It’s been more than two months since investors have not received their shares of Next Bridge Hydrocarbons.
The last day to purchase MMTLP shares (and be eligible for the dividend) was Dec. 8, 2022.
MMTLP’s final trading day was Dec. 12, 2022.
The distribution date of the private Next Bridge Hydrocarbon shares was Dec. 14, 2022.
More than two months later and shareholders have not received the proposed preferred shares.
The company’s preferred shares that traded under MMTLP have been deleted as part of the highly anticipated Next Bridge Hydrocarbons spinoff.
Before that, on Dec. 9, the Financial Industry Regulatory Authority (FINRA) halted trading ahead of the final day on the market for MMTLP stock.
Next Bridge Hydrocarbons is not a publicly traded company, despite being spun off from one.
Investors who held MMTLP stock on Dec. 13 were expecting to receive shares of the private company.
Next Bridge Hydrocarbons on MMTLP Halt
Next Bridge Hydrocarbons released the following statement regarding the MMTLP halt.
“We recognize that some of our shareholders who owned Meta’s Series A Non-Voting Preferred Stock prior to the Spin-Off might have been affected by FINRA’s halting of the trading in that stock while the Company was still wholly owned and controlled by Meta.
The current board and officers of the Company have no information from FINRA regarding the Trading Halt other than the information in the public notice published by FINRA announcing the Trading Halt.
Further, FINRA did not provide any advance notice to the Company or Meta prior to its initiating the Trading Halt.
While we were not involved in the Trading Halt, we certainly empathize with anyone adversely affected by the Trading Halt and are assessing the matter.
The Company believes that our primary means of delivering shareholder value is to develop our interests in the Orogrande Basin, and we remain focused on this objective.”
In regard to what happened to shares of Next Bridge, the company said the following:
“AST has distributed all shares of our common stock related to the Spin-Off –either directly to any stockholders that held their shares directly registered with AST or to our shareholders’ bank, broker or nominee representatives.”
About Next Bridge Hydrocarbons
The Company is an independent public reporting energy company engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. Our primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas. In addition, we have minor interests in the Eastern edge of the Midland Basin in Texas, and two minor well interests in Oklahoma. Please visit www.nextbridgehydrocarbons.com for more information.
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About The Author
Frank, I offer you my sincere gratitude for continuing to cover the MMTLP/Next Bridge Hydrocarbons saga. As you are well aware, FINRA’s sudden, inexplicable halt of trading on 12/9/22 – without warning – is impacting the lives of tens of thousands of MMTLP shareholders, preventing them from opting out of a NON-trading security. People are suffering; some, very badly.
I have one edit for you in your article. You wrote: “More than two months later and shareholders have not received the proposed preferred shares.” The shares of Next Bridge Hydrocarbons that shareholders of MMTLP should have received are common, not preferred. (Please see: https://www.nextbridgehydrocarbons.com/investors.)
Thank you again for reporting on this critical, developing situation!
Thanks Bernard.
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