Camber Energy, Inc. (CEI), a company related to the hydrocarbon industry, is on a declining streak. The stock has slumped 7.27% today and consequently was trading at $0.85 when last checked. During Friday’s regular trading session, the stock plunged by 13.46% to close the day at $0.92. The stock is on a sliding trajectory following the redemption of preferred shares by the company.
Redemption of Shares
On Friday, CEI announced the redemption of 2,636 shares of Series G Preferred Stock. The shares were previously issued by the company on 31st December 2021 as part of a $100 million financing commitment. Apart from the Series G shares, the company has decreased outstanding Series C Preferred Shares by 59% via conversions and redemptions since the 1st of December 2021.
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Viking Group Acquired Interest in Entities
On 17th February, CEI announced that its majority-owned subsidiary, Viking Energy Group, Inc., has acquired a 51% interest in the entities which own the intellectual property rights for Electric Transmission and Distribution Open Conductor Detection Systems. The detection systems are meant to detect a break in the distribution line, transmission line as well as coupling failure. It’s also designed to immediately cut off the power to the line before it reaches the ground.
CEI Received Letter from NYSE
On the 15th of February, CEI announced the receipt of the letter from the NYSE. The letter was in response to the earlier request of the company for the grant of an extension of the date till which the company could file its outstanding financial reports. NYSE has accepted the company’s request for granting it with the extension of time till which it would file the delayed reports. The company intended to submit the filings before the 15th of February 2022.
What’s Next for CEI?
Looking ahead, analysts are of the view that even though CEI stock holds several positive signals at this point, they don’t make it a buy candidate. Hence, at the current level, the investors could consider holding the stock.