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.
We are disappointed to announce receiving another round of SEC comments to our Annual Report on Form 10-K for the 2023 fiscal year (the “2023 10-K”), which will further delay the effectiveness of our Registration Statement on Form S-1 to offer to the public 40,000,000 shares of common stock (the “Offering”), originally filed on January 23, 2023.
NEXT BRIDGE PRESS RELEASE
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.