Next Bridge Hydrocarbons Denied Sixth Request for SEC Meeting

The standoff centers on the aftermath of the FINRA U3 trading halt, which has left thousands of shareholders unable to move their positions for over three and a half years. McCabe argues that while the SEC has granted access to industry trade groups—specifically citing meetings with the Financial Information Forum—the company at the heart of the dispute remains excluded from the dialogue.

In his latest correspondence to Chairman Paul Atkins and Commissioners Hester Peirce and Mark Uyeda, McCabe highlighted the apparent contradiction between the agency’s mandate to protect investors and its continued silence. He pointed to previously disclosed FOIA documents suggesting the Commission engaged with broker-dealers regarding the company’s filings while simultaneously denying the firm a seat at the table.

McCabe, who characterizes his company as having complied with every regulatory request despite significant financial strain, issued a deadline of July 10 for a response. He emphasized that the company’s efforts have been predicated on the belief that cooperation would lead to a resolution, yet the core issues surrounding the MMTLP transition remain unresolved. The CEO expressed hope that the institution would eventually align its actions with the principles of the rule of law, but warned that continued silence would force the company to reassess its path forward.