Camber Energy, Inc. (CEI), an independent oil and natural gas company has declined 6.93% in the aftermarket trading session. As a result, CEI stock is trading at $0.94 at the time of the writing. On Monday, CEI closed the day at $1.01 after declining 3.81% during regular trading hours. The consistent decrease has come despite the company’s disclosure of positive communication with NYSE.
CEI Receipt of Letter from NYSE
On Monday, CEI announced that on the 17th of December, it had received a letter from NYSE. The letter was received in response to the company’s request to extend the date by which it could file the outstanding financial reports. The letter stated that the exchange has accepted the company’s request and has granted it until January 14th to file the delayed reports. In case the company is not able to cure the delinquency by 14th January, it could request an additional extension of up to the maximum cure period of 20th May 2022.
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Initiation of Investigations
In recent days, numerous law firms have started investigations of violations of securities law by CEI. It is alleged that the company made a false and misleading statement to the market. It overstated the business prospect of Viking Energy Group, Inc. alongside its combination post-merger business. The company did not inform investors about its investment in Viking would add strain to its already tough financial situation. Based on these and other related facts, the public statements made by the company were perceived to be false and materially misleading. As soon as the market came to know of the situation, the stock price of Camber started to slide and has continued to be so since.
Failure to File Financial Statements
Alongside, throughout the year 2021, CEI has failed to timely file the required financial statement with the US SEC. As a consequence of that, the financial reporting services had to constantly rely on the old, infrequent, and outdated SEC updates to find an estimate about the company’s share of common stock issued and outstanding. That situation also appeared to have caused its impact upon the abysmal performance of stock during the last few months.
Future Outlook for CEI
During the last three months, CEI stock has declined approximately 36%. That decline is primarily attributable to the recent negative sentiments associated with the stock in the form of breach of trust of investors and others. Analysts believe that the near future looks in the doldrums for the stock, but for the long run, investors should keep a close eye on the stock.