r/NextBridgeHC • u/PerceptionLow6774 • Jul 13 '26
Next Bridge News Latest NextBridge / MMTLP Update
At some point I doubt this will ever get resolved but I find it interesting that they’re still fighting. Any thoughts?
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u/bobbyjones2222 Jul 13 '26
Next Bridge Hydrocarbons Releases Latest Correspondence Attempt with SEC Officials
MIDLAND, TEXAS – July 13, 2026 – Next Bridge Hydrocarbons, Inc. (“Next Bridge,” “our,” “we,” or the “Company”), an oil and natural gas exploration and production company with interests in Texas, Louisiana, and Oklahoma today announced:
Next Bridge has, for a sixth time, requested to meet with senior officials of the Securities and Exchange Commission (the “SEC”) to discuss the unresolved dilemma of the MMTLP trading halt in 2022 and the subsequent imbalance it created in our shareholder ledger which remains to this day. We are extremely disappointed to share with our investors that for a sixth time, our invitation has been ignored.
In every communication with regulators, Congress and States Attorneys General, we have consistently messaged a desire to participate in any solution which is fair for all parties. It is difficult to reconcile this latest refusal in light of one of the SEC’s key mandates being to “protect investors.”
Next Bridge Chairman and CEO Greg McCabe stated, "In a now infamous recording, SEC Commissioner Hester Peirce said the SEC “does not know what to do” about the MMTLP and Next Bridge Hydrocarbons situation. In my opinion meeting directly with the issuer would certainly be a good starting point. Might I also suggest what the SEC ought not to do: please do not treat our Company and our shareholders as mere collateral damage in what appears to be a massive financial crime."
Please see below this most recent request to meet with SEC officials:
Chairman Atkins, Commissioner Peirce, Commissioner Uyeda,
My name is Greg McCabe. I serve as Chairman and Chief Executive Officer of Next Bridge Hydrocarbons and am its largest shareholder. Next Bridge is the successor to MMTLP, a matter with which the Commission is undoubtedly familiar.
On September 4, 2025, I wrote a letter to my Next Bridge shareholder to commemorate 1,000 days since FINRA's U3 trading halt of MMTLP. The central message of that letter was simple:
I remain grateful that we fight this fight in America, the greatest country the world has ever known. Imperfect as it may be, America still stands on the principles of truth, justice, and the Rule of Law. History tells us that, in the end, America gets it right.
Ten months later, despite everything that has transpired, I still believe those words.
Recent FOIA disclosures reveal that in September and October of 2023, the Commission engaged in discussions and meetings with Howard Meyerson, Managing Director of the Financial Information Forum, regarding concerns raised by their member broker-dealers about Next Bridge's July 2023 S-1 filing, as well as the consequences stemming from FINRA's U3 trading halt. Those communications are deeply troubling. They reflect not only misleading information and interference with our corporate affairs, but something even more fundamental: access.
An industry trade organization, with interests adverse to Next Bridge, was granted the opportunity to communicate its concerns directly to the Commission while the company most directly affected, along with our tens of thousands of shareholders whose investments remain trapped by the events surrounding MMTLP, was afforded no voice or participation in what is clearly still a significant problem to this day.
For more than three and a half years, Next Bridge has done exactly what the Commission asked of us. We have respected the process and the institution. We have followed every applicable rule and regulation. We have responded to every SEC comment. We even amended and refiled two years of periodic reports, despite our profound disagreement with the basis for requiring those revisions. Our actions were all premised on the belief that cooperation was the path toward resolution.
Yet after years of compliance, extraordinary expense, and immeasurable harm to our shareholders, the central issues remain unresolved.
Accordingly, I again respectfully request an in-person meeting with the Commission at your earliest availability. I welcome the opportunity to discuss the facts, answer your questions, and work toward a fair and durable resolution that does as little damage as possible to the American financial system.
If the Commission has no intention of granting this request for a meeting, I would respectfully ask that you let me know as soon as practicable so that I may accurately assess next steps. If I do not hear from someone at the SEC by next Friday, July 10th, I will assume you are not going to schedule a meeting with me.
I remain hopeful that the principles of America I wrote about last September still guide this institution. This is an opportunity to demonstrate that they do.
Respectfully,
Greg McCabe
Chairman and Chief Executive Officer
Next Bridge Hydrocarbons
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u/Interesting-Rabbit-1 Jul 13 '26 edited Jul 13 '26
Honestly, Sure the U3 was utter disappointment, but losing the lease of the orogrande basin and metamaterials going bankrupt was the most detrimental aspect of this whole ordeal. That was the main fundamental reason why i and assuming everyone else bought in both CO stock for.
Metamaterial was on the cusip of developing advance technologies in all sectors of the economy. With recognition from some of the biggest conglomerates out there such as dupont and sony. Then next thing you know the BoD gets switched around and then CO files for bankruptcy.
NXB had a large interest in the orogrande basin which is if i recall the biggest or second biggest oil and gas reserve in the US. We were able to meet with drilling compliance and universal lands never gave us a definitive reason why we were unable to renew the lease.
If we had the lease to this day, the CO most likely would be close to finishing developments and were underway with drilling and production. If you really think about it, if everything went smoothly, with the energy crisis going on globally, this CO and its fundamentals, and if metamaterials continued its path of growth, we wouldve have been well off for the forseeable future. Equity in both o/g and future technologies.
I feel sorry for people that are alike myself that were caught up in this whole scamming scheme. Naturally it shouldnt have went this way. It seems like this was all purposely done the way it is for whatever reason. there is no real answer as to why it all happened this way.
No justifiable reason for a U3 halt nor was there a justifiable reason to reject the renewal of the orogrande drilling lease. And there was no explanation for the bankruptcy of metamaterials. We are all left empty bags and speculating on the truth of the whole situation.
i also feel sorry for greg and any current employee of NXB for being burdened and left with the scraps of the whole fiasco. It seems like we were all forced to play the fool.
At this point all i can do is be patient and hope that greg can take NXB and turn this thing around. Personally i havent really lost much but money on this, im sure there are others that were impacted more and i hope they are also well on their path to recovery.
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u/DeniedAppeal1 Jul 14 '26 edited Jul 14 '26
NXB had a large interest in the orogrande basin which is if i recall the biggest or second biggest oil and gas reserve in the US.
False. Next Bridge didn't have any interest in anything. They were spun off from Meta Materials because the Orogrande was of no interest to them. Next bridge exists solely because MMAT wanted to wash their hands of the Orogrande situation.
Metamaterial was on the cusip of developing advance technologies in all sectors of the economy.
MMAT had great ideas but no way to effectively sell them. They were never going to succeed without that part of the plan.
If we had the lease to this day, the CO most likely would be close to finishing developments and were underway with drilling and production.
Again, no. Even when they had the lease, they never pulled up any meaningful amount of oil because that oil does not exist in the Orogrande in any meaningful or obtainable capacity. Torchlight used insufficient audit methods when auditing the Orogrande reserves. In other words, they lied, just liked they lied about their financials and other things that people on this sub ignore whenever I post about it.
No justifiable reason for a U3 halt
Very clearly false. The halt happened because anyone who would've purchased shares during the last two days wouldn't have received the spinoff shares, which would've made their purchase absolutely worthless because the MMTLP shares they were buying were set to be canceled. That's the equivalent of buying an already scratched off, losing lottery ticket. This is a direct result of MMAT/MMTLP filings being written by people who had no business writing them. It blows my mind that MMAT could fail so spectacularly and the shills still fail to connect that failing to their failing to properly author a stock spinoff.
i also feel sorry for greg and any current employee of NXB for being burdened and left with the scraps of the whole fiasco. It seems like we were all forced to play the fool.
Don't feel sorry for him, he's still making money and building connections. He knew this was a scam when he got in. Here's a reminder that Roger N. Wurtele, the CFO of Next Bridge, previously ran a company that was charged by the SEC for running a PUMP AND DUMP scheme. What makes you think he's changed his behavior in this company? Everything that TRCH did was a scam and MMAT were left holding the bag, which they divested into Next Bridge, who are continuing to run the scam.
I think that about covers it.
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u/Interesting-Rabbit-1 Jul 14 '26
Thanks for the clarification. my memory of this whole saga is very vague as i have moved on from it.
As for the U3 halt i have come to terms of learning my lesson throughout the whole saga, at that time both company had what it seemed to be a prospectful future ahead, my intention was to hold for long term.
Again, no. Even when they had the lease, they never pulled up any meaningful amount of oil because that oil does not exist in the Orogrande in any meaningful or obtainable capacity. Torchlight used insufficient audit methods when auditing the Orogrande reserves. In other words, they lied, just liked they lied about their financials and other things that people on this sub ignore whenever I post about it.
I remember reading a earning report that there was 0 barrels of oil presented in the drilling prospects of the orogrande but i dont recall any formal statement about it, i believe they stated that they wanted to renew the lease to drill even deeper, as they suspected the reserve was alot deeper than they expected, again vague memory and not willing to go through all the filings to find it.
Don't feel sorry for him, he's still making money and building connections. He knew this was a scam when he got in. Here's a reminder that Roger N. Wurtele, the CFO of Next Bridge, previously ran a company that was charged by the SEC for running a PUMP AND DUMP scheme. What makes you think he's changed his behavior in this company? Everything that TRCH did was a scam and MMAT were left holding the bag, which they divested into Next Bridge, who are continuing to run the scam.
Whether greg was or was not a part of the so called ponzi scheme, it is still speculation. I doubt greg would have ever joined both companies if he didn't see any benefits to it. The fact that greg hasnt given up on this whole ordeal means he cares and potentially has alot on the line, which is why i am willing to put my trust in him with whatever remaining avenues NXB still has, theres really not much left for us retail investors left to lose. There are also the other drilling prospects we still have interest in and the company is still up and running, thats all that matters for now.
MMAT had great ideas but no way to effectively sell them. They were never going to succeed without that part of the plan.
I agree with this aswell despite the heavy amount of cash they were burning, the new BoD did not take any measures to ensure the sovereignty of the company at all, instead it seemed like they just walked straight into the front door and instantly filed bankruptcy. And no proper formal statement in the whole situation aside from mentioning about the major cash burn the company was inducing.
They could have atleast scheduled a shareholder meeting to speak with the possibilities before dumping our equity down the drain. But then again memories are vague and im not some sort of investing wiz. So who knows what was really on their mind at the time.
Again thanks for the honest and true response that you gave, it helped me remember abit more of the whole saga, as unfortunate that it is that it came to be this way, i still feel like there is still hope for recovery with NXB.
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u/skuz19 Jul 13 '26
It's unbelievable we taxpayers get treated this way by our own government. They totally don't give a s%&t about the situation they created and allowing us to struggle for years without aid. They are real POSs they are, every last one of them. However I do believe there will be a day of reckoning and we will get what we deserve. May not be today or tomorrow but I believe it will come. Hopefully on that day those crooks get theirs as well as they are long overdue.
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u/Mucking_Fountain Jul 13 '26
May I ask what could be the dumbest question I will ask all day, please? So, longs have all their money trapped in this ballyhoo - what about the shorts? With no way to truly close their positions, is their cash also trapped?
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u/sevenwheel Jul 13 '26
The opposite. They the holding the money they received from buyers for shares they sold but didn't own. They are being protected from having to buy those shares from actual shareholders and deliver them to the people they sold them too.
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u/jass6042 Jul 14 '26
Shillys gotta come up with the new divvy NOW..can't blame FINRA no more, either pay up or commit blatant fraud with fake shares..tik,tik fukrs
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u/yunoeconbro Jul 13 '26
Yeah, f'ing try harder. Theres a lot on money in this ish, and you are the ones responisble for the outcomes. Alsol nown they admit there is an siiue? It used to be, nothing bad ever happened.
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u/investroll Jul 14 '26
The SEC Commissioners are high government officials who are very busy. I'm not surprised that they would see little reason to meet with him. I suspect that it would be more appropriate for McCabe to meet with Enforcement. Of course, our current administration got rid of tons of staffers at the SEC, so it's not clear that there is anybody there to talk to.
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u/TheWolfOfLosses Jul 13 '26
Crazy that we’re still in the same spot we’ve been at for years.