Camber Energy Announces January 31, 2019, Pro Forma Stockholders’ Equity in Excess of $6 Million and Continued Discussions with Merger and Acquisition Candidates

Source Press Release
Company Camber Energy, Inc. 
Tags Deal Rumours, Strategy - Corporate
Date February 04, 2019

Camber Energy, Inc. (NYSE American: CEI) (the ”Company” or ”Camber”), based in Houston, Texas, a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids, announced today that it had unaudited pro forma stockholders’ equity, as of January 31, 2019, of over approximately $7.4 million, which exceeds the $6 million minimum amount of stockholders’ equity the Company is required to maintain pursuant to Sections 1003(a)(i) through (iii) of the NYSE American Company Guide (the ”Guide”).

As previously reported, on August 3, 2017, the Company received notice from the NYSE American that the Company was not in compliance with Sections 1003(a)(i) through (iii) of the Guide because it had (i) stockholders’ equity of less than $2,000,000 and sustained losses from continuing operations and/or net losses in two of its three most recent fiscal years; (ii) stockholders’ equity of less than $4,000,000 and sustained losses from continuing operations and/or net losses in three of the Company’s four most recent fiscal years; and (iii) stockholders’ equity of less than $6,000,000 and sustained losses from continuing operations and/or net losses in the Company’s five most recent fiscal years.

The Company subsequently submitted a plan to the NYSE American detailing the steps it planned to take to gain compliance with the Guide (i.e., raise our stockholders’ equity above $6 million), and was provided until February 3, 2019, under such plan, to gain such compliance.

Notwithstanding the Company’s estimated pro forma stockholders’ equity, as described in greater detail in the Current Report on Form 8-K filed February 1, 2019 by the Company, the NYSE American has advised the Company that it is waiting until after we file our Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, to formally confirm our re-compliance with Sections 1003(a)(i) through (iii) of the Guide. Provided that the NYSE American has confirmed that our stockholders’ equity as set forth in the Form 10-Q for the quarter ended December 31, 2018 exceeds $6 million, the NYSE American will confirm such compliance. We currently anticipate our stockholders’ equity as of December 31, 2018 will exceed the $6 million we are required to have in order to regain compliance and believe at this point that formal NYSE American confirmation of such compliance is only a formality.

Notwithstanding the above, the NYSE American has not yet formally confirmed our re-compliance with Sections 1003(a)(i) through (iii) of the Guide, we are currently not deemed in compliance with the NYSE American continued listing standards (including Sections 1003(a)(i) through (iii) of the Guide), and if the NYSE American does not confirm our compliance with Sections 1003(a)(i) through (iii) of the Guide and/or if the Company becomes non-compliant with any of the other listing requirements of the NYSE Regulation, the NYSE Regulation staff may initiate delisting proceedings as appropriate.

Separate from the above, the Company announces that talks have been accelerating with acquisition and merger candidates and the Company hopes to announce positive news in connection therewith in the upcoming weeks.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd