![]() Submissions should not be longer than about 40 pages, and if they are deficient in ways explained in the SEC’s Enforcement Manual, they will be rejected.Ī Wells Notice may be a target’s first inkling that he’s under investigation, or he may have had prior contact with Enforcement staff. ![]() Neither are they required to reply making their case to the Commission, but if they wish to, they should make their confidential submissions within the time limit-usually about two weeks-set by the investigators in the notice, or in a subsequent communication. Ĭompanies and individuals are not required to announce receipt of a Wells notice to shareholders or to the general public, but MMAT chose to do so. The SEC explains them as part of what it calls the “Wells process”:Ī Wells notice is a communication from the staff to a person involved in an investigation that: (1) informs the person the staff has made a preliminary determination to recommend that the Commission file an action or institute a proceeding against them (2) identifies the securities law violations that the staff has preliminarily determined to include in the recommendation and (3) provides notice that the person may make a submission to the Division and the Commission concerning the proposed recommendation. ![]() and John Brda, the former CEO of Torchlight Energy Resources, the company with which Meta had merged in order to list quickly on the Nasdaq Stock Market, had received Wells notices from the Securities and Exchange Commission. What had happened? The company filed a Form 8-K explaining that MMAT, its CEO George Palikaras. As summer peaked at the end of July, Meta Materials (MMAT) popped back into the news.
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