Next Bridge Hydrocarbons says it will provide investors with a new future stock under NEWCO according to its Form S-1 released on Wednesday.
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.
Additionally, the subscription rights are only being distributed to eligible stockholders of Next Bridge.
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.
Here’s an official statement from the newly-elected Chairman of the Board of Next Bridge, Mr. McCabe:
Next Bridge Hydrocarbons Statement
“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.
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.”
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