Camber Energy Inc. (NYSE: CEI), an independent oil and gas company, was notified by the New York Stock Exchange (NYSE) that it was not in compliance with certain guidelines of NYSE’s continued listing standards as set forth in part 10 of the NYSE’s company guide on Aug. 3.
Specifically, Camber is not in compliance with Sections 1003(a) through (iii) of the NYSE’s guide in that it reported a stockholders’ deficit of $10.6 million as of March 31 and net losses in its five most recent fiscal years then ended, meaning that it had stockholders' equity of less than $2 million and sustained losses from continuing operations and/or net losses in two of its three most recent fiscal years; had stockholders' equity of less than $4 million and sustained losses from continuing operations and/or net losses in three of its four most recent fiscal years; and had stockholders' equity of less than $6 million and sustained losses from continuing operations and/or net losses in its five most recent fiscal years.
In order to maintain its listing on the NYSE, the NYSE has requested that Camber submit a plan of compliance by Sept. 5, 2017, addressing how it intends to regain compliance with Sections 1003(a)(ii) and (iii) of the guide book by Aug. 3, 2018.
Camber’s management is beginning its analysis regarding submission of a plan to the NYSE by the required due date, specifying activities that they plan to complete in the near future to address the concerns of the NYSE and regain compliance with the continued listing standards.
Receipt of the letter does not have any immediate effect on the listing of CEI’s shares on the NYSE, except that until CEI regains compliance with the listing standards, a “BC” indicator will be affixed to their trading symbol.
Camber Energy’s business operations, Securities and Exchange Commission reporting requirements and debt instruments are unaffected by the notification, provided that if the plan is not acceptable or does not make sufficient progress under the plan or reestablish compliance by Aug. 3, 2018, then CEI will be subject to the NYSE’s delisting procedures.
Camber may then appeal a staff determination to initiate such proceedings in accordance with the NYSE’s guidelines.
Additionally, Camber’s Chairman of the Board, Fred Zeidman, has tendered his resignation as chairman and as a member of the board of directors, effective Aug. 7.
Camber said that as it attempts to continue its cost-cutting initiatives and revenue enhancing objectives, it will evaluate all strategic alternatives.
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