Jun. 7, 2022
We, retail investors, are petitioning to invoke this rule for the stock tickers AMC and GME immediately because we believe that retail investors own a high percentage of the free float and yet, through ATS dark pools, the stock price is able to be suppressed by market makers, hedge funds, prime brokers and banks. During the 3/11/2022 AMC Q4 earnings meeting2 it was stated that retail investors own 90% of the legal free float of the stock. During the 3/17/2022 GME Q4 earnings meeting3 we learned that retail investors own about 25% of the legal free float through just one brokerage, Computershare. These numbers are indisputable, however, since the announcement of these numbers 40-60% of the trades for these stocks have been traded in dark pools. This allows market makers to suppress the price even though there are more buy orders than sell orders for these stocks. To put it bluntly, we, retail investors, believe we are being cheated because the majority of the trades take place off lit exchanges and out of our hand