Camber Energy Inc (NYSEAMERICAN: CEI) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced news surrounding the NYSE and the fact that it has granted the company an extension to reach compliance with regulations. Of course, the news excited investors who are sending the stock on a run for the top. Today, we’ll talk about:
- The granted extension;
- what we’re seeing from CEI as a reuslt; and
- what we’ll be watching for ahead.
CEI Heads For The Top On NYSE News
As mentioned above, Camber Energy is having a strong start to the trading session this morning after the company announced news surrounding the NYSE. In a press release issued early this morning, CEI announced that on July 17th, it received a letter from the NYSE granting it an extension for compliance with its listing requirements. The extension will run through December 15, 2018, subject to compliance with initiatives outlined in the company’s plan.
In the release, CEI reminded investors that it received notice from the NYSE that the company was not in compliance with Sections 1003(a)(i) through (iii) of the NYSE American Company Guide. In order to maintain listing, the company was required to submit a plan of compliance addressing these issues. This plan was submited prior to the delisting date of August 3rd, with the NYSE now extending this date to December 15.
In the release, CEI said that it will be subject to periodic review by the NYSE during the extended plan period. Of course, failure to make progress consistent with the plan to gain compliance could result in the company being delisted. Nonetheless, the plan has been accepted and extension granted, which is great news for the company and its shareholders.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of CEI, the news proved to be overwhelmingly positive. After all, delisting would be a big issue. However, the company now has several months to regain compliance. So, it comes as no surprise that the stock is making a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:20), CEI is trading at $0.46 per share after a gain of $0.047 per share or 11.41% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CEI. In particualr, we’re interested in following the story surrounding the company’s attempt to regain compliance with the NYSE. Nonetheless, we’ll continue to keep a close eye on the news and bring it to you as it breaks!
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