The Law Offices of Frank R. Cruz Announces Investigation of Next Bridge Hydrocarbons, Inc. on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Next Bridge Hydrocarbons, Inc. (“NBH” or the “Company”) (Private) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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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 Torchlights. 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.

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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 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 [e-mail], 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.

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