Meta Materials Inc. (NasdaqCM:MMAT) planned to spin off Next Bridge Hydrocarbons, Inc. on July 15, 2022. The distribution ratio will be one for every one share of Series A Preferred Stock. The transaction is subject to certain conditions including approval from Board of Directors of Meta Materials, Distribution Agreement and the ancillary agreements contemplated by the Distribution Agreement shall have been executed by each party, SEC shall have declared effective our Registration Statement on Form S-1, no order, injunction or decree issued by any governmental authority of competent jurisdiction or other legal restraint or prohibition preventing consummation of the Spin-Off and no other events or developments shall have occurred prior to the Distribution Date that, in the judgment of the Meta board of directors, would result in the Spin-Off having a material adverse effect on Meta or its stockholders. Meta Material announced that FINRA has revised its notice regarding the corporate action of exchanging META?s Series A Preferred shares (OTC: MMTLP) for shares of common stock of Next Bridge Hydrocarbons, Inc. on its daily list and FINRA regarding the trading of MMTLP in connection with the distribution of the shares of Next Bridge Hydrocarbons, Inc. supersedes and replaces all of META?s prior disclosure regarding the logistics and timing of the trading of MMTLP in connection with the distribution.
American Stock Transfer & Trust Company, LLC acted as transfer agent/registrar to Next Bridge Hydrocarbons, Inc. Jason Schumacher, Jack Jacobsen, counsel Ashley Thurman of O'Melveny & Myers LLP and Woodburn & Wedge acted legal advisors to Next Bridge Hydrocarbons, Inc.

Meta Materials Inc. (NasdaqCM:MMAT) completed the spin-off of Next Bridge Hydrocarbons, Inc. on December 14, 2022. Immediately after the Spin-Off, Next Bridge became an independent public reporting company, and the Company?s common stock is not and will not be publicly traded and will not be eligible for electronic transfer through the Depository Trust Company book-entry system or any other established clearing corporation.