Camber Energy approves 1-for-50 reverse stock split

Camber Energy approved a 1-for-50 reverse stock split of the company’s issued and outstanding shares of common stock, par value $0.001 per share, accompanied by a corresponding decrease in the company’s authorized shares of common stock such that, following the Reverse Stock Split, the number of authorized shares of common stock will be reduced from 1,000,000,000 to 20,000,000. The reverse stock split is anticipated to be effective as of the open of the market on December 30. The number of outstanding common shares will be reduced from approximately 814.4 million shares to approximately 16.3 million shares. Any fractional shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share on a per shareholder basis. The Board of Directors approved the Reverse Stock Split solely to enable the company to expeditiously meet the low price per share selling price requirements of the NYSE American and to reduce the risk of the company being automatically delisted from the NYSE American. The company anticipates that the effective time of the Reverse Stock Split will be before market open on December 30, with the common stock trading on a post-split basis under the company’s existing trading symbol, "CEI," at the market open on December 30, 2022 with a new CUSIP number, 13200M 607. The Reverse Stock Split will bring the company into compliance with the listing requirements of the NYSE American.