Camber Energy, In. (CEI) stock went down by a further 6.93% in the after-hours following the announcement of a letter from the NYSE. It is the second time that the company had asked for a further extension from the NYSE for filing its Forms.

In the regular session, the stock lost 3.81% at a volume of 20.74 million shares. After closing at $1.01, the stock fell down to $0.94 in the after-hours at 4.07 million shares.

The oil and natural gas company, Camber Energy, In. (CEI) has a market capitalization of $262.5 million. Currently, the company has 104.2 million shares outstanding in the market.

What is happening?

CEI is in non-compliance with the NYSE’s listing standards.  Not only has it failed to file the required forms in the original timeframe but also the extended one. Recently, the company requested the NYSE for another extension, the response to which was disclosed on Monday. Following the announcement, the stock went further down in the after-hours.

In the past five sessions, the stock has lost 2.88% of its value, Moreover, CEI has subtracted 30.34% last month and 34.38% in the past three months. Currently, the year-to-date gain for the stock stands at 9.39%.

CEI’s Non-Compliance of NYSE

The company has failed to file certain reports on time, due to which it is in non-compliance with the NYSE’s listing standards. These include: a) Form 10-K for the nine months ended on December 31, 2020; b) Form 10-Q for the quarter ended on March 31, 2021; and c) Form 10-Q for the quarter ended on June 30, 2021. Hence, CEI has failed to be in compliance with the NYSE’s Section 1007.

Initially, the company was supposed to file the reports on or before November 19, but it failed to do so. Subsequently, CEI requested an extension to file the reports, which was granted. According to the extended duration, CEI was supposed to file the reports on or before December 17, 2021. Moreover, the company was unable to file the required reports on the given date once again. Hence, as previously intended, CEI requested further extension.

On December 20, CEI received the NYSE’s response to the extension request. According to this, NYSE granted the company until January 14, 2022, to file the required reports.

While CEI intends to file the reports within the recently given timeframe, it did declare its intention to request a further extension in case it failed to. Accordingly, CEI might ask for further extension up to May 20, 2022.