Next Bridge Hydrocarbons, Inc.
| Company Name | Next Bridge Hydrocarbons, Inc. |
| Stock Symbol | private |
In June 2021, NBH, formerly known as Torchlight Energy Resources, Inc. (“Torchlight”) merged with Metamaterial Technologies Inc. (“Meta Materials”). In connection with the merger, Torchlight shareholders received shares of non-voting Meta Materials preferred stock, corresponding to the oil and gas assets acquired from Torchlight. Holders of the preferred stock would be entitled to receive proceeds from the sale of oil and gas assets or, if the assets were not sold by a certain date, equity in a spin-off entity.
Then, on December 14, 2022, Meta Materials completed a spin-off of its oil and gas assets into NBH, with holders of Meta Materials preferred stock receiving new shares in NBH. Following the spin-off, Meta Materials reported that the value of the oil and gas assets as of the date of the spin-off was “not substantive” and therefore increased its reserves on notes payable by NBH to Meta Materials that had historically been secured by the oil and gas assets.
Submit Your Information
If you suffered a loss on your Next Bridge Hydrocarbons, Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.