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Camber resolves legacy accounting issues, reduces Series C Preferred shares
The Fly

Camber resolves legacy accounting issues, reduces Series C Preferred shares

Camber Energy and Viking Energy Group announced that the Board of Directors of each company resolved on or about March 14, 2023, as a result of Camber addressing certain legacy accounting issues and extinguishing, through redemptions and conversions, approximately ninety-four percent of Camber’s previously issued shares of Series C Redeemable Convertible Preferred Stock, to resume negotiations and take certain steps regarding the previously announced Agreement and Plan of Merger between Viking and Camber.The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, a newly formed wholly owned subsidiary of Camber will merge with and into Viking, with Viking surviving the Merger as a wholly-owned subsidiary of Camber and Camber remaining the sole publicly-traded entity. However, given the lapse of time since the date of the Merger Agreement, Camber and Viking believe it is reasonably likely that certain terms will need to be modified by the parties in order for the parties to proceed with the Merger. The Board of Directors of each of Camber and Viking authorized, among other things, that each company re-engage separate, independent valuation firms to provide fairness opinions and/or any other valuation report, analyses or presentations that might be necessary or appropriate regarding with the Merger, engage legal counsel and other professionals or consultants, and permitted authorized representatives to communicate with authorized representatives of the other party on matters related to the Merger, including with respect to possible amendments or modifications to the Merger Agreement as the parties consider necessary or appropriate, subject in all cases to the final approval of the Board of Directors of each entity.

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