Camber Energy Inc. (CEI) shares plunged 17.65% in after-hours on Tuesday, October 5, 2021, and closed the daily trading at $1.26. Even in the regular trading session of Tuesday, CEI’s stock lost 50.49%. CEI shares have risen 94.88% over the last 12 months, and they have moved down 52.48% in the past week. Over the past three months, the stock has gained 163.79%, while over the past six months, it has soared 57.33%.
Let’s see is there any reason behind its plummeting on Tuesday?
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CEI comment on the recent report
On October 5, 2021, Camber Energy, Inc(CEI) commented on the “Short” report issued today by Kerrisdale Capital. The president and CEO of Camber, James Doris said that the company is not involved in, nor do the company comment on, the day-to-day trading of the company’s common stock. He further said that the business relationships are legitimate and that we are firmly committed to improving the organization’s capitalization and executing our growth strategy.
What was the report?
Kerrisdale Capital issued a report on Tuesday about CEI stating that Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September. The report further said that the company’s only asset is a 73% stake in Viking Energy, which is also not performing well.
CEI Patented Carbon-Capture System
On August 24, 2021, Viking Energy Group, which is the majority-owned subsidiary of Camber Energy, Inc.(CEI), entered into an Exclusive Intellectual Property License Agreement with ESG Clean Energy, LLC (ESG) regarding ESG’s patent rights and know-how related to stationary electric power generation, including methods to utilize heat and capture carbon dioxide.
The ESG Clean Energy System can be used in different environments, including, Plastics Recycling Operations, nitrogen removal, microgrids, data centres, crypto mining operations.
CEI Acquisition of Simson-Maxwell
On August 9, 2021, Camber Energy, Inc.(CEI) acquired a majority interest in Simson-Maxwell Ltd, through its subsidiary.
Simson-Maxwell is a leading manufacturer and supplier of industrial engines, power generation products, services, and custom energy solutions. Other shareholders include Simmax Corp. and Remora EQ LP.
The company needs to address its financial report filing issue as soon as possible otherwise is in danger of having its stock delisted next month. The recent Kerrisdale Capital was the reason behind its plummeting and it can further decline in the coming days unless it solves its pending issues with NYSE.
About the company
Camber Energy is a growth-oriented organization which is based in Houston, Texas. The company is leveraging the relationships and expertise of its professionals to build a diversified energy and power solutions company to help service the needs of energy users in North America.