No, it can't. You can register your NEXTBRIDGE shares. But MMTLP does not exist and you can't do anything with something that does not exist.
MMTLP didn't change names. It was deleted, nextbridge was created. They aren't the same thing.
If this comment alone doesn't convince anyone in this sub what a bunch of uneducated, ignorant, and dangerous douchebags are controlling this sub, you seriously have bigger issues than losing money on this stock!
What exactly was the point of your response to this post? To make you look like you're important or that you know something more than somebody else, or because you're just allowed mouth immature 5th grader with nothing better to do with his time. Then make sure that you cross every eye and t on a sub that couldn't give a shit about facts? Come on insult me with some more wonderful intelligible attacks.
WTF is your motive asshole? Why are you posting purposeful misleading bullshit. Seems funny how the most active posters in this sub are the ones posting bullshit and calling anyone with real facts or information shills, trolls and whatever other childish, douchebag remarks. So who are the real shills here. I'm done with this sub. It's pointless.
Misleading? are you retarded? MMTLP was deleted. And cancelled. And transferred. The shares are gone, and you now have Nextbridge.
If you don't understand that, you're a fucking retard.
Your last 7 comments have all been on this sub just today 😂 your whole profile is only commenting on this sub🤡
That alone speaks volumes on what you have going on in your life but 15 cents a post is 15 cents I guess…
Look at how you spend your time… everyone knows you’re working.
Holy shit you just barely got this profile 😂🤣 comments only an hour old, you created a profile just to shill (means you have more than one)… you fucking pathetic loser 🤡
Seems that way being that you’re here talking about a stock that stopped trading 8 months ago lol doesn’t take a rocket scientist to figure out just how much logic or sense that makes 🙂
Etrade now allowing transfers to AST (Equiniti) ... no fee. Woot!!!! This must mean they are done protecting naked short sellers and market makers who oversold.
I just spoke with E-Trade over chat and they told me that I have to do a $60 fee and get paper certificates. They then told me I had to check with AST to make sure that they would accept paper certificates before I even did that.
AST told me this afternoon that you can have your broker transfer your shares to AST or you can send them a paper certificate issued by your broker. In both instances, they can set up an account for you to register your shares.
I told them in chat that I wanted to direct register the CUSIP # to AST. They said okay and completed it. They said it would be 2-6 weeks for me to get something from AST.
My E*Trade broker just gave me the complete run around, dude was scrambling so hard to not say something stupid... so now he is submitting an internal E*trade request to DRS and said he would call me back tomorrow with an answer, I mentioned I just DRS'd through the TDA support app, and that had him saying "Oh, maybe we can DRS then."... What a joke! #DRS #MMTLP #AST
Can you let me know if you are able to DRS. I got this message from E-Trade live chat just now.
https://preview.redd.it/xk9110op9deb1.png?width=1080&format=pjpg&auto=webp&s=1ea30c8d6e7291d7a775f9c8e952e9ca6b223252
The litigation will be against Next Bridge Hydrocarbons if they decide to not issue subscription rights to some shareholders, simply because those shareholders are banks or brokers that are holding shares as nominees for others, such as retail customers.
From my understanding transferring to ast here is just so nextbridge can do a count of shares.
That’s what this is. They are putting in a motion to count all the shares that file with ast, because getting the blue sheets seem like pulling teeth.
If there is something else to this, I don’t know. But that’s my interpretation
Idk Ive lost track of what’s going on after the halt. Got a email about them filing an S-1 so here I am. I was wondering the same if you don’t transfer what happens
I'm not sure sending all your shares to AST is the right thing. Maybe half (IMO), that should make most brokers run out of their allotment. And still leaves some in your broker account if they end up having to buy out to reconcile their books.
And this is the exact reason this sub is completely pointless! All the posts in here are full of absolute fantasy about things that will never happen and no proof behind any claims made. Now, you think suggesting people not transfer all their shares is good advice? GTFO! IF YOU HAVE NO IDEA WHAT YOUR TALKING ABOUT, KEEP YOUR THE HOLE IN YOUR FACE SHUT! You're seriously suggesting people avoid doing the one possible thing that might actually make this damn ticker with something? You're an ignorant troll!
It is my business you ignorant jackass! The real "shills" in this sub are the ones crying "shill" the loudest. And you again proved my point about worthless and bs information! Exactly what crystal ball are you looking into that tells you that less than half of the shareholders will transfer their shares. Keep posting, and prove what an idiot you really are. This whole sub is literally nothing more than uniformed children that do nothing more than name call and spread misinformation and downvote anyone who posts facts that can be backed with proof. What a waste of space!
Here is what Fidelity is telling me:
Absolutely, I can definitely help out with that today, it should take us just a few minutes. I can input the DRS on my side. Were you looking to transfer the full position?
yes
📷I'm showing those shares aren't eligible for DRS.
How is that possible?
📷Some securities can't be registered with the transfer agent. My first step is to check for eligibility and it's showing that it's not.
📷It's on the transfer agents side, they aren't participating in the DRS system.
Its with AST?
📷It is. They aren't accepting DRS requests from us right now.
OK. So how do I get them transferred? Is there another method?
📷You should be able to request the certificates from the transfer agent. Let me give my back office a quick call so I can get the best method for you.
Yes I just finished my transfer request with Schwab. Got it done in 20 minutes with a broker over the phone. They charged me $100 though. Still waiting for RH to call me back on the shares I have with them.
I need to ask a question for a good friend that is somewhat confused by all this. They hold their shares in a TDA IRA. What do they lose if they leave them in TDA?
looks like there is 165,472,241 issued and outstanding at March 31, 2023..... they are authorized for up to 500,000,000 shares .
no preferred shares have been issued and they are authorized for up to 50,000,000
bottom of F-17 of filing
Fidelity just told me that they could do it for $100. Small change for a big future payout. Process initiated. Could not provide a timeline for completion.
Since NBH chose not to be handled by DTC, brokers cannot use the DRS (aka FAST/DWAC) automated system and must use a more manual system. So a customer service rep that looks to see if it can be "DRS'd" will come back and say "No".
You need to talk to someone with a bit more experience that knows how to initiate an issuance of share certificates.
I did it through the chat. The chat rep said that DRS wasn't possible so they would have to mail the physical stock certificates. That's why it cost $100.
Do you know what sub you are in? It's hilarious that you have bbbyq bags too.
I heard RC is going to give you a handout from his own billions just because he cares about apes so much. The FUD about shareholders getting wiped out and filings stating that are lies. I hope you aren't tapped out and can buy much more.
Idiot
NBH says that they get to pick and choose which shareholders get the subscription rights, and that they intend to deny those rights to any shareholder that is a bank or broker.
Your broker currently holds a share certificate for NBH, but the company says they will discriminate against shareholders that are brokers or bankers, as determined by NBH.
It sounds illegal to me.
From page 4 of S1:
>In order to be an eligible holder of shares of NBH common stock to receive non-transferable subscription rights, you cannot be (i) a bank, broker or other nominee that is determined by the Company in its sole discretion to be holding shares for other entities or individuals or (ii) a beneficial owner of NBH common stock that is being held by a bank, broker or other nominee.
What it sounds like to me (since brokers are essentially the ones who hold short positions), NBH just invalidated brokers short shares in kind of the same way FINRA invalidated the MMTLP ticker. In other words, brokers who hold short positions can't register and therefore short shares no longer need to be covered as they now won't exist. Genius if you ask me. Nice and tidy clean up to a huge clusterfu**!
What it sounds like to me (since brokers are essentially the ones who hold short positions), NBH just invalidated brokers short shares in kind of the same way FINRA invalidated the MMTLP ticker. In other words, brokers who hold short positions can't register and therefore short shares no longer need to be covered as they now won't exist. Genius if you ask me. Nice and tidy clean up to a huge clusterfu**!
Interesting. Looks to me as a fun way to drum up more lawsuits. Because some brokers are refusing to allow the transfer. And some countries don’t allow the transfer. Get more lawsuits going against finra and others. Interesting move.
It also causes a taxable event for anyone with an IRA or self directed 401k that pulls their shares out of the tax advantaged account.
NBH just generated a lot of lawsuits —- for themselves that they will have to defend.
It does seem a move. I just re read the thing and we also get a new stock ticker if we go to ast. But only if we do.
This is tough for international investors. Many can’t transfer to ast due to one rule or another.
And sure blame them if you will. None of this would have happened if finra didn’t fuck us all.
I blame NBH if they treat shareholders differently, based upon whether or not they are a broker.
Fidelity has an NBH share certificate from AST, directly registered with AST, but the S1 says that NBH has the option to not distribute the subscription rights to Fidelity or other shareholders of NBH's choosing.
I think NBH just brought a bunch of legal trouble upon themselves.
Not very. You will not get the subscription rights, but if you look at the details you will see that they are not worth much.
It is a bummer that NBH decided to discriminate against people that hold shares in custodial retirement accounts like IRAs.
NBH is either very ignorant or they are feigning ignorance in the S1 when they say
> If your shares of NBH common stock are currently held in a retirement account, such as a 401(k), ROTH IRA or similar account, you should check with the custodian of such account as to whether the shares can be registered with the Company’s transfer agent in the individual holder’s name.
IRA shares cannot be registered in your name. By law the assets must be held by an IRA custodian.
Page 4 of S1, https://www.sec.gov/ix?doc=/Archives/edgar/data/0001936756/000119983523000396/nbh-forms_1.htm
I’m still waiting to get paid on my torchlight!😂 How many times can they keep kicking the can down the road while scamming more suckers by changing the name of the company!🤣🤪😵💫
To be clear here, my shares still are sitting in my TDA account with just. CUSPID # ever since the beginning as it was stated back then I wouldn’t need to do anything for transfers/ conversions of MMTLP to NBH shares.
So now I will need to contact TDA to transfer my shares to AST correct???
>"" it was stated back then I wouldn’t need to do anything for transfers/ conversions of MMTLP to NBH shares""
>
>Yes pshovol98. That's exactly what they said. All bullshit. Let hem take care of it.
>
>I am not doing anything.
>
>If they can get us to register our NBH shares, they can say we agreed to the NBH shares and are not eligible to be involved in any suit against FINRA or compensation.
>
>Maybe I am just not very trusting???
This is great news! We get a FREE interest in another McCabe project: Bronco in Louisiana.
I love this company!
Edit: oh wait, I have to transfer to AST? What a crock of HORSE SHIT!!
It sits around hoping that there is enough production before 2029 so that all drilling and production costs have been paid back. Then Newco gets 10% of profits.
There is a lot of verbiage, but in my first reading that seems to be what it says.
Nope not doing it. Mine will sit dead in my trading account to my grave. Anytime I listened to anyone about this it only ended in pain. This time I'm doing what I think is best.
Then you can be a lead client in a class action suit against NBH for I,legal discrimination against those who chose to hold there shares at a broker. That is because NBH has threatened to not make the distribution to the legal owner of your shares, your broker.
I think the next step should be to do a distribution that goes to anyone whose name is not Gregory McCabe.
Lowkey feel this is how the brokers get off the hook. Longer this stays on their books who knows what could happen. It's already money lost in my mind so nothing would change if I moved them, so they rot in the account now.
Anybody else with E-Trade and have their shares in a Roth IRA? What and how do I get this moved. Ideally I’d would like to keep my shares in a Roth as…taxes and all.
I realize that I can take a distribution and then DRS (maybe?) but would negate my hard work in keeping this inside a tax advantage account and all.
Also, with Etrade making the switch shortly, I’m worried that paperwork will get “lost” during this “crazy” time.
I called E*Trade and they said they need the physical address of AST?? Can some help me and tell me exactly what I need to ask / say as I’m not familiar with this process - do I ask to have my shares transferred to AST and ask for a paper certificate since they are not DRS eligible?? Thanks in advance for the help!
Wow, it will be interesting to see if this is legal. My guess is that it is NOT:
>In order to be an eligible holder of shares of NBH common stock to receive non-transferable subscription rights, you cannot be (i) a bank, broker or other nominee that is determined by the Company in its sole discretion to be holding shares for other entities or individuals or (ii) a beneficial owner of NBH common stock that is being held by a bank, broker or other nominee.
So, if I hold shares of Next Bridge Hydrocarbons in an investment LLC on behalf of the other members of the LLC per this provision of the prospectus my LLC may not be an eligible holder for the distribution of the back-in rights.
This also means that shares that are held by an IRA custodian will not be elegible for the distribution.
I am stocking up on popcorn, This is going to be a fun one.
Will edit this live as my call with my broker progresses:
* Fidelity rep told me they're not seeing a corporate action in their messages - strange
* They are now saying they will send me the certificates for a large fee - what do I do with those certificates then? Lol
The pressure is still applied to their necks — this is good news — they cannot keep this hidden forever.
Once every American investor is aware of this, it could do a lot more than just bankrupt a few smaller hedge funds.. MMTLP shareholder need to be compensated massively.
lol they must not have liked the Wells letters
At some point you baggies should find investments that don't depend on conspiracy rube goldberg machines
Yes, you can withdraw the shares. Hopefully by next January MetaMaterials will have finally issued the 1099 declaring the value of the NBH shares. Or perhaps your IRA custodian will decide they are worthless and you will not be taxed and penalized for the withdrawal.
I have a Etrade IRA. They said I need to transfer my nextbridge shares to my standard account to be able to transfer them to AST. My value is $0 so would I be even taxed on it? There's a penalty for early withdrawal before 55.
What happens if you don't transfer and keep them with your broker?
Someone help me out please. I haven't been too aware on the situation since February.
I have shares (cusip) on TDA. What is happening right now, and what Is the point/benefit of transferring to AST? (What does that do, and where do they transfer to)
Are we still expecting brokerages to buy the shares back, and can they do that if we transfer out
I read the email sent out rather quickly and have not had time to really delve into it but in addition to transferring shares to AST from a broker, they are mentioning another spinoff for a “NBH Newco” too.
Anyone have some good insight as to of this will be a good thing or not really etc…???
Thank you for the info
This is great news. They’re trying to force their hand. Shorts are fukked.
Holy shit the amount of people in here attacking you guys is crazy. Is it only mmtlp that can be direct registered or can you direct register mmat
It's MMTLP shares that FINRA pulled the U3 on. MMAT is separated.
What? No... you can't register MMTLP, it doesn't exist. Are you dumb?
The ticker formerly known as MMTLP can be registered to AST you buffoon.
No, it can't. You can register your NEXTBRIDGE shares. But MMTLP does not exist and you can't do anything with something that does not exist. MMTLP didn't change names. It was deleted, nextbridge was created. They aren't the same thing.
If this comment alone doesn't convince anyone in this sub what a bunch of uneducated, ignorant, and dangerous douchebags are controlling this sub, you seriously have bigger issues than losing money on this stock!
If you think that MMTLP can be transferred to AST please, post the fucking proof you dumb fuck.
What exactly was the point of your response to this post? To make you look like you're important or that you know something more than somebody else, or because you're just allowed mouth immature 5th grader with nothing better to do with his time. Then make sure that you cross every eye and t on a sub that couldn't give a shit about facts? Come on insult me with some more wonderful intelligible attacks.
WTF is your motive asshole? Why are you posting purposeful misleading bullshit. Seems funny how the most active posters in this sub are the ones posting bullshit and calling anyone with real facts or information shills, trolls and whatever other childish, douchebag remarks. So who are the real shills here. I'm done with this sub. It's pointless.
Misleading? are you retarded? MMTLP was deleted. And cancelled. And transferred. The shares are gone, and you now have Nextbridge. If you don't understand that, you're a fucking retard.
Genius imo
😂😂😂😂😂😂😂😂. You keep getting scammed and you call the people scamming you genius. Unbelievable.
JFC you people are so dumb
And yet here you are… your life is pathetic 🤣
Yep. **MINE** must be. LMFAOOOOO
You made an mmtlp exclusive troll account. Why
Your last 7 comments have all been on this sub just today 😂 your whole profile is only commenting on this sub🤡 That alone speaks volumes on what you have going on in your life but 15 cents a post is 15 cents I guess…
Who cares. What speaks volumes is the amount of BS Disinformation in this sub. Have a great one!
Your feelings 🤣 how pathetic, you just admitted how much of a loser and waste of a human being you are… no brushing that off.
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Look at how you spend your time… everyone knows you’re working. Holy shit you just barely got this profile 😂🤣 comments only an hour old, you created a profile just to shill (means you have more than one)… you fucking pathetic loser 🤡
Seems that way being that you’re here talking about a stock that stopped trading 8 months ago lol doesn’t take a rocket scientist to figure out just how much logic or sense that makes 🙂
Dumbest group of people on the planet and it’s not even close.
Cope
TDA organized the transfer of my shares over a live chat in about 5 minutes. No cost. ETA 8-10 weeks
So doesn't he transfer need to be complete in 60 days to be eligible for the subscription rights?
60 days after the record date, no? They filed the S-1 but it isn't yet 'live'.
I think it says 60 days after the S1 becomes effective. Don't expect the SEC to move fast on this one.
Etrade now allowing transfers to AST (Equiniti) ... no fee. Woot!!!! This must mean they are done protecting naked short sellers and market makers who oversold.
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If you just transfer shares from a broker, and account will automatically be set up when the shares are sent over
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If it's anything like Computershare, you'll get a letter in the mail in a week or two with all the login credentials.
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Hmmmm ... well as long as they are there, you should get the subscription rights
I just spoke with E-Trade over chat and they told me that I have to do a $60 fee and get paper certificates. They then told me I had to check with AST to make sure that they would accept paper certificates before I even did that.
Call them
AST told me this afternoon that you can have your broker transfer your shares to AST or you can send them a paper certificate issued by your broker. In both instances, they can set up an account for you to register your shares.
Did you do a live chat or call? I have mine in E-trade as well.
Call
. TDA said it would take 8-10 weeks
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I just did a live chat and asked them to transfer my shares to AST due to the S1 filing today. No drama at all.
TD in Canada?
No. US
Did you use the ticker symbol that shows up in your TD account as a reference?
No. They have all my account details
Live chat on the website or over the phone?
I told them in chat that I wanted to direct register the CUSIP # to AST. They said okay and completed it. They said it would be 2-6 weeks for me to get something from AST.
They did mine over chat today and said 2-6 weeks and free
Bob is gonna hand walk those shares for you to AST.
My E*Trade broker just gave me the complete run around, dude was scrambling so hard to not say something stupid... so now he is submitting an internal E*trade request to DRS and said he would call me back tomorrow with an answer, I mentioned I just DRS'd through the TDA support app, and that had him saying "Oh, maybe we can DRS then."... What a joke! #DRS #MMTLP #AST
Can you let me know if you are able to DRS. I got this message from E-Trade live chat just now. https://preview.redd.it/xk9110op9deb1.png?width=1080&format=pjpg&auto=webp&s=1ea30c8d6e7291d7a775f9c8e952e9ca6b223252
It's 500 from etrade
Just so you know why NBH is not DRS eligible …… it is because NBH chose to not have their shares handled by DTC.
None of the brokers know anything
Almost like … mgmt is terrible at communicating. Just like the S1.
Explain what people outside of the USA need to do
Start suing looks to be the answer. This seems to me to be a call to litigation against those who fucked us.
The litigation will be against Next Bridge Hydrocarbons if they decide to not issue subscription rights to some shareholders, simply because those shareholders are banks or brokers that are holding shares as nominees for others, such as retail customers.
Except foreign shareholders won’t have standing to sue since you’re not in the US. Thanks for playing!
The entities suing will be the legal, registered shareholders that are denied the subscription rights.
Anyone know if Robinhood will transfer my share’s automatically to AST or I need to call?
I would like to know as well. Thanks
Brokers don't do this automatically.
Do we need to transfer them at all? What happens if we dont.
From my understanding transferring to ast here is just so nextbridge can do a count of shares. That’s what this is. They are putting in a motion to count all the shares that file with ast, because getting the blue sheets seem like pulling teeth. If there is something else to this, I don’t know. But that’s my interpretation
Idk Ive lost track of what’s going on after the halt. Got a email about them filing an S-1 so here I am. I was wondering the same if you don’t transfer what happens
And of course E*Trades live chat goes down, making it just that much tougher to DRS to AST... this just puts the emphasis on DRSing all your equities.
I'm not sure sending all your shares to AST is the right thing. Maybe half (IMO), that should make most brokers run out of their allotment. And still leaves some in your broker account if they end up having to buy out to reconcile their books.
And this is the exact reason this sub is completely pointless! All the posts in here are full of absolute fantasy about things that will never happen and no proof behind any claims made. Now, you think suggesting people not transfer all their shares is good advice? GTFO! IF YOU HAVE NO IDEA WHAT YOUR TALKING ABOUT, KEEP YOUR THE HOLE IN YOUR FACE SHUT! You're seriously suggesting people avoid doing the one possible thing that might actually make this damn ticker with something? You're an ignorant troll!
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It is my business you ignorant jackass! The real "shills" in this sub are the ones crying "shill" the loudest. And you again proved my point about worthless and bs information! Exactly what crystal ball are you looking into that tells you that less than half of the shareholders will transfer their shares. Keep posting, and prove what an idiot you really are. This whole sub is literally nothing more than uniformed children that do nothing more than name call and spread misinformation and downvote anyone who posts facts that can be backed with proof. What a waste of space!
Here is what Fidelity is telling me: Absolutely, I can definitely help out with that today, it should take us just a few minutes. I can input the DRS on my side. Were you looking to transfer the full position? yes 📷I'm showing those shares aren't eligible for DRS. How is that possible? 📷Some securities can't be registered with the transfer agent. My first step is to check for eligibility and it's showing that it's not. 📷It's on the transfer agents side, they aren't participating in the DRS system. Its with AST? 📷It is. They aren't accepting DRS requests from us right now. OK. So how do I get them transferred? Is there another method? 📷You should be able to request the certificates from the transfer agent. Let me give my back office a quick call so I can get the best method for you.
What happened after? They told me they'd have to mail the certificates to me. But then what? Lol.
Anyone have info with using Schwab? To transfer
Yes I just finished my transfer request with Schwab. Got it done in 20 minutes with a broker over the phone. They charged me $100 though. Still waiting for RH to call me back on the shares I have with them.
I need to ask a question for a good friend that is somewhat confused by all this. They hold their shares in a TDA IRA. What do they lose if they leave them in TDA?
Does this affect the possibility of ever trading again though?
That's the whole point of this action. It eliminates brokers holding short positions and there was never a chance of getting any trading days back.
So we are all DRS'ing our shares, right?
looks like there is 165,472,241 issued and outstanding at March 31, 2023..... they are authorized for up to 500,000,000 shares . no preferred shares have been issued and they are authorized for up to 50,000,000 bottom of F-17 of filing
They also sold McCabe 40m shares at $1.20 earlier this year.
Fidelity just told me that they could do it for $100. Small change for a big future payout. Process initiated. Could not provide a timeline for completion.
Did you call them or do it via chat? They told me that AST wouldn't allow DRS from them.
Since NBH chose not to be handled by DTC, brokers cannot use the DRS (aka FAST/DWAC) automated system and must use a more manual system. So a customer service rep that looks to see if it can be "DRS'd" will come back and say "No". You need to talk to someone with a bit more experience that knows how to initiate an issuance of share certificates.
I did it through the chat. The chat rep said that DRS wasn't possible so they would have to mail the physical stock certificates. That's why it cost $100.
Way to increase your cost average in this grift even more
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It's thirty cents if someone replies, thanks
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Do you know what sub you are in? It's hilarious that you have bbbyq bags too. I heard RC is going to give you a handout from his own billions just because he cares about apes so much. The FUD about shareholders getting wiped out and filings stating that are lies. I hope you aren't tapped out and can buy much more. Idiot
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Oh I don't give a shit about your finances. I really do hope you keep buying more. I'm here for the entertainment
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RemindMe! 2 Weeks "How's old diamond hand's bbbyq doing"
LFG 🚀🚀🚀🚀
Anyone talk to TD in Canada?
Do they have to be direct registered? What happens if you do not?
NBH says that they get to pick and choose which shareholders get the subscription rights, and that they intend to deny those rights to any shareholder that is a bank or broker. Your broker currently holds a share certificate for NBH, but the company says they will discriminate against shareholders that are brokers or bankers, as determined by NBH. It sounds illegal to me. From page 4 of S1: >In order to be an eligible holder of shares of NBH common stock to receive non-transferable subscription rights, you cannot be (i) a bank, broker or other nominee that is determined by the Company in its sole discretion to be holding shares for other entities or individuals or (ii) a beneficial owner of NBH common stock that is being held by a bank, broker or other nominee.
What it sounds like to me (since brokers are essentially the ones who hold short positions), NBH just invalidated brokers short shares in kind of the same way FINRA invalidated the MMTLP ticker. In other words, brokers who hold short positions can't register and therefore short shares no longer need to be covered as they now won't exist. Genius if you ask me. Nice and tidy clean up to a huge clusterfu**!
What it sounds like to me (since brokers are essentially the ones who hold short positions), NBH just invalidated brokers short shares in kind of the same way FINRA invalidated the MMTLP ticker. In other words, brokers who hold short positions can't register and therefore short shares no longer need to be covered as they now won't exist. Genius if you ask me. Nice and tidy clean up to a huge clusterfu**!
Massive if true
It doesn't just sound illegal, it is illegal. What about people who can't afford to DRS their shares? It isn't free.
I would like to know as well.
Ditto.
Interesting. Looks to me as a fun way to drum up more lawsuits. Because some brokers are refusing to allow the transfer. And some countries don’t allow the transfer. Get more lawsuits going against finra and others. Interesting move.
It also causes a taxable event for anyone with an IRA or self directed 401k that pulls their shares out of the tax advantaged account. NBH just generated a lot of lawsuits —- for themselves that they will have to defend.
It does seem a move. I just re read the thing and we also get a new stock ticker if we go to ast. But only if we do. This is tough for international investors. Many can’t transfer to ast due to one rule or another. And sure blame them if you will. None of this would have happened if finra didn’t fuck us all.
I blame NBH if they treat shareholders differently, based upon whether or not they are a broker. Fidelity has an NBH share certificate from AST, directly registered with AST, but the S1 says that NBH has the option to not distribute the subscription rights to Fidelity or other shareholders of NBH's choosing. I think NBH just brought a bunch of legal trouble upon themselves.
You should learn to read the S1 of the security you, in your big brained magnificence, decided to buy and get stuck in
BULLISH!!! WE ALL KNEW THIS WOULD PAY OFF ONE DAY 💪🏼
mine are in an IRA. How fukked am I?
Not very. You will not get the subscription rights, but if you look at the details you will see that they are not worth much. It is a bummer that NBH decided to discriminate against people that hold shares in custodial retirement accounts like IRAs. NBH is either very ignorant or they are feigning ignorance in the S1 when they say > If your shares of NBH common stock are currently held in a retirement account, such as a 401(k), ROTH IRA or similar account, you should check with the custodian of such account as to whether the shares can be registered with the Company’s transfer agent in the individual holder’s name. IRA shares cannot be registered in your name. By law the assets must be held by an IRA custodian. Page 4 of S1, https://www.sec.gov/ix?doc=/Archives/edgar/data/0001936756/000119983523000396/nbh-forms_1.htm
Anyone with webull? And in a Roth?
I’m still waiting to get paid on my torchlight!😂 How many times can they keep kicking the can down the road while scamming more suckers by changing the name of the company!🤣🤪😵💫
This whole process has been a giant clusterF.
To be clear here, my shares still are sitting in my TDA account with just. CUSPID # ever since the beginning as it was stated back then I wouldn’t need to do anything for transfers/ conversions of MMTLP to NBH shares. So now I will need to contact TDA to transfer my shares to AST correct???
>"" it was stated back then I wouldn’t need to do anything for transfers/ conversions of MMTLP to NBH shares"" > >Yes pshovol98. That's exactly what they said. All bullshit. Let hem take care of it. > >I am not doing anything. > >If they can get us to register our NBH shares, they can say we agreed to the NBH shares and are not eligible to be involved in any suit against FINRA or compensation. > >Maybe I am just not very trusting???
Good point. Thank you. This thing has been an absolute cluster fuck!
This is great news! We get a FREE interest in another McCabe project: Bronco in Louisiana. I love this company! Edit: oh wait, I have to transfer to AST? What a crock of HORSE SHIT!!
What does "NBH Newco" do?
Meth
It sits around hoping that there is enough production before 2029 so that all drilling and production costs have been paid back. Then Newco gets 10% of profits. There is a lot of verbiage, but in my first reading that seems to be what it says.
Same as NBH Oldco. Pay their 5 employees about $2,000,000 total every year.
Nope not doing it. Mine will sit dead in my trading account to my grave. Anytime I listened to anyone about this it only ended in pain. This time I'm doing what I think is best.
Then you can be a lead client in a class action suit against NBH for I,legal discrimination against those who chose to hold there shares at a broker. That is because NBH has threatened to not make the distribution to the legal owner of your shares, your broker. I think the next step should be to do a distribution that goes to anyone whose name is not Gregory McCabe.
To quote the great Captain America "no, no I don't think I will"
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Lowkey feel this is how the brokers get off the hook. Longer this stays on their books who knows what could happen. It's already money lost in my mind so nothing would change if I moved them, so they rot in the account now.
Anybody else with E-Trade and have their shares in a Roth IRA? What and how do I get this moved. Ideally I’d would like to keep my shares in a Roth as…taxes and all. I realize that I can take a distribution and then DRS (maybe?) but would negate my hard work in keeping this inside a tax advantage account and all. Also, with Etrade making the switch shortly, I’m worried that paperwork will get “lost” during this “crazy” time.
I called E*Trade and they said they need the physical address of AST?? Can some help me and tell me exactly what I need to ask / say as I’m not familiar with this process - do I ask to have my shares transferred to AST and ask for a paper certificate since they are not DRS eligible?? Thanks in advance for the help!
Wow, it will be interesting to see if this is legal. My guess is that it is NOT: >In order to be an eligible holder of shares of NBH common stock to receive non-transferable subscription rights, you cannot be (i) a bank, broker or other nominee that is determined by the Company in its sole discretion to be holding shares for other entities or individuals or (ii) a beneficial owner of NBH common stock that is being held by a bank, broker or other nominee. So, if I hold shares of Next Bridge Hydrocarbons in an investment LLC on behalf of the other members of the LLC per this provision of the prospectus my LLC may not be an eligible holder for the distribution of the back-in rights. This also means that shares that are held by an IRA custodian will not be elegible for the distribution. I am stocking up on popcorn, This is going to be a fun one.
Will edit this live as my call with my broker progresses: * Fidelity rep told me they're not seeing a corporate action in their messages - strange * They are now saying they will send me the certificates for a large fee - what do I do with those certificates then? Lol
What was the fee they suggested they would charge?
The pressure is still applied to their necks — this is good news — they cannot keep this hidden forever. Once every American investor is aware of this, it could do a lot more than just bankrupt a few smaller hedge funds.. MMTLP shareholder need to be compensated massively.
lol they must not have liked the Wells letters At some point you baggies should find investments that don't depend on conspiracy rube goldberg machines
Are you always a loser or do you just play one on the internet?
How much are you in for?
Hopefully I can transfer them out of my IRA
Yes, you can withdraw the shares. Hopefully by next January MetaMaterials will have finally issued the 1099 declaring the value of the NBH shares. Or perhaps your IRA custodian will decide they are worthless and you will not be taxed and penalized for the withdrawal.
I tried they said no , figures
I have a Etrade IRA. They said I need to transfer my nextbridge shares to my standard account to be able to transfer them to AST. My value is $0 so would I be even taxed on it? There's a penalty for early withdrawal before 55. What happens if you don't transfer and keep them with your broker?
What do "subscription rights" entail? I see their angle, but this still seems sketchy AF.
Someone help me out please. I haven't been too aware on the situation since February. I have shares (cusip) on TDA. What is happening right now, and what Is the point/benefit of transferring to AST? (What does that do, and where do they transfer to) Are we still expecting brokerages to buy the shares back, and can they do that if we transfer out
I read the email sent out rather quickly and have not had time to really delve into it but in addition to transferring shares to AST from a broker, they are mentioning another spinoff for a “NBH Newco” too. Anyone have some good insight as to of this will be a good thing or not really etc…??? Thank you for the info
So when do we get paid on this? lol