Camber Power, Inc. Broadcasts Receipt of Discover from NYSE Relating to Late Submitting of Quarterly Report on Type 10-Q

As reported by the Firm in its Type 12b-25 filed with the Securities and Trade Fee (the “SEC”) on November 16, 2020, the Firm was unable to file its Type 10-Q inside the prescribed time interval with out unreasonable effort or expense. The extension interval offered below Rule 12b-25 expired on November 23, 2020. The Firm was unable to fulfill the submitting deadline for its Type 10-Q as a consequence of accounting points which have arisen in reference to the preparation of the Firm’s amended Type S-Four registration assertion regarding the accounting for the Firm’s Sequence C Redeemable Convertible Most popular Stock. The Firm is taking steps to finish the required accounting and plans to file the Type 10-Q as quickly as practicable.

The NYSE has knowledgeable the Firm that, below the NYSE‘s guidelines, the Firm can have six months from the submitting due date (November 23, 2020) to file its Type 10-Q with the SEC. The Firm can regain compliance with the NYSE itemizing requirements throughout this six-month interval when the Firm information its Type 10-Q with the SEC. In the course of the six-month interval, the NYSE will intently monitor the standing of the Firm’s late submitting and associated public disclosures. If the Firm fails to file its Type 10-Q inside such six-month interval, the NYSE may, in its sole discretion, permit the Firm’s frequent stock to commerce for as much as an extra six months relying on particular circumstances, as outlined within the rule. If the NYSE determines that an extra six-month buying and selling interval is just not acceptable, suspension and delisting procedures will begin pursuant to the NYSE American Firm Information. If the NYSE determines that an extra buying and selling interval of as much as six months is suitable and the Firm fails to file its Type 10-Q and any subsequent delayed filings by the tip of that interval, suspension and delisting procedures will usually begin. Whatever the procedures described above, the NYSE may begin delisting proceedings at any time through the interval that’s out there to finish the submitting, if circumstances warrant.

Till the Firm information its Type 10-Q, the Firm’s frequent stock will stay listed on the NYSE American below the image “CEI,” and will likely be assigned an “LF” indicator to suggest late submitting standing.

As famous above, the Firm is working diligently to finish its Type 10-Q. The Firm intends to file it as quickly as practicable to regain compliance with the NYSE continued itemizing requirements.

No assurance could be provided that the Firm will be capable of regain compliance with the aforementioned itemizing requirement or preserve compliance with the opposite continued itemizing necessities set forth within the NYSE American Firm Information. If the Firm’s frequent stock was finally suspended from buying and selling on, or delisted from, the NYSE American for any purpose, it might have hostile penalties together with, amongst others: decrease demand and market price for the Firm’s frequent stock; hostile publicity; and a lowered curiosity within the Firm from traders, analysts and different market individuals. It might additionally probably make it harder for the Firm to boost funding and may end in occasions of default below the Firm’s present funding agreements.

About Camber Power, Inc.

Primarily based in Houston, Texas, Camber Power (NYSE American:CEI) is a growth-oriented, impartial oil and gasoline firm engaged within the improvement of crude oil, pure gasoline and pure gasoline liquids in Texas and Louisiana. For extra info, please go to the Firm’s web site at www.camber.power.

Ahead-Wanting Statements

Sure of the issues mentioned on this communication which aren’t statements of historic truth represent forward-looking statements that contain a variety of dangers and uncertainties and are made pursuant to the Secure Harbor Provisions of the Personal Securities Litigation Reform Act of 1995. Phrases comparable to “technique,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “initiatives,” “objectives,” “targets” and different phrases of comparable that means are supposed to establish forward-looking statements however will not be the unique technique of figuring out these statements.Though the Firm believes that the expectations mirrored in such forward-looking statements are cheap, these statements contain dangers and uncertainties that may trigger precise future actions and outcomes to be materially totally different from these instructed or described on this information launch.Vital elements that may trigger precise outcomes and outcomes to vary materially from these contained in such forward-looking statements embody, with out limitation, the Firm’s potential to file the Type 10-Q, the Firm’s potential to keep up the itemizing of its frequent stock on the NYSE American and different dangers described within the Firm’s Annual Report on Type 10-Ok, Quarterly Reviews on Type 10-Q and different filings with the SEC, out there on the SEC’s web site at www.sec.gov. Buyers are cautioned that any forward-looking statements will not be ensures of future efficiency, precise outcomes or developments may differ materially from these projected and traders mustn’t buy the stock of the Firm if they can not face up to the lack of their whole funding. The forward-looking statements on this press launch are made as of the date hereof. The Firm undertakes no obligation to replace or right its personal forward-looking statements, besides as required by regulation, or these ready by third events that aren’t paid for by the Firm. The Firm’s SEC filings can be found at http://www.sec.gov.

SOURCE: Camber Power, Inc.

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