun-2024 Press Release--Administrative Proceeding
SEC Charges Meta Materials and Former CEOs With Market Manipulation, Fraud and Other Violations
On June 25, 2024, the SEC "led charges against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras. The company has agreed to settle the SEC’s charges in an administrative proceeding, while the SEC’s litigation against Brda and Palikaras will proceed in federal district court."

Related Actions:

SEC v. John Brda, Georgios Palikaras
John Brda
Georgios Palikaras