Replies to post #3602 on Meta Materials Inc (MMAT)

[trader59]

I don't think a tax loss (or gain) can be claimed until there's some disposition of the Next Bridge stock. Originally they were going to sell off their oil and gas lands and the shareholders (either Preferred A's or now the Next Bridge) would get the net proceeds (purchase price minus costs and liabilities) divided up. The stock would then be cancelled. The S-1/A mentions that but also says they have nothing working towards making that sale and goes on to talk about the needs for development and the risks of being in the oil and gas industry. Since it's private and were I a shareholder, I'd be pinning down the CEO/BOD to see what the plans are. I can't imagine progress being made, they have no money.
The cost basis of the Next Bridge shares should be the same basis a shareholder had for the MMTLP shares, so whatever disposition happens will be when taxes need to be addressed.