Was it the failed merger, or is the company just hot again?
January 9, 2019
After a failed merger, one Houston energy company is seeing its stock on the rise after regaining compliance with the NYSE.
Houston’s Camber Energy announced last week it had regained compliance with NYSE listing standards, a week that also brought the deadline for a merger between Camber and Pittsburgh, PA-based Lineal Star Holdings.
Lineal was hoping a merger would provide access to Camber’s NYSE American listing, but CEI has found it difficult to meet NYSE American’s listing standards, and the combined company might have lost its place on the exchange, Seeking Alpha noted on Tuesday.
And although it’s an upstream production company, Camber was apparently hoping to shift into the midstream and downstream services market with Lineal.
In the end, Lineal and Camber were unable to reach a full agreement and were forced to abandon the merger — announced last summer — at the end of the year because of a tax deadline, Lineal CEO Tim Connolly told the Houston Business Journal.
Camber began hitting stock low points in 2017 has dipped under $1 last year, spurring the NYSE complaint, but bounced back above $1 in early December and began a noticeable ascent the day after New Years, closing at $3.22 on Wednesday.