Camber Energy tumbles on reverse stock split

Viking Global Technologies

16/12/2022 12:51

** Shares of Camber Energy Inc  CEI.A  tumble 15.2% to ~6
cents premarket
    ** Stock among heaviest vols and biggest pct decliners
across the U.S. exchanges
    ** Camber says its board has approved a 1-for-50 reverse
stock split of its shares
    ** Reverse split being done to reduce co's risk of being
automatically delisted from NYSE American due to common stock's
trading prices falling below a price which the NYSE American
views as abnormally low - CEI
    ** Reverse split expected to be effective as of market open
on Dec 30
    ** Co will have 20 mln authorized shares from 1 bln; number
of outstanding common shares will reduce to about 16.3 mln from
about 814.4 mln
    ** Stock down 91% YTD through last close
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))