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1 1 (August 21, 2023)

handle is hein.crs/govempe0001 and id is 1 raw text is: Congressional S£ Research Service Snforrning th2 Iegislative deb te since *914 Meme Stock MMTLP and FINRA Trading Halt August 21, 2023 During the fourth quarter of 2022, abnormal trading in MMTLP attracted the attention of capital markets observers and regulators. MMTLP was the over-the-counter (OTC) stock trading symbol for non-voting series A preferred shares of Meta Materials (MMAT), a small nanotechnology and materials company. Since MMTLP's trading halt in December 2022, investors who suffered financial losses have sent more than 40,000 letters (some generated through automatic letter wizards) to Congress to voice concerns. This Insight explains MMTLP's lifecycle and trading halt for policymakers. Social Media and Meme Stock Trading Meme stocks gain popularity through social media. Their share prices often decouple from their perceived fundamental financial performance and income capabilities. The market volatility related to GameStop is one example of meme stock trading that heightened policy debates. MMTLP's trading prices rose rapidly from less than $2 per share to around $12 per share from October to November 2022 (Figure 1). Like the GameStop event, the price appreciation was fueled by social media valuation discussions despite some research analysts' belief that MMTLP shares were worthless. Congressional Research Service https://crsreports.congress.gov IN12228 CRS INSIGHT Prepared for Members and Committees of Congress -

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