Camber Energy Inc (NYSEAMERICAN: CEI) is having a great start to the trading session this morning, and for good reason. The company made an announcement with regard to equity that will bring it back into compliance with NYSE American requirements. Of course, the news excited investors, sending the stock running for the top. Today, we’ll talk about:
- The equity announcement;
- what we’re seeing from CEI stock as a result; and
- what we’ll be watching for ahead.
CEI Edges Up On Equity Announcement
As mentioned above, Camber Energy is having a strong start to the trading session this morning after making an announcement with regard to equity. In a press release issued early this morning, the company announced that it had unaudited pro forma stockholders’ equity of more than $8 million as of December 4, 2018.
This is overwhelmingly important news for CEI and its shareholders. After al, the $8 million stockholders’ equity number exceeds the minimum $6 million minimum amount required to maintain listing on the NYSE American.
The news comes after the company received notice from the NYSE American that it was not in compliance with the rules of the index. This was announced to investors on August 3, 2017. At the time, the company submitted a plan to the NYSE American detailing the steps that it intended on taking to regain compliance. Under the plan, CEI had until December 15, 2018 to meet the requirements.
While the company has met the minimum requirement, this has not been the case for two consecutive report filings. As a result, the company said that it anticipates having to wait until the end of the plan period in order to receive formal approval by the NYSE American of its re-compliance.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Camber Energy, the news announced today proved to be positive. After all, compliance with the NYSE American will allow the company to maintain its listing and all of the benefits it provides. So, it’s not surprising to see that excited investors are pushing the stock upward in the market today. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:51), CEI is trading at $0.15 per share after a gain of $0.0085 per share or 6.14% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on CEI. In particular, we’re interested in following the story surrounding the company’s continued work to regain compliance with the NYSE American and grow its revenue and profits. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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