Meta Materials Inc. Series A Preferred Stock/ Next Bridge Hydrocarbons, Inc. Spin-off
Members who previously held Meta Materials Inc. Series A Preferred Stock (formerly MMTLP) are eligible to receive one share of Next Bridge Hydrocarbons, Inc. common stock for every one share of MMTLP held on record as of 5:00 p.m. EST on December 12, 2022. Additional details of the spin-off are available on the Next Bridge Hydrocarbons investor relations Web site here.
In anticipation of the Next Bridge Hydrocarbons, Inc. shares, our clearing agent, Apex Clearing Corporation (“Apex”), had added a temporary placeholder for the shares in your brokerage account.
Apex has confirmed receipt of the Next Bridge Hydrocarbons, Inc. private stock certificates, and eligible shareholders are currently able to request the certificates to be mailed to their address of record.
What happened to MMTLP?
Meta Materials, Inc. had announced a spin-off, the corporate action of exchanging shares of MMTLP for shares of common stock of Next Bridge Hydrocarbons, Inc., a private company. Effective December 9, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) halted trading and quoting in MMTLP due to code U3 – Halt-Extraordinary Events, until the stock was delisted effective December 13, 2022.
How do I receive my shares of Next Bridge Hydrocarbons, Inc.?
Requested shares must be mailed in certificate form. If you would like to request your certificate, please contact member support via chat or email at firstname.lastname@example.org.
Is there a fee to receive the shares?
Yes. Apex, our clearing agent, charges a $235 transfer and shipping fee. The funds to cover the fee must be on deposit in your Public brokerage account at the time of processing.
Can I hold my shares in my Public brokerage account?
No. Since Next Bridge Hydrocarbons, Inc. is a private company, the shares are currently non-tradable and non-transferable. There is currently no public market for the shares to be traded. Since the stock is private, Apex, our clearing agent, cannot hold the shares in its custody.
Is there a deadline to request the shares?
Yes. The deadline to request your shares is 5:00 PM EST on February 3rd, 2023. Please submit your request as soon as possible to allow our team members the time to submit the request to our clearing agent on your behalf.
What happens if I don’t request my shares?
If no instructions are received to transfer and ship the Next Bridge Hydrocarbons, Inc. private stock certificates, the certificates will be held in “street name,” meaning Apex will hold the securities on your behalf, until further instructions from you are sent to email@example.com to transfer and ship the certificates in the future. The position will not be removed from your account. If the shares are worthless, they can be removed upon your instruction with a “penny for the lot” transaction.
If you have any other questions, or would like to request your certificate, please reach out to our member support team via chat or email at firstname.lastname@example.org.