Home Trending Stocks Why did Camber Energy Inc (CEI) stock plunge on Monday?

Why did Camber Energy Inc (CEI) stock plunge on Monday?

Camber Energy Inc. (CEI) stock started the new week by losing 2.40% to close Monday, May 24, 2021, normal trading session at $0.61 per share. CEI stock could not perform well in the after-hours session as well and declined further 12.04% to close the day at $0.54 per share

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Recent Stock analysis: CEI shares have fallen 53.84% over the last 12 months, and they have moved down 3.88% in the past week. Over the past three months, the stock has lost 63.67%, while over the past six months, it has shed 22.28%.

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Let’s see what’s going on recently with CEI

Notice from NYSE

On May 21, 2021, NYSE notified Camber Energy, Inc about incompliance with the Exchange’s continued listing standards as outlined in Section 1007 of the NYSE American Company Guide given the Company failed to timely file its Form 10-K for the 9 months ended December 31, 2020.

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CEI Changed Fiscal Year-End

On April 14, 2021, Camber Energy announced the change in the Company’s fiscal year from March 31 of each year to December 31 of each year.

New Board member

On February 2, 2021, Camber Energy, Inc announced that Robert K. Green has joined Camber’s Board of Directors. Mr. Green’s appointment was effective December 23, 2020.

On March 25, 2021, Viking Energy Group, Inc announced its financial results for the year ended December 31, 2020.

Viking Energy Group reported revenue of $40,266,780 for FY 2020 compared to $34,529,850 in FY 2019.

Viking Energy Group was byCamber Energy on December 23, 2020, in a deal in which 51% of the issued and outstanding common stock of Viking was acquired for $20.1 million by Camber Energy.

Eliminating $18.9 million of total debt

On January 14, 2021, Camber Energy, Inc completed the deal with Viking Energy Group by purchasing$18.9 million worth of common stock of Viking.

Camber agreed to issue 1,890 restricted shares of Camber’s Series C Redeemable Convertible Preferred Stock to a noteholder of Viking resulting in the elimination of $18.9 million of debt at the Viking level.

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Conclusion

As of this writing, we had no recent news and CEI negative performance on Monday is a bit strange. At the moment, it is hard to predict how CEI stock will perform for the rest of the week.

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