HOUSTON – Camber Energy, Inc. (NYSE American: CEI), an oil and natural gas company, announced today that the NYSE American has initiated delisting proceedings for the company's common stock due to non-compliance with the exchange's continued listing standards. Specifically, the low selling price of Camber's stock triggered the NYSE's decision.
The company received formal notification on Wednesday, stating that trading of its common stock has been suspended and will be delisted pursuant to Section 1003(f)(v) of the NYSE American Company Guide. This section relates to the exchange's discretionary authority to delist a company due to selling price levels.
Camber Energy intends to appeal the NYSE Regulation staff's determination to delist its stock. The company will request a review by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the NYSE American. Despite the planned appeal, Camber Energy cautioned that there is no guarantee of a successful outcome.
Following the suspension, Camber Energy's common stock is expected to start trading on the OTC Pink Market under its existing ticker symbol "CEI" as of the market opening on Thursday. Additionally, the company plans to apply for its stock to be quoted on the OTCQB Venture Market. However, there is no assurance that its application will be approved or that its stock will be traded on this market.
InvestingPro Insights
In light of Camber Energy's recent delisting news, a glance at real-time data from InvestingPro provides additional context to the company's financial health and stock performance. Camber Energy's revenue growth for the last twelve months as of Q1 2024 shows a positive trend at 30.52%, with a quarterly increase of 14.47%. However, the company's gross profit margin stands at 30.47%, a figure that, while respectable, is overshadowed by an operating income margin of -21.11%, indicating that expenses are outpacing gross profit.
InvestingPro Tips highlight that Camber Energy has not been profitable over the last twelve months, and its short-term obligations exceed its liquid assets. This financial strain is mirrored in the stock's performance, with a significant price decline of 85.76% over the last year and a steep 55.52% drop year-to-date as of 2024. Additionally, investors should note that Camber Energy does not pay a dividend, which could impact the stock's attractiveness to income-focused investors.
For those considering the future prospects of Camber Energy, additional InvestingPro Tips, which include insights on debt levels and stock volatility, can be found at https://www.investing.com/pro/CEI. With a total of nine InvestingPro Tips available, investors can gain a more comprehensive understanding of the company's financial position and stock performance.
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