Deep Tech Ⓥalue 🟧 me-retweet
Thanks to @ElfCarbon, I spotted this 👇 look closely at the dates, and the blatantly WRONG description embedded in @markets @business Bloomberg’s terminal.
On the top part and in the summary part, the first mention of “Meta Materials Inc” should instead read “Torchlight Energy…”. That’s benign assuming the terminal entry updated post merger.
But here is the problem:
The entire entry misreports Torchlight’s corporate action! Instead of describing a Series A Preferred Shares event …which should be classified as a preferred dividend (PFD)… they are reporting that they are spinning-off Meta Materials Inc. !!! What⁉️⁉️
What It Really Was
Issuer: Torchlight Energy Resources (TRCH)
Security: Series A Preferred Stock
Nature of Action: Preferred dividend (PFD) issued to TRCH legacy common shareholders as part of merger terms.
Not: A spin-off of a separate operating company called meta materials inc.
Preferred dividends and spin-offs are different corporate actions with different settlement, reporting, and downstream trading implications.
By coding this as a spin-off, Bloomberg’s record rewrites the nature of the event.
Why does this matter? Because in my view this is NOT just a typo… the corporate action being described is fundamentally misclassified.
We need IMMEDIATE transparency from Bloomberg on this entry’s provenance, and answers from FINRA/SEC on whether they were aware of or reviewed this classification which led to the birth of #MMTLP.
Mislabeling corporate actions at this scale undermines market integrity, and if it was intentional, it demands accountability.
The Key Questions
1. Who entered or validated this corporate-action data in Bloomberg’s system?
2.Was this a simple data-entry error, or was upstream feed information (from the company, transfer agent, or a corporate-action vendor) already wrong?
3.despite the clear fillings publicly available months ahead of the merger, did this misclassification contribute to confusion among brokers, settlement systems, and ultimately retail investors and they had to create MMTLP to cover prior mistakes?
I am sure the community will add to this list.
Bigger Picture:
This isn’t just a paperwork issue. In the MMTLP saga:
Brokers reported conflicting understandings of what the Series A represented. Intentional?
Some systems treated it like a spin-off, others like a preferred distribution. Intentional?
Trading eligibility, settlement handling, all over the map. Intentional?
When the “source of truth” in Bloomberg says “spin-off,” that classification propagates globally… and can seed months (or years) of confusion and devastation.
There is a lot more that went down… stay tuned.
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