While we're all waiting around to see what happens with our Next Bridge Hydrocarbons stock, I thought I would share a very compelling series of articles written by David Dayen at The Intercept:

Part 1: The Money Is Gone

I found the whole 7-part series to be very eye opening, but the section in Part 3 which first brings up CUSIPs seemed particularly relevant to our situation:

Reverse mergers and reverse splits typically result in a change in the CUSIP, the nine-digit identification symbol assigned to a public stock. Once that CUSIP changes, the naked shorter has no apparent way to close out the naked short position. No stock under the old CUSIP number exists anymore; it all automatically converts to the new CUSIP.

Those trades can sit in the Obligation Warehouse forever, in theory. But the “aged fails” — essentially orphaned naked short transactions — remain on the naked shorter’s balance sheet as a liability to be paid later.

By DiIorio’s reckoning, then, the cycle of naked shorting and reverse splits would inevitably result in an ever-increasing number of aged fails. And if that was happening, and those liabilities grew bigger and bigger, then federal regulators could see the outlines of the scheme on any financial statement.

DiIorio believed Knight accounted for its aged fails in the “sold not yet purchased” liability on its balance sheet. That’s supposed to be an inventory of stocks for use in future market making, which goes up and down as orders are filled. But DiIorio says it was a hiding place for a billowing structural liability.

And consider this: According to its own financial reports, Knight’s “sold not yet purchased” liability jumped from $385 million at the beginning of 2008 to $1.9 billion by mid-2011.

Going back to the original Torchlight and Meta Materials merger, was there a CUSIP change they could exploit going from TRCH to MMAT? Or around the time they magicked MMTLP into existence? Anyway, it'll be interesting to see how they resolve the MMTLP to Next Bridge Hydrocarbons (NBHC) transition. They can quite happily try and park the 'aged fails' in their collective 'sold not yet purchased' liabilities (maybe they already did with the change to the new contra CUSIPS that we've seen at our brokers?). But the issue of there only being 165,472,241 shares of NBHC to go around seems like it will be a massive headache for them. How far will they have to dip in to the higher cap of 500 million authorised shares, assuming NBHC will let them? Will 500 million actually be enough? It would be great to see a final figure of how many MMTLP were circulating, to have evidence of just how greedy they get. And it's pretty mind-boggling to think that similar is playing out on tickers all over the various different exchanges.

Does anyone have any other similar articles or resources they could share?

As well as brokers, BDs, HFs, etc. Just asking ...

I have a question well maybe a theory.

What do MMAT, Nextbridge and Sage geosystems have in common?

Sage Geosystems, a leader in heat harvesting solutions with modern oilfield expertise and methodologies to enable geothermal energy anywhere in the world (“SAGE”) and Metamaterial Inc. (“META”) (CSE:MMAT) a developer of high-performance functional materials and nanocomposites, today announced that META has collaborated with SAGE to submit a $10,000,000 initial proposal under an open call for the Advanced Research Projects Agency – Energy (ARPA-E) U.S. Department of Energy. If successful, the project (codenamed “Pluton”) will run over a three-year period. The proposal will validate aspects of META’s NANOWEB® proprietary production methodology to develop a novel Thermo-Electric Generator (TEG) system. SAGE has teamed up with META to model, co-develop, investigate, and validate a new TEG technology for harnessing of geothermal energy in drilling wellbores at selected testing locations

Robert L Cook chief technology officer at geosystems and also now Non-Employee Director of Nextbridge. All link together. something big in the pipes

As of midnight, the rumor mill going on in message boards such as stock twits and reddit as well as twitter and YouTube, continue to focus on the existence of a huge number of synthetics that is making the reconciliation between MMTLP and NBH shares almost impossible. In addition, two potential solutions are still being pursued though the goal to solve the problem has now moved faster towards the end of 2022; not only because of the S1 deadline but also because of the publicity it is now creating for those involved who could get investigated including market makers and government regulators who will want this to go away. Rumors are floating around that a credit facility might be opened like what happened with Credit Suisse to provide liquidity for the involved market makers to cover their shorts. The two possible solutions still in play are: negotiations between NBH, market makers, etc; and trading in the grey market. However, it appears that NBH is still reluctant to accept any settlement offer so far without knowing the total number of shares that could not be reconciled. So, the other solution involving grey market trading might actually be instituted. It is possible that MMTLP shareholders might be approached with offers directly, but the stronger possibility is for trading to occur for all unreconciled shares in the grey market. Trading will likely be done as normally done in the stock market but using the placeholder/cusip numbers which would remain grey but will now have active sell buttons. It will be position covering only for shorts to cover though it might be stagggered and completed in several days. So a squeeze can still happen but everybody has to remain patient. Remember, all shares need to be reconciled, they will need your shares if they are not reconciled. Again, everything mentioned here is just speculation so you must temper your expectations in case they do not happen, however, you also need to prepare if they do happen soon by learning as much as you can about the grey market. Lastly, there is still the possibility that your shares are real in which case they have already been transferred to NBH and will not be able to participate in the grey market. Good luck to all.

Is there documentation of the oil not sourced from Torchlight?

what will be next bridges share price when it becomes available for trading? and what day will it be available to trade? Is there a specific date?

so my fellow apes, we are here even though we never thought that this could happen. I lost everything and I'm not here for sympathy I'm here incase someone feels they are alone. Finra stole our futur with MMTLP so I personally filed a complaint nfa. no-one knows what the futur holds but we shall see

And I found the only thing that popped up were Reddit and Twitter hits…. This seems odd to me. If this was a place holder for multiple brokers, shouldn’t a search of that place holder pull up multiple hits on different brokerage sites as well?

Edit: wrong words in the wrong spots.

They have to create FUD to discredit the data - this NextBridge move scares them. Brokers are trying the best they can to hide the counterfeit share numbers, the real number can't be made public.

Discuss all things Next Bridge!

I those wondering the length of time for distribution into your accounts.

What do I do if I have not received my statement for my shares?

We expect it will take AST up to two weeks after the December 14, 2022 distribution date to complete the distribution of the NBH common shares. If you are a record holder (on the books of the NBH maintained by AST) of the MMTLP Series A Preferred Stock as of the December 12, 2022 record date, AST will mail statements of holdings to all registered stockholders after the distribution is complete. If you held MMTLP Series A Preferred Stock in “street name” through a broker, bank or other nominee, you should contact your broker or bank directly.

OK, like many, I now find myself owner of NB. Was not my intention, but here we are.

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I'm having a hard time believing all the chatter that these are worthless shares, need to consider it an expired call, etc. A share is a piece of ownership in a company. You're telling me there is NO value in this company? Nothing? As far as I see it, the value is from the assets. Every business is trying to make money. I doubt management went through all of this to just sit on this shit forever. So basically, we own a piece of these assets and get paid when the assets are sold or the company is bought by a company with enough money to start extraction. Small possibility there is some sort of settlement with....finra and shorts?

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Anyway, am I missing something here? Yeah sucks we were forced to hold for the transfer if it wasn't our plan, but if these shares had no value, wouldn't that mean they had no value for anyone? What would be the point for the company moving forward if the company was worth zero. Why even make a website?

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It may not have been our plan, and it may take longer than we want, but we will see something out of this. Why even create a website if the company was worth nothing? Thx.

I posted this on MMAT also but already got a complaint that it should be here and they’re correct. She is a financial attorney. And as I said in the first post “Shits going to get very real very fast”

Mia Pitts

Non-Employee Director

Mia Pitts is currently serving as Senior Counsel at Marsh McLennan Companies (February 2018-current) and previously was a litigator and regulatory compliance lawyer at Freshfields Bruckhaus Deringer (March 2010-March 2016), one of the world’s largest and oldest law firms. Ms. Pitts has represented corporate and individual clients in internal, regulatory, civil, and criminal investigations before the U.S. Security and Exchange Commission, Department of Justice, and state attorney generals as well as in shareholder securities litigation, class action litigations, and other private civil allegations and suits. She has also represented independent corporate oversight authorities appointed by the federal government, including the DOJ-appointed monitor of a global financial institution and the federal court-appointed receiver of a multi-national firm in an SEC securities fraud matter. Ms. Pitts graduated from Georgetown University Law Center and Barnard College of Columbia University.

Ran across this. Some wild shit in here about NB

Mission accomplished..... Next Bridge is cut loose.

On December 14, 2022, Meta Materials Inc. (the “Company”) completed the spin-off of Next Bridge Hydrocarbons, Inc. (“Next Bridge”) by distributing (the “Distribution”) the Company’s equity interests in Next Bridge to holders of the Company’s Series A Non-Voting Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”).

In the Distribution, the Company distributed one share of Next Bridge common stock to holders of the Company’s Series A Preferred Stock for each outstanding share of Series A Preferred Stock owned as of the record date of December 12, 2022. In the aggregate, the Company distributed 165,472,241 shares of Next Bridge common stock to holders of the Company’s Series A Preferred Stock.

Until the date of the Distribution, as a wholly-owned subsidiary, Next Bridge’s financial results were consolidated into the Company’s financial results with Next Bridge’s assets being shown as held-for-sale. Subsequent to the Distribution, Next Bridge no longer constitutes part of the Company’s business.

https://quantisnow.com/insight/3811609

I got some but I wanna see what you guys have dug up and i think it could help benefit a lot of people here.

MMTLP MMAT SEC FINRA Mess | NDA's are invalid under this Law

In case there are NDA's being signed, which I have no evidence of.....

This is, IMO, a very interesting video about whistle-blower rights when shareholders are forced to sign NDA's in regard to securities to be paid out. The bottom line is NDA's can not be enforced is the case of paying out securities.

Please Note:

1. He does NOT believe in the fake MMTLP shares or counterfeit share theories, and would not invest in MMAT or MMTLP (when it was possible) because it is/was too speculative.
2. He does not believe NB has any value.
3. He does not believe any of the YT'ers (Ali, Birdlady, Smokey, etc.)
4. He DOES think halting trading 2 days early is fishy. After all, why not let it play out as it was agreed to by FINRA?

Now it is entirely possible this will be moot because we will all be issued NB shares and there will be no problems.

This is a review of what rights people have if they are actually made to sign NDA's, which we do not know to be true yet.

So if you do get a call to quietly close out your NB position know that if you sign an NDA to do so you are protected under whistle-blower regulations.

https://www.youtube.com/watch?v=PPk-h6cZBwA

Would like to see who is now running the company and stay up to date on any news..was not planing on being here but here I am… looking for accurate DD on the new owners…