Camber Energy Inc (NYSEMKT: CEI) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has entered into a non-binding agreement to rapidly provide much needed capital. Of course, this led to excitement among investors who pushed the stock upward, prompting our partners at Trade Ideas to alert us to the movement. At the moment (10:26), CEI is trading at $0.18 per share after a gain of $0.01 per share or 7.12% thus far today.
CEI Skyrockets On Capital Agreement
As mentioned above, Camber Energy is having an overwhelmingly strong start to the trading session this morning after the company announced that it has executed a non-binding term sheet with an existing shareholder. The agreement was designed to rapidly provide additional equity capital to CEI. The capital will be used in order to resove current defaults with International Bank of Commerce. The company said that it is currently in discussions with the bank in order to reach a timely resolution to these defaults.
In the press release, CEI also announced that the NYSE American has granted a two day extension to submit its plan of compliance. This extension will come to an end on September 21, 2017. The company has a goal of regaining compliance with Sections 1003(a) (ii) and (iii) of the Company Guide by August 3, 2018. In the press release, Cambers Energy said that it is currently working on finalizing its plans. They also announced that the company is still pursuing possible resolutions to the defaults of its wholly owned subsidiary CATI Operating LLC.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CEI. In particular, we’re interested in following the ongoing work to bring the company’s financial stability up to par. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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