Defendant Name:
Meta Materials, Inc. (f/k/a Torchlight Energy Resources, Inc.)
Defendant Type:
Public Company
SIC Code:
7997
CUSIP:
59134N10
Document Reference:
33-11292
Document Details
Legal Case Name
In the Matter of Meta Materials, Inc. (f/k/a Torchlight Energy Resources, Inc.)
Document Name
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
Document Date
25-Jun-2024
Document Format
Administrative Proceeding
Allegation Type
Market Manipulation
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$1,000,000.00
Shared:
