On
January 2, 2020, Camber Energy, Inc. (the “Company”, “we” and “us”) received
a letter from the NYSE American advising us that we had regained compliance with all of the NYSE American LLC continued listing
standards set forth in Part 10 of the NYSE American Company Guide (the “Guide”).
Previously
the Company had received, on July 2, 2019, notification from the NYSE American that the Company’s securities had been selling
for a low price per share for a substantial period of time. Pursuant to Section 1003(f)(v) of the Guide, the NYSE American staff
determined that the Company’s continued listing was predicated on it effecting a reverse stock split of its common stock
or otherwise demonstrating sustained price improvement within a reasonable period of time, which the staff determined to be until
January 2, 2020.
On
July 1, 2018, the Board of Directors, pursuant to the authorization provided by the Company’s stockholders at the Company’s
February 19, 2019, annual meeting (pursuant to which the Company’s stockholders granted authority to the Board of Directors,
in its sole discretion, to determine whether to proceed with a reverse stock split and, if the Board of Directors so determined,
to select the reverse stock ratio, in a ratio of between 1-for-5 and 1-for-25), approved a 1-for-25 reverse stock split of the
Company’s issued and outstanding shares of common stock, which went effective on July 8, 2019. Additionally, on October
28, 2019, the Company, with the approval of the Company’s Board of Directors, pursuant to Section 78.207 of the Nevada Revised
Statutes (NRS), filed a Certificate of Change with the Secretary of State of Nevada to affect a 1-for-50 reverse stock split of
the Company’s (a) authorized shares of common stock (from 250,000,000 shares to 5,000,000 shares); and (b) issued and outstanding
shares of common stock. The reverse stock split was effective on October 29, 2019. The effect of the reverse stock split was to
combine every 50 shares of outstanding common stock into one new share, with a proportionate 1-for-50 reduction in the Company’s
authorized shares of common stock, but with no change in the par value per share of the common stock.
On
January 2, 2020, as a result of the reverse stock splits described above, the NYSE American deemed us back in compliance with
Section 1003(f)(v) of the Guide.
As
a result of such re-compliance, the Company is now in full compliance with all NYSE American continued listing requirements and
effective on January 3, 2020, the below compliance (“.BC”) indicator was removed from the Company’s common
stock and the Company was removed from the NYSE American list of non-compliance issuers.
Notwithstanding
our re-compliance with the continued listing standards of the Guide, if we are determined to be below any continued listing standards
(including, but not limited to the low trading price per share requirement) of the Guide within 12 months of the date of the letter,
the NYSE American will examine the relationship between the two incidents and will take appropriate action, which may include
truncating the compliance procedures set forth in the Guide or immediately initiating delisting procedures. Furthermore, if in
the future, the Company falls below the continued listing criterion of a minimum average share price of $0.20 per share over a
30-day period, the Company’s common stock will be subject to immediate review.
On
January 6, 2020, the Company filed a press release announcing that the Company had regained compliance with all of the NYSE American’s
continued listing requirements. A copy of the press release is included herewith as Exhibit 99.1 and the information
in the press release is incorporated by reference into this Item 8.01.