Camber Energy Inc (NYSEAMERICAN: CEI) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The comapny disclosed in an SEC filing, that a key deal will be closing, likely tomorrow. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The deal;
- what we’re seeing from CEI stock as a result; and
- what we’ll be watching for ahead.
CEI Discloses Great News In SEC Filing
As mentioned above, Camber Energy is flying in the market today. While a search for press releases will yield little, there is a good reason for the gains. In an SEC filing, the company said that a key deal, under which the company will sell assets to N&B Energy.
In the filing, CEI made a key statement:
We are continuing to move forward with the negotiation of final closing documents associated with the Sale Agreement and the assumption of our IBC debt by N&B in connection therewith and currently contemplate closing the transactions contemplated in connection therewith on or around September 26, 2018, subject to the satisfaction of the conditions to closing set forth in the Sales Agreement.
Essentially, the excitement surrounds the announcement that this deal is expected to close tomorrow.
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 leads to moves. In the case of Camber Energy, the news proved to be overwhelmingly positive. This agreement will relieve the company of a massive amount of debt. So, it comes as no surprise that investors are excitedly sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:51), CEI is trading at $0.60 per share after a gain of $0.23 per share or 61.50% 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 particular, we’re interested in following the story surroundig the company’s asset sale. While it is expected that the deal will close tomorrow, it is still subject to customary closing conditions. Nonetheless, we’ll continue to keep a close eye on the news and bring it to you as it breaks!
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