The Law Offices of Frank R. Cruz reminds investors of the upcoming May 14, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Next Bridge Hydrocarbons, Inc. (“NBH” or the “Company”) (Private) shares in connection with the Company’s spin-off from Meta Materials, Inc. (“Meta Materials”) on or around December 14, 2022 (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

In June 2021, NBH, formerly known as Torchlight Energy Resources, Inc. (“Torchlight”) merged with Metamaterial Technologies Inc.. 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.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) NBH’s oil and gas assets were not worth the amounts listed in the immediately preceding paragraph; (2) In truth, NBH’s oil and gas assets were at all relevant times substantively worthless; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired NBH securities during the Class Period, you may move the Court no later than May 14, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240510745509/en/