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

Next Bridge Hydrocarbons Provides Update Regarding Ongoing SEC Filingshttps://t.co/AxaromanOf

— Next Bridge Hydrocarbons (@nbhydrocarbons) June 18, 2025

Follow the link to the press release here.

Community member Kostas accurately breaks down the delays.

3 years of financial restatements. Still no S-1. Still no trading. This isn’t just a “normal delay” — it’s a regulatory and governance crisis disguised as paperwork.

If this were a conventional IPO or spin-off, the company would be under immense pressure to:
– Resolve… pic.twitter.com/LT7l6D4v62

— Kostas (@ggkoul) June 18, 2025

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.