Camber Energy Discloses Communication From NYSE American
HOUSTON, TX / ACCESSWIRE / January 14, 2022 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company, announced that on January 14, 2022 it received a letter from the NYSE American(the "Exchange") in response to the Company's request for …
HOUSTON, TX / ACCESSWIRE / January 14, 2022 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company, announced that on January 14, 2022 it received a letter from the NYSE American(the "Exchange") in response to the Company's request for an extension of the date by which the Company is to file outstanding financial reports.
The Company is not in compliance with the Exchange's continued listing standards as set forth in Section 1007 of the NYSE American Company Guide(the "Company Guide") given the Company failed to timely file (the "Filing Delinquency") the following reports (collectively, the "Delayed Reports"): (i) Form 10-K for the 9-month transition period ended December 31, 2020; (ii) Form 10-Q for the period ended March 31, 2021; (iii) Form 10-Q for the period ended June 30, 2021; and (iv) Form 10-Q for the period ended September 30, 2021. The Filing Delinquency will be cured via the filing of the Delayed Reports.
The Company intended to remedy the Filing Delinquency on or before January 14, 2022, however due to certain circumstances requested the Exchange grant the Company a brief extension of time by which to file the Delayed Reports. The Exchange accepted the Company's request and has allowed the Company until February 15, 2022 to file the Delayed Reports.
If the Company is unable to cure the delinquency by February 15, 2022, the Company may request an additional extension up to the maximum cure period of May 20, 2022. NYSE Regulation staff will review the Company periodically for compliance with adherence to the milestones in the plan. In addition, if the Company does not make progress consistent with the plan during the plan period or if the Company does not complete its Delayed Filings and any subsequently delayed filings with the SEC by the end of the maximum12-month cure period on May 20, 2022, Exchange staff will initiate delisting proceedings as appropriate. The Company may appeal a staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide.
Receipt of the letter does not have any immediate effect on the listing of the Company's shares on the Exchange, except that until the Company regains compliance with the Exchange's listing standards, a "BC" indicator will be affixed to the Company's trading symbol. The Company's business operations and SEC reporting requirements are unaffected by the notification, provided that if the Filing Delinquency is not cured then the Company will be subject to the Exchange's delisting procedures.