Jared R Fowler, CPA (LA)

Dad, CPA, LSU & UNO alum, Saints & Pelicans fan - I’m a CPA, but NOT YOUR CPA. All tweets are NOT tax advice. I will NEVER solicit services or money in DMs.

[Jared R Fowler, CPA (LA) @jrfowler1]

To @SECGov and @FINRA: Work with Next Bridge Hydrocarbons. Be the heroes! Fix the problem! Imagine how favorable history will view your legacy if you did. It would be the story of the century! The headline will read #SECsavesMMTLP! $MMTLP #MMTLP 🧵(1/7)

[Jared R Fowler, CPA (LA) @jrfowler1]

IMO, this appears to provide incentive to whatever shares are left of the 40M to be sold. Also, where the commons are held (brokerages or transfer agent) appears to be irrelevant. 1 new common share to every 30 commons owned.

[JunkSavvy @JunkSavvy]

🚨NEXT BRIDGE HYDROCARBONS FILES "PROSPECTUS SUPPLEMENT NO 1." TO ITS S-1 SHARE OFFERING TO ACCREDITED INVESTORS, ANNOUNCING 1:30 STOCK DIVIDEND TO SHAREHOLDERS OF RECORD AS OF EOB JULY 28, 2026. SHARES WILL BE ISSUED JULY 22, 2026.
"On June 23, 2026, the board of directors of Next Bridge Hydrocarbons, Inc. declared a dividend whereby each registered holder of Common Stock on the record date will receive 1 share of Common Stock for every 30 shares of Common Stock held, including fractional shares of Common Stock, as applicable (the “Stock Dividend”). The dividend is payable to shareholders of record as of the close of business on July 8, 2026 (the “Record Date”), and will be issued on July 22, 2026. As of today’s date, and prior to the Stock Dividend, there are 264,637,564 shares of Common Stock outstanding. After the Stock Dividend and without giving effect to any shares issued pursuant to the Prospectus there will be approximately 273,458,816 shares of Common Stock outstanding. All share and per-share amounts in the Prospectus should be read giving effect to the Stock Dividend. In the event the 40,000,000 shares of Common Stock being offered pursuant to the Prospectus are issued before the Record Date, there will be 304,637,564 shares of Common Stock eligible to receive the Stock Dividend. Therefore, after the Stock Dividend, there will be approximately 314,792,150 shares of Common Stock outstanding."
@nbhydrocarbons
MMTLP MMAT TRCH NBH
https://t.co/saYjZzL4bs

[JunkSavvy @JunkSavvy]

🚨NEXT BRIDGE HYDROCARBONS FILES "PROSPECTUS SUPPLEMENT NO 1." TO ITS S-1 SHARE OFFERING TO ACCREDITED INVESTORS, ANNOUNCING 1:30 STOCK DIVIDEND TO SHAREHOLDERS OF RECORD AS OF EOB JULY 28, 2026. SHARES WILL BE ISSUED JULY 22, 2026.
"On June 23, 2026, the board of directors of Next Bridge Hydrocarbons, Inc. declared a dividend whereby each registered holder of Common Stock on the record date will receive 1 share of Common Stock for every 30 shares of Common Stock held, including fractional shares of Common Stock, as applicable (the “Stock Dividend”). The dividend is payable to shareholders of record as of the close of business on July 8, 2026 (the “Record Date”), and will be issued on July 22, 2026. As of today’s date, and prior to the Stock Dividend, there are 264,637,564 shares of Common Stock outstanding. After the Stock Dividend and without giving effect to any shares issued pursuant to the Prospectus there will be approximately 273,458,816 shares of Common Stock outstanding. All share and per-share amounts in the Prospectus should be read giving effect to the Stock Dividend. In the event the 40,000,000 shares of Common Stock being offered pursuant to the Prospectus are issued before the Record Date, there will be 304,637,564 shares of Common Stock eligible to receive the Stock Dividend. Therefore, after the Stock Dividend, there will be approximately 314,792,150 shares of Common Stock outstanding."
@nbhydrocarbons
MMTLP MMAT TRCH NBH
https://t.co/saYjZzL4bs

[Kurtis @bleedblue18]

$MMTLP Imagine using your big brain to create a system for comprehensive regulatory oversight (Consolidated Audit Trail aka CAT) in your time at the SEC only to leave for a major payday at Citadel Securities and try to dismantle the same CAT.

Imagine serving on FINRA’s Economics Committee, the CAT Advisory Committee, and on the Advisory Board of the Financial Information Forum.

Imagine using that influence to discuss a small, non-trading company’s (Next Bridge Hydrocarbons) pending registration statement and how to dissuade/steer it with other prominent FIF members and the SEC.

Imagine being tone deaf enough to include “market integrity” in your job description as Director of Market Analytics and Regulatory Structure for CITADEL.

Imagine the same firm having to respond in Federal Bankruptcy court to subpoenas.

Just imagine…

[KKep @kimkep4796]

MMTLP NBH TRCH MMAT

🚨 MMTLP / Next Bridge FOIA Highlights 🚨

Information received by @ggkoul (Thank you Kostas) ⚠️ Not legal advice

📅 Timeline
• MMTLP halted: Dec. 9, 2022
• Next Bridge S-1 filed: July 2023
• FIF begins contacting SEC: Aug. 2023
• SEC/FIF discussions continue into Oct. 2023

👥 Key Players
• FIF (Financial Information Forum)
• SEC Trading & Markets
• Citadel
• Jane Street
• Susquehanna
• Tower Research
• Société Générale
• Fidessa

🔥 Most Significant Findings
✅ FIF told the SEC there were shares on loan that lending broker-dealers could not recover following the FINRA halt.

✅ FIF raised concerns about future reconciliation of outstanding stock loans.

✅ Concerns were raised about:
• IRA-held shares
• Loss of Rule 15c3-3 protections
• Transfer agent capacity
• Recovery of shares/warrants for customers

⚠️ What This Does NOT Prove
The FOIA does not prove naked short selling or synthetic shares.

⚠️ What it does show is that major market participants were discussing unresolved loaned-share and settlement issues with the SEC months after the halt.

❓ Questions Remaining
• How many shares were affected?
• Which firms had unrecovered loan positions?
• What was discussed during the SEC/FIF meetings?
• Are additional SEC, FINRA, DTCC, or Equiniti records still being withheld?

🦋 Bottom Line:
The biggest takeaway is that industry participants acknowledged concerns about unrecovered loaned shares and future stock-loan reconciliation after the MMTLP halt—issues many investors have been asking about for years.

#MMTLP #MMAT #NextBridge #NBH #FINRA #SEC #DTCC #Transparency 🦋⚖️📈

Note: This FOIA response is much more significant than it may appear at first glance because it places several major market participants, technology providers, and SEC staff into discussions about Next Bridge (NBH), MMTLP, transfer-agent issues, CAT costs, and operational concerns during the critical period immediately after the December 2022 halt and while the Next Bridge S-1 was under review.

https://t.co/FJ0W5uNhtj

[Freddy🇩🇪 @FreddyLA7]

Quite the surreal morning in New Orleans today. We got a tour of the Saints and Pelicans facilities.

Thank you so much for giving us this opportunity. Once in a lifetime.

[LSU Baseball @LSUbaseball]

Way Back There

30 years ago, Warren Morris hit his legendary walk-off homer vs. Miami to win the 1996 CWS.

[Tingle & Co @Tingle__Co]

30 years to the day, the greatest moment in the history of college baseball…
#JustDifferent

[Wu Wei @Caveatlector12]

Next Bridge’s S-1 is an SEC-effective source of shares, a broker-dealer with an open FTD should be sourcing there to close it under Reg SHO Rule 204. The rule requires an active borrow, or buy close out, not passive waiting. 17 CFR § 242.204. $mmtlp

[Hanky and Panky @happypositive0]

BREAKING

PROSPECTUS.
MMTLP @nbhydrocarbons https://t.co/ICIYXJei2Q

[Jared R Fowler, CPA (LA) @jrfowler1]

Thank you, SEC, for doing your job! Now, who's stepping up to the plate to buy these shares?

[Next Bridge Hydrocarbons @nbhydrocarbons]

Next Bridge Hydrocarbons Announces SEC Declares Effective its S-1 Registration Statement

Company prices and commences a public offering of 40 million shares

https://t.co/2hO7KuPeJJ

[_T1hS_0N_ @Stef_carpedm]

Alright, I put in as much as I could in validating this and spoke with 3 experts - an options trader with over a decade experience, 2 with over 20 years experience (each) in finance, 1 of which is a guru and knows the Bloomberg Terminal inside and out.

First, let me get the obvious out of the way - I'm not as "Rico suave" as @Cancelcloco_ when making these videos.

Second, recognize the information in a terminal is only as good as the person inputting the info.

THAT SAID...the "MATH just isn't MATHING!"

Where does this $11.8 BILLION come from?!?

Experts reviewed and all agree it is a debt reopening/offering in the amount of $11.8 billion.

Please, for the love of, make it make sense!

#MMTLPArmy
@laralogan @annvandersteel @stephmase22 @sunlightdisinf @kshaughnessy2 @FlyEaglesFly529 @palikaras @elonmusk @DOGE @realDonaldTrump @RepLisaMcClain @realannapaulina @joerogan @TheRobbCarter @denniskneale @RareDealsHere @GenFlynn @ErinBrockovich @ImFiredUp2 @DanNewsManBall @JamesOKeefeIII @OKeefeMedia @POGOwatchdog @ICFJ @johnbrda @realmuckraker @ICIJorg

[Jared R Fowler, CPA (LA) @jrfowler1]

Good news for the most part. Except for the fact the trustee must pay for the data. Any guesses how much FINRA will charge? My best guess: one hundred million dollars!

[KKep @kimkep4796]

MMAT | In re Meta Materials Inc. | Case No. 24-50792-gs | Doc 2820 | Filed May 27, 2026
Order Granting in Part and Denying in Part FINRA’s Motion to Quash Trustee Subpoenas

⚠️ Not Legal Advice

The big picture

This is a major discovery win for the Chapter 7 Trustee.

Judge Spraker basically said:
“FINRA, you do have to turn over important trading/manipulation-related data. But there are limits, and the trustee has to pay certain production costs.”

This order is directly tied to the trustee’s investigation into potential manipulation of Meta stock (MMAT / TRCH / MMTLP).

⸻
What happened in plain English

FINRA tried to block the subpoenas

FINRA asked the court to either:

Kill the subpoenas entirely (motion to quash) OR
Narrow them significantly via protective order.

The judge said:

Not entirely. Some yes. Some no.

Hence:

“Granted in part, denied in part.”

⸻
What the Trustee WON 🥇

1) Short Interest Data — PRODUCE IT

FINRA must turn over reported short interest data.

That includes:

TRCH + MMAT

Sept. 21, 2020 → Aug. 21, 2024

MMTLP

June 28, 2021 → Dec. 14, 2022

Layman’s meaning:

This shows what broker-dealers were reporting as short positions.

This helps answer:

Was short interest unusually elevated?
Did reported short positions match actual market behavior?
Were there anomalies around key events?

⸻
2) TRF Data — HUGE 🧨

FINRA must produce Trade Reporting Facility (TRF) data.

Same date ranges.

This is likely one of the most important parts of the order.

Why?

TRF captures off-exchange / OTC reported trades, often associated with internalized trading / market maker activity.

Layman’s translation:

If the trustee is investigating alleged manipulation, this is where some of the most meaningful footprints could live.

Judge even ordered:

FINRA must expedite production due to time pressure.

That’s important.

⸻
3) Reg SHO Daily Short Sale Volume Data

FINRA must produce this too.

Same date ranges.

This helps show:

Daily short sale activity
Short-sale patterns
Whether activity spiked during sensitive periods

Not proof of wrongdoing by itself.

But valuable puzzle pieces.

⸻
Timing priority (important) 👀

📆FINRA agreed to prioritize production in this order:

MMAT 2023
MMAT 2024
MMAT 2022
MMAT 2021
Then TRCH
Then MMTLP

Why that matters:

The trustee likely wants the most actionable data first given statute/time pressure.

⸻
Judge explicitly referenced manipulation investigation

This is a key line.

Judge ordered FINRA to move quickly because of:

“potential manipulation of Meta stock.”

That’s notable.

This is not a finding that manipulation occurred.

But it confirms the court recognizes the trustee’s investigation as legitimate and time-sensitive.

⸻
Requests put on HOLD (not denied yet)

Requests 4–5:

Monthly OTC Summary Report Data
Weekly OTC Summary Report Data

Judge said:

Let’s wait.

Reason:

The trustee may get enough from Requests 1–3 first.

If more is still needed, the parties must meet and confer.

If they still fight, they can come back to court.

Translation:

This door is still open.

⸻
What FINRA WON

Requests 6–9 were QUASHED entirely.

Meaning:

FINRA does NOT have to produce whatever those categories were seeking.

So this was not a total trustee sweep.

⸻
Costs — trustee pays

Because FINRA is a nonparty, Rule 45 cost protections apply.

Meaning:

If producing the data is expensive or burdensome:

the trustee pays the production costs.

This matters because FINRA had argued massive burden.

The judge basically said:

“Produce it—but the estate can shoulder the cost.”

⸻
Protective order remains in place

Anything produced stays under the existing protective order.

Meaning:

This data is not automatically public.

It’s controlled discovery material.

So no—this does not mean shareholders get to immediately see raw trading records.

[MARDÜK the SMASH Panda💛 @MetaGuyMarduk]

https://t.co/n8gdmXr96Q

[Kurtis @bleedblue18]

@JunkSavvy Guess their custodian 🤓

Answer: Interactive Brokers

Notice the communications regarding MMTLP shown below prior to the halt from both Interactive Brokers and Trading 212.

[JunkSavvy @JunkSavvy]

MMTLP MMAT TRCH NBH
🚨🚨MUST READ🚨🚨
TRADING 212 gives ultimatum to MMTLP NBH shareholders: 1) transfer shares to transfer agent (AST/EQ) in book entry ($30 fee), or 2) or surrender them for $.01.
DEADLINE: Monday, June 22, 2026.

ALL SHAREHOLDERS, monitor your accounts and broker communications.

They cannot stop what is coming. Make sure you are here for it.

@SECGov @FBIDirectorKash @USTreasury @SecScottBessent #FinCEN

FULL EMAIL TEXT IN CHAT BELOW.

[MARDÜK the SMASH Panda💛 @MetaGuyMarduk]

#MMTLPfiasco Day 1259

Day 3 since @FINRA opened their trap after a 400+ day hiatus, now with a block on comments.😅

Unfortunately for them, we can still quote post. Either they lock down their account, OR (the much more likely response) they start blocking people.

Too bad, so sad. Welcome back to the town square, MFers!
#1A 🍿👌😎

$MMAT $TRCH

[George Palikaras @palikaras]

I know that @Maximus711474 actually reads documents.

For those who do not, their dangerous and misleading commentary about the order is another signal of their ignorance and/or desperation to protect their patrons, while running their influencer/faked-shareholders-for-hire little business they are running for professional ambulance chasers.

For the record:

1. The Court did NOT say MMTLP is “irrelevant”. In fact, the order references MMTLP multiple times.

2. The Court DID authorize BROAD production of #MMAT/TRCH trading data, including:
-all orders
-executions
-cancellations
-replaces
-order attributes
-RASH/CORE data
across nearly FOUR YEARS which is extraordinary…

Did you know?
NASDAQ did NOT trade #MMTLP (which traded on the OTC), hence they do NOT have ANY MMTLP data to produce… you weird geniuses you! 🤣

3. The Court explicitly REJECTED Nasdaq’s “undue burden” argument and reaffirmed the Trustee’s broad Rule 2004 investigatory powers regarding potential wrongdoing.😎

4. Saying “everything else was quashed” is simply false. Nasdaq LOST the motion to quash in all MATERIAL respects related to the CORE trading data they control! 🦋

And finally, the Trustee is an independent fiduciary appointed by the Court. If the investigation had no merit, the subpoenas would NOT keep surviving judicial scrutiny.

🧐 speculation and opinions have exactly ZERO evidentiary value in court.

Actual court orders do.

[George Palikaras @palikaras]

🚨Breaking news: 🦋

@Nasdaq just LOST its Motion to Quash.

Read that again s l o w l y . . .

The Bankruptcy Court in Nevada has now ordered Nasdaq to produce extensive $MMAT/TRCH trading data under Rule 2004, including RASH and CORE data, order attributes, cancellations, replaces, executions, and related transaction records covering nearly FOUR YEARS.

The Court was NOT persuaded by the ‘undue burden’ argument, noting that producing ~15GB of spreadsheet data is not exactly impossible for… Nasdaq. (One $10 usb stick)

Even more important, the Court explicitly recognized the Trustee’s AUTHORITY to investigate whether wrongdoing occurred on behalf of the estate, including potential claims tied to stock trading activity.

Translation:
This investigation is very much ALIVE.

For months, some people mocked and undermined the Trustee’s efforts, claimed discovery would never happen, and acted like every subpoena didn’t get served initially and that it would be crushed before daylight. Instead, the wall keeps cracking.

FINRA discovery.
Now Nasdaq discovery.
And the Court explicitly referenced separate pending motions involving Citadel, Virtu, and Anson.

Interesting times ahead.

Turns out Rule 2004 is not just a decorative suggestion.

To the Trustee and legal teams, incredible respect.

It takes courage to walk into rooms filled with institutions that have virtually unlimited resources and say:

‘Produce the data’

And to the echo chambers already warming up their spin machines tonight…

You may want to read the actual order first. 🤝

Blessings to all.

[Jared R Fowler, CPA (LA) @jrfowler1]

https://t.co/yVo3trcwO7

Amendment #11. This looks like it’s ready to go. SEC, do your job! Thank you, McCabe. Now get me out of here!

[Guess Who @RedHeelzz]

Well, well, well… Is it possible that Thomas Massie never supported the MMTLP community because of certain connections or possible conflicts?

Thomas Massie has a daughter, Sofia Leon Massie, who has worked at Jane Street. She completed internships at the firm before serving as a registered person at the proprietary trading firm from 2022 to early 2025?

Did Cynthia know this? It seems like a fair assessment that Cynthia abandoned the MMTLP fight for greener pastures.

As I stated before… Cynthia is nothing more than a shareholder. Thomas Massie never intended to help this cause. Cynthia seemingly knew that and went on a new adventure. One that didn’t include efforts to help MMTLP find any sort of resolution.

🚨Side note: Sofia Massie also seemingly spent time as a project manager with ExxonMobile according to her “experience” in her LinkedIn profile.🚨

#MMTLParmy $MMTLP $MMAT