Next Bridge Hydrocarbons is explaining the process to transfer NBH Common shares into a new AST account via a new FAQ letter.
Last week, the company announced that it will provide investors with a new future stock under NEWCO, per its Form S-1.
The distribution by Next Bridge will be a non-transferable subscription right to receive at no cost shares of common stock of a new subsidiary of NBH to be formed in the future, the filing said.
In order to be an eligible stockholder to receive the subscription rights, holders must register their Next Bridge common stock directly with the Company’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”) at or prior to the close of business on the 60th day after the Form S-1 filed with the SEC becomes effective and maintain such registration with the transfer agent for 180 days thereafter.
Most shareholders will have to pay their broker fees to make these transfers.
Shareholders who do not transfer their Next Bridge shares to AST will subsequently not be eligible to receive the company’s future common stock.
Next Bridge intends to spin-off NBH Newco such that NBH Newco will be an independent company.
Each holder of subscription rights will be entitled to one share of NBH Newco common stock for each subscription right held by it without the payment of any consideration.
“In an effort to give Next Bridge and its shareholders the best chance for success, I have made the decision to assign proportionately my 10% working interest back-in after payout in the Orogrande Project, and my interest in the Bronco Prospect in Vermillion Parish, Louisiana, for the benefit of all shareholders that move or have already moved their Next Bridge shares to AST from their broker dealer accounts.
I strongly believe that having all shares of Next Bridge at AST will provide significant value to the corporate governance and communications with Next Bridge’s shareholders.
I have personally begun the process of moving all of my shares to AST,” said Chairman McCabe.
How to Transfer Next Bridge Shares to AST
Here is the official statement provided by Next Bridge Hydrocarbons on Thursday:
“If you hold your shares in “street name,” your shares may be issued in book entry form in an account in the name of your broker, bank or nominee.
If so, in order to directly register such shares and transfer the shares electronically from your broker’s account to a new AST account in your name, please instruct your broker to submit a letter of instruction to AST indicating the number of shares to be transferred along with a stock power containing a medallion signature guarantee.
A medallion signature guarantee is a special signature guarantee for the transfer of securities.
It is a representation by the guarantor that the signature is genuine and the signer is an appropriate person with the legal capacity to sign.
Your broker must also provide a Certificate of Incumbency or equivalent documentation indicating the signer of the stock power is an authorized person(s) for the broker.
Upon receipt, AST will then credit such NBH shares to a new account in the beneficial owner’s name.
The shares will be issued and held electronically in book entry form in the shareholder’s account.
Once the shares are credited to the shareholder’s AST account, AST will send a statement to the owner by postal mail confirming that the shares have been moved.”
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