January 3, 2019
Camber Energy says its one-for-25 reverse stock split went into effect late in December, just after its board approved the change.
The Houston company’s reverse split took effect December 24th on the open market.
The extant twenty-five pre-split shares of common stock were automatically combined into one new share of common stock without any action on the part of the shareholders.
The total number of outstanding common shares was reduced from about 147 million to approximately 5.9 million shares.
The Company’s authorized number of shares of common stock will also be proportionately decreased from 500,000,000 to 20,000,000 shares.
No fractional shares will be issued as a result of the reverse split as any fractional shares resulting from the reverse split will be rounded up to the nearest whole share on a per shareholder basis, the company said.