The Meta Materials (NASDAQ:MMAT) spinoff isn’t over yet. The company’s preferred shares that traded under MMTLP have been deleted as part of the highly anticipated Next Bridge Hydrocarbons spinoff. Before that, on Dec. 9, the Financial Industry Regulatory Authority (FINRA) halted trading ahead of the final day on the market for MMTLP stock.
Now more than a week has passed and investors have reported that they are not seeing the new Next Bridge shares in their brokerage accounts. This has raised some questions as the dust settles from the controversial trading halt.
Let’s take a look at what this means and what investors need to know.
From MMTLP Stock to NBH Common Shares
Next Bridge Hydrocarbons is not a publicly traded company, despite being spun off from one. Investors who held MMTLP stock on Dec. 13 were expecting to receive shares of the private company. And while some stockholders have expressed concern after not receiving them, Next Bridge has already addressed this. On its investor relations page, it notes that it may take “up to two weeks” following the distribution date of Dec. 14 for all shares to be distributed. It also advises investors:
“If you held MMTLP Series A Preferred Stock in ‘street name’ through a broker, bank or other nominee, you should contact your broker or bank directly.”
Investors who have not yet received their Next Bridge spinoff should watch the calendar. The company says they will be coming soon.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.