HOUSTON, TX / ACCESSWIRE / November 11, 2022 / Camber Energy, Inc.’s, (NYSE: US) (“Camber” or the “Company”) announced that on November 7, 2022, it had received a letter from the NYSE American (the “Exchange”) advising it that the Company’s securities had been selling for an extended period of time at a low price per share, which the Exchange determined as a 30-day average trading price of less than $0.20 per share and therefore pursuant to section 1003(f)(v) of the NYSE American Company Guide, continued listing of the company is based on demonstrating sustained price improvement or completing a reverse stock split of its common stock within a reasonable period of time, as determined by the Exchange on or before May 7, 2023.
The Company intends to closely monitor the trading price of its Common Shares and review the options available if its Common Shares are not trading at a consistent level that will bring the Company into compliance in a timely manner, including, if necessary, effecting a spin-off share reversal (subject to shareholder approval at the Company’s 2023 annual meeting, which we believe will currently be held in May 2023, or at a previous extraordinary meeting of shareholders, if necessary to implement the conditions of this reverse stock split).
The Stock Exchange letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the Stock Exchange during this period, subject to the Company’s compliance with other listing requirements. the Stock Exchange; however, the Exchange may take accelerated delisting action in the event that the Company’s common shares are trading at levels considered abnormally low. The Company’s common stock will continue to trade under the symbol “CEI”, but will have an additional designation of “.BC” to indicate the status of the common stock as “below compliance”. The letter from the Exchange does not affect the Company’s ongoing business operations or its reporting requirements with the Securities and Exchange Commission.
About Camber Energy, Inc.
Camber Energy, Inc. is a diversified, growth-oriented energy company. Through its majority-owned subsidiary, Camber provides custom power and energy solutions to commercial and industrial customers in North America and holds interests in oil and gas assets in the United States. The Company’s majority-owned subsidiary also holds an exclusive license in Canada for a patented carbon capture system and owns a controlling interest in: (i) an entity holding intellectual property rights to a fully developed, pending patent, market-ready exclusive medical and biological waste treatment system using ozone technology; and (ii) entities owning the intellectual property rights to fully developed, patent-pending, market-ready electrical transmission and distribution open conductor detection systems. For more information, please visit the company’s website at www.camber.energy.
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. All statements that are not historical facts contained in this press release are “forward-looking statements”, which statements may be identified by words such as “expects”, “plans”, “projects”, “will “, “may”, “anticipates”, “believes”, “should”, “intends”, “estimates” and other words of similar meaning. These forward-looking statements are based on current expectations, involve known and unknown risks, reliance on third parties for information, transactions that may be undone and other factors that could cause our results, performance or actual achievements, or developments in our industry. , materially differ from any anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties relating to fluctuating global economic conditions or economic conditions as they relate to the oil and gas industry, the COVID-19 pandemic 19, the performance of management, the actions of government regulators, vendors and suppliers, our cash flow and our ability to obtain financing, competition, general economic conditions, the outbreak or escalation of armed hostilities or acts of war or terrorism and other factors detailed in Camber’s filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the disclaimer provisions.
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THE SOURCE: Camber Energy, Inc.
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