Law Offices of Howard G. Smith announces an investigation on behalf of Next Bridge Hydrocarbons, Inc. (“NBH” or the “Company”) (Private) investors concerning the Company’s possible violations of federal securities laws.

In June 2021, NBH, formerly known as Torchlight Energy Resources, Inc. (“Torchlight”) merged with Metamaterial Technologies Inc. (“Meta Materials”). In connection with the merger, Torchlight shareholders received shares of non-voting Meta Materials preferred stock, corresponding to the oil and gas assets acquired from Torchlight. Holders of the preferred stock would be entitled to receive proceeds from the sale of oil and gas assets or, if the assets were not sold by a certain date, equity in a spin-off entity.

Then, on December 14, 2022, Meta Materials completed a spin-off of its oil and gas assets into NBH, with holders of Meta Materials preferred stock receiving new shares in NBH. Following the spin-off, Meta Materials reported that the value of the oil and gas assets as of the date of the spin-off was “not substantive” and therefore increased its reserves on notes payable by NBH to Meta Materials that had historically been secured by the oil and gas assets.

If you purchased NBH securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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