In Wednesday’s premarket session, Camber Energy Inc. (CEI) shares gained 2.48% to $0.4788. A -3.17% decline pushed CEI stock price to $0.47 during the last trading session. There were 9.97 million shares traded in CEI stock last day, below the 17.09 million shares traded for the last 50 days on average. During the last five days, shares of CEI stock have appreciated 2.08%; however, over the last month they have declined -21.41%. In the past three months, CEI stock price plunged by -25.12%, and so far this year it has lost -49.40 percent. After recently completing an acquisition, CEI stock is gaining traction.
CEI Stock has completed which deal?
Camber Energy is an energy company with roots in Houston, Texas. CEI owns oil and gas assets in the Gulf Coast region and the Mid-Continent through its majority-owned subsidiary, Viking Energy Group, Inc. Camber announced Monday that it acquired a majority stake of 60.5% in Simson-Maxwell Ltd. CEI completed the transaction through its majority-owned subsidiary.
In addition to Simmax Corp., who has owned Simson-Maxwell for 20 years, Remora EQ LP is also a strategic shareholder. Simson-Maxwell is one of the world’s leading manufacturers and suppliers of industrial engines and power generation products. Innovative technology is incorporated into the company’s products to enhance the sustainability of global energy sources. For over 80 years, Simson Maxwell has been serving customers throughout the world with 4,000 maintenance contracts and various energy solutions. Simson Maxwell’s seven branch offices serve its customers across a wide range of market segments.
Having already established a platform and brand that is recognized by the market, CEI is eager to further reinforce this platform and look forward to preparing the company for expansion throughout North America throughout this year and beyond. Having CEI as a stakeholder will enable Simson-Maxwell to provide products that are unique and customized and to accelerate our growth strategy. CEI has filed its Current Report on Form 8-K with the Securities and Exchange Commission (‘SEC’) on August 9, 2021, with additional details regarding the transaction.
Another acquisition move by CEI:
Earlier this month, Camber (CEI) completed another deal with its majority-owned subsidiary, Viking Energy, whereby CEI acquired $11 million in the common stock of Viking. A potential acquisition of approximately 60.5% of a company involved in the manufacturing, distribution, and implementation of industrial engines, power generation products, services, and custom energy solutions will be facilitated by this CEI transaction. The proceeds will be to facilitate Viking’s expressions of interest regarding the licensing of a patented carbon-capture system for exclusive use across Canada and at specified locations in the USA.