• Broker Webull Announces AST Transfer Window

    While community members are getting varied responses about transferring to AST, one broker is being proactive with instructions.

    Community member JunkSavvy posted a tweet notifying Next Bridge share holders that utilize Webull now have a window to transfer shares until August 25, 2023 at 4:30pm EST.

    The below information is not financial advice.

    While this new information answers a timing question for transferring shares to AST, other questions still loom. Webull reveals two different options for getting the shares to AST. The first one is electronically and the charge is $75. The second option is through paper certificates and that fee is $235.

    This notice is likely a direct response to the many requests broker/dealers have had since the recent dividend announcement by Next Bridge Hydrocarbons.

    Those that transfer their shares to AST will be able to take advantage of additional shareholder “subscription” benefits of a future spin off company.

    While Next Bridge gives you plenty of time for this transfer to occur (60 days after the S-1 is effective– which is currently not), Webull has imposed a shorter timeline of about 25 days.

    We’re not sure how legal their deadline date is, but our advice to Webull holders would be to consider their date the deadline and make your own decision before this time. It’s likely that you just need to start the initiation of the transfer by this date, not have it completed by that date.

    The message also contains some information for those that hold their Next Bridge shares in an IRA or 401K. It’s best to seek the advice of your accountant or tax attorney if you are in this situation.

    So far we have heard of no other broker/dealer imposing their own deadline or giving written instructions. It’s possible that Webull is not oversold in their NB share allotment so they are happy to transfer everyone to AST. Other broker/dealers are doing their best to obfuscate and stall the transfers. It doesn’t take much to guess why.

    As always, review your individual situations and do your research on what option works best for your situation.

    The Webull image is archived below.