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Shares of Camber Energy Inc. surged more than 30% on Wednesday after-hours after trading, after the energy company revealed that it had no plans to carry out a stock split after a few weeks of trading. volatile trading.
In a filing with the Securities and Exchange Commission after the market closed on Wednesday, the oil and gas company said a sudden increase in its stock count since February was mainly due to the conversion of preferred shares by a institutional investor. Due to the increased number of shares, which is approaching 250 million, the company said it could only issue fewer than 500,000 shares before reaching its limit, and that a reverse stock split would reduce its ability to offer stocks at the same ratio at which it divides. the stock.
“The company therefore does not consider such a consolidation of shares for the moment”, concluded the file of the SEC.
IEC camber,
stocks have been on a roller coaster ride over the past two weeks amid a massive spike in interest from traders flocking to Reddit’s WallStreetBets chart. Shares jumped over 160% in a six-day period in late September, but rallied sharply after Tuttle Capital Management chief executive Matthew Tuttle said the rally looked like a “whim” and that it may have been a pump-and-dump scheme by investors using social media volume as a tool, as MarketWatch’s Thornton McEnery reported at the time.
Camber shares have lost more than three-quarters of their value over the past four sessions, closing Wednesday with a 40.6% decline to 91 cents per share after hitting a high of $ 3.82 last Thursday. Shares rebounded after hours on Wednesday to around $ 1.20.
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