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.

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