Next Bridge Hydrocarbons has finally received a resolution for some of their past filings.

Nearly everyone saw the endless delays and comments the SEC was requiring as a tactic to cripple the company and any resolution for MMTLP shareholders.

The resolution of these open comments from the SEC regarding our 2023 annual report is the first in a difficult – but necessary – series of steps. I look forward to resolving this issue once and for all and I remain optimistic about the path ahead, including our participation in the current Louisiana Panther drilling, and our other activities as well.” – Greg McCabe, CEO

So what’s next after this hopeful resolution:

What Next Bridge plans to do now:

• They intend to file revised versions (amended reports) for the first three quarters of 2024 (Forms 10-Q/A) and also a full annual report for 2024.
  
• They also expect to file their regular (non-amended) quarterly reports for Q1 and Q2 of 2025, which had been delayed because of the restatements.

How does this help?

Being current with SEC requirements improves NBH’s credibility and reduces regulatory overhang. Without this, no progress on bigger issues (like resolving shareholder MMTLP issues) would even be possible.

So this is a small win, as maybe the SEC (under new non-Gensler leadership) will be a bit more friendly to NBH in the future.

You can read the full press release here.

A Next Bridge Hydrocarbons press release dated Wednesday, June 18th, 2025, tells of more delays jumping through SEC hoops.

Follow the link to the press release here.

Community member Kostas accurately breaks down the delays.

Do you think the SEC’s years of demands are excessive? They’ve positioned themselves as gatekeepers of the S-1, clearly aiming to prevent its approval. Approving the S-1 would complicate matters for them—exposing share counts and likely triggering investigations into the entire fiasco. It’s unlikely they’ll ever allow it to move forward.

This certainly isn’t new news, however. See the struggles Next Bridge reported from January 2023.

So much for Gary Gensler’s replacement.

US Bancorp is showing a value of the former MMTLP shares (now META71) at an odd value.

We have proof that some shareholders of Next Bridge Hyrdocarbons shares held at US Bancorp Investments have a new assigned value.

$12.20

Community Member ScottyT shared this tweet along with a screenshot recently:

Before anyone gets too excited, this is an outlier. We have no confirmations from any other brokers that any value has been assigned to these shares. And, since the shares are not currently tradable, it doesn’t really help any of us, even if you wanted to cash out at just above $12.

The all-time high price for MMTLP was $12.50, recorded intraday on November 22, 2022. That day, the shares closed at $12.

Community member Drew commented on the anomally in another tweet.

A Press Release from Next Bridge Hydrocarbons discusses their extraordinarily long and obstructed path to getting approval for their S-1.

In their second press release of the week, Next Bridge reports they have received further feedback from the SEC on their January 2023 10-K form.

This delay causes hardship for the company’s planned public offering of 40 million shares of common stock.

The company has spent two years attempting to file an effective registration statement to secure capital, but it seems the SEC is intentionally delaying approval, potentially harming the business.

The hedge funds and brokers would love nothing more than Next Bridge to file bankruptcy, alleviating them from their open short positions left in the MMTLP stock.

Meta Materials, Inc. (the company which Torchlight Energy became to create MMTLP shares) filed for Chapter 7 bankruptcy on August 9, 2024, in the United States Bankruptcy Court for the District of Nevada not long after their CEO was improperly ousted from the company.

The SEC is now asking Next Bridge to alter its accounting practices in relation to the company’s corporate history. What’s being asked of Next Bridge appears to us as unreasonable.

Chairman and CEO Greg McCabe stated, “As in the past, Next Bridge will continue to advance our business strategies on the oil and gas front, while concurrently investigating the magnitude of our demonstrable shareholder imbalance. In light of recent events, the Company will pivot and intensify our efforts to obtain clarity on this untenable and inexcusable imbalance which remains, to this day, an unsettled injustice to our loyal shareholders.”

NEXT BRIDGE PRESS RELEASE

Some of what the SEC is asking is likely ILLEGAL, which was pointed out by community members.

We need DOGE to investigate the SEC regarding this obstruction and the full MMTLP fiasco.

You can read the full press release at this link.

As if this situation couldn’t get any worse with the financial damage it has caused, threats against Greg McCabe’s family are revealed in emails.

As reported by Guess Who on X, we have copies of emails gathered through an approved FOIA request.

A copy of the emails is available here:

These emails tell a horrific story of just how far short sellers are taking this to take down Next Bridge so they won’t be liable for their open shorts.

Isn’t this information enough for Congress to do something? For law enforcement to get involved? Just how far will these evil people go in the name of their own personal wealth?

Hopefully this being revealed will help our cause and we hope that Greg McCabe and his family continue to be safe.

The community is waiting for January 20th when Trump and more friendly MMTLP politicians are sworn in for hopefully some positive movement in our cause.

More coverage from X Market News is listed below.