Camber Energy, Inc. Camber Energy, Inc. Announces the Effectiveness of One for 50 Reverse Stock Split

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HOUSTON, TX / ACCESSWIRE / December 21st, 2022 / Camber Energy, Inc. Today, the Company announced that the 1-for-50 reverse stock splitting of its issued and outstanding common stock shares, par value $0.001 each share, was accompanied by a decrease in the Company’s authorized common stock shares (the “Reverse Stock Split”). The Company previously disclosed that the Board of Directors approved the stock split on December 14, 2022. It became effective today at 12:01 AM Central Standard Time. This will reflect in the market as of the opening of trading. The Company’s common stock will trade on the NYSE American under “CEI”, but will trade under a new CUSIP Number, 13200M 607.

The Reverse Stock Split, below Section 78.207 Nevada Revised Statutes (“NRS”), adjusted proportionally Both The Company’s (a), authorized shares of commonstock and (b) issued or outstanding shares of commonstock are as follows: The Reverse Stock Split resulted in 50 pre-split common stock shares being automatically combined into one share of common common stock. This reduced the total number of shares of common stocks from around 887.7 millions to 17.8 million shares. The par value for the common stock did not change due to the Reverse Stock split.

The Reverse Stock Split did not result in the issue of fractional shares. No cash or other consideration was paid. Instead, fractional shares created by the Reverse Stock Split were multiplied to the nearest whole share for each shareholder.

Proportionate adjustments were made (i) to the Company’s multiple series convertible preferred stock, (ii), to the Company’s multiple convertible promissory note, (iii), to the Company’s outstanding options, warrants, and other convertible securities, as well as (iv) to the 2014 Stock Incentive Plan, Lucas Energy, Inc. 2012 Stock Incentive Plan, and the Lucas Energy, Inc. Long Term Incentive Plan, as amended and updated to date, and to other equity-based plans.

As we have discussed, the Board of Directors approved Reverse Stock Split unilaterally and without shareholder approval. Section 78.207 NRS is only to enable the Company meet the NYSE American’s low selling price requirements. It also reduces the risk that the Company will be automatically delisted by the NYSE American if the trading prices for its common stock fall below a price the NYSE American considers abnormally low. The Company’s authorized preferred stock will not be affected by the reverse stock split, other than the conversion rates and voting privileges. The Reverse Stock Split is expected increase the price per share of Company’s common stock to meet the listing requirements of NYSE American.

ClearTrust, LLC, Camber’s transfer agent, can be reached at (813) 235-2490 for more information.

Camber Energy, Inc.

Camber Energy, Inc., a growth-oriented, diverse energy company, is an example of a growth-oriented, sustainable company. Through its majority-owned subsidiary, Camber provides custom energy & power solutions to commercial and industrial clients in North America and owns interests in oil and natural gas assets in the United States. The company’s majority-owned subsidiary also holds an exclusive license in Canada to a patented carbon-capture system, and has a majority interest in: (i) an entity with intellectual property rights to a fully developed, patent pending, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. Visit www.camber.energy for more information.

Forward-Looking Statements

This press release could contain forward-looking information as defined by Section 21E of Securities Exchange Act of 1934 as amended and Section 27A of Securities Act of 1933 as amended. Statements that are not historical facts in this press release may contain “forward-looking information”. These statements can be identified using words such as “expects”, “plans”, “projects”, “will,”” “anticipates,” and “believes,” or “should,” and “intends,” or other words with similar meanings. Forward-looking statements, which are based on current expectations, have known and unknown risks and may be affected by reliance on third parties, transactions that might be cancelled, and other factors that could cause our actual results or performance or achievements to differ materially. There are many factors that could cause actual results not to be as expected. These include the fluctuations in global economic conditions or the COVID-19 pandemic. The performance of management, vendors and suppliers, cash flows and our ability to obtain financing. All forward-looking statements will be subject to the safe harbor provisions.

Contact Information

Investors and Media
Tel. 281.404.4387 (ext.2)

SOURCE: Camber Energy, Inc.

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