• Next Bridge Announces Share Dividend

    UPDATE: 7/27/23 – FINRA releases negotiation correspondences between FINRA and Next Bridge.

    Next Bridge Hydrocarbons has sent out information announcing a dividend of NBH Newco to shareholders that have their shares at AST. Further, an email reveals more details about previous negotiations with FINRA.

    The company press release was accompanied by an email and official S-1 document.

    Is this a way for Next Bridge to force a share count? Just days after Wells Notices have been sent to John Brda and George Palikaras.

    This is breaking news — and no one needs to make a decision on what to do right away. Dates are left blank in the S-1 and it is not effective yet. We need to investigate this further and each shareholder needs to decide on what is best for their situation. Nothing is mandatory.

    There is still the issue of those that hold NBH shares in a retirement account that needs to be addressed.

    An email received by Krucialmix added this information from Greg McCabe regarding Next Bridge’s attempts to get us our two trading days back:

    “Since taking over as Chairman of the Board of Next Bridge, I have had the opportunity to review the efforts by the Next Bridge management team to pursue a short-term trading window and to request that the Financial Industry Regulatory Authority (“FINRA”) require all individuals and entities holding short positions in Next Bridge’s common stock to be forced to close those positions. The efforts by Next Bridge were thorough, rigorous, and quite compelling. Unfortunately, FINRA did not find it had authority to issue a corporate action requiring all shorts positions to be closed if a trading period was to occur. While this decision may be disappointing to some of our shareholders, Next Bridge accepts the authority of FINRA on this matter and is going to move forward with the business of running our Company.”

    This looks like while Next Bridge tried to negotiate for two trading days, this is not likely to happen anymore. So Next Bridge is coming up with other ways to get shareholders what’s owed to them.

    In short, this offers current Next Bridge shareholders a chance to get shares of a spin-off in NBH Newco, a future company, at no charge to them. This includes additional oil properties in additional states. But shares have to be at AST to participate.

    It’s important to note that if you don’t want to transfer your shares to AST, you don’t have to. If you don’t, you will only lose the potential for the spin-off company, you will not lose your Next Bridge shares.

    One of the most compelling questions now is, what will all the broker/dealers say when a mad rush of shareholders tell them they want to transfer to AST? Will they allow it? Will they charge exorbitant fees for the transfer like in the past?

    We suggest you keep recorded calls (if legal in your state) or chat transcripts of all your conversations with your broker/dealers in regards to transferring your shares to AST. This information may be valuable as evidence later on.

    Community member Hollywood Henry gave a tweet with a great breakdown of the main points from the announcement.

    You can also read Frank Nez’s article on this development here.

    As this is a developing story, more information will be added to this page as it is uncovered and understood. A lot of information has come out and the community is trying to digest all of it.

    JunkSavvy is compiling a list of questions to be shared with Next Bridge, so if you don’t see your question here already it would be good to ask it in a comment.

    Our opinion on this so far is that we WELCOME THIS NEWS and information and are very excited that Next Bridge Hydrocarbons appears to be doing something to resolve this situation on their side.