Spin-off - Next Bridge Hydrocarbons, Inc.

Form Type: 8-K

Filing Date: 2025-06-24

Corporate Action: Spin-off

Type: Update

Accession Number: 000119983525000222

Filing Summary: On March 21, 2025, management of Next Bridge Hydrocarbons, Inc. concluded that the Company’s previously issued audited financial statements for the fiscal year ended December 31, 2023, and unaudited financial statements for 2023 and 2024 should no longer be relied upon. This decision follows an error identified in the adjustment of fair value related to the spin-off from Meta Materials, Inc. on December 14, 2022, as well as an error in impairment application and improper valuation methods regarding asset sales. The Company plans to restate financial statements for affected periods and will disclose these changes in upcoming filings on Forms 10-K/A for 2023 and 2024, and is in discussions with its independent accounting firm about these disclosures. The report emphasizes a caution regarding reliance on forward-looking statements associated with the assessment of these restatements and their potential impacts.