Next Bridge Hydrocarbons, Inc.: debt financing — Next Bridge Hydrocarbons secures $6M loan at 18% via promissory note and preferred stock

Next Bridge Hydrocarbons, Inc.

Received $6M loan from Panther Bridge (managed by CEO's son) via a 12-month 18% unsecured promissory note due Aug 20, 2026.
Issued 3M Series A Redeemable Preferred Stock with 18% cumulative dividend; no voting rights; redeemable at $1.00/share.
Granted Panther Bridge a 12.5% net profits interest in the 618-acre Panther Prospect with option to convert to working interest.
Proceeds used to pay off $2M secured note to CAPCO Holding, fund Panther Prospect obligations, and for general corporate purposes.
CEO Gregory McCabe subordinated his claims to the promissory note via a subordination agreement.

item 1.01 item 2.01 item 2.03 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Next Bridge Hydrocarbons, Inc. incurred loan of $6,000,000 with Panther Bridge, LLC at 18% per annum maturing August 20, 2026.

Instrument: loan
Principal: $6,000,000
Counterparty: Panther Bridge, LLC
Rate: 18% per annum
Maturity: August 20, 2026
Event: incurrence

Exact text from the filing

On August 20, 2025, Next Bridge Hydrocarbons, Inc. (the “Company”) entered into and closed a transaction with Panther Bridge, LLC, a Texas limited liability company (“Panther Bridge”), under which Panther Bridge loaned $6,000,000 to the Company. The transaction was effected through a Subscription Agreement that was entered into between the two parties, under which the Company sold to Panther Bridge an 18% Unsecured Promissory Note in the original principal amount of $6,000,000.00 (the “Promissory Note”), along with 3,000,000 shares of Series A Redeemable Preferred Stock, par value of $0.0001 per share (the “Preferred Stock”), and an Assignment of Net Profits Interest and Irrevocable Option to Convert to Working Interest from the ownership in the Panther Prospect of the Company (the “Assignment”). Panther Bridge is managed by Gregory McCabe, Jr., the son of the Company’s Chairman and Chief Executive Officer, Gregory McCabe (“McCabe Sr.”). Neither of the McCabes have any economic interes

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Source: SEC EDGAR

accession 0001199835-25-000291

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