Camber Energy says trading of common stock approved for OTCQB Venture Market

Camber Energy shared an open letter to shareholders, which read inpart, “Effective August 27, 2024, the Company’s shares of common stock, trading under the symbol “CEIN“, have been approved for upgraded quotation on the OTCQB Venture Market. The OTCQB is a premier marketplace for entrepreneurial and development stage U.S. and international companies that are committed to providing a high-quality trading and information experience for their U.S. investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process every six months. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve investors’ access to information and trading experience…We respectfully disagree that it was necessary for the staff at the NYSE to exercise their discretion and commence delisting proceedings vis-a-vis Camber due to the low stock price, in particular given current macroeconomic conditions and geopolitical tensions in certain regions. We were confident in the ability to successfully appeal the NYSE’s decision if we demonstrated an immediate intent to effect a reverse stock split at a significant consolidation ratio but we were concerned about immediately re-exposing shareholders to the vagaries of the stock market and to what some believe have been questionable trading practices on the national exchanges over the past twelve to eighteen months, in particular involving small and mid-cap companies. It is very possible that our stock price would decline immediately or shortly thereafter, as has happened with other companies recently as well as our own in prior years following a stock split. As we continue to focus on executing our growth strategy, we believe it is appropriate for the near term to limit the Company and its shareholders’ exposure to as many external factors as possible while still being listed on a reputable and recognized trading platform that provides liquidity for shareholders.”