Camber Energy Inc (CEI)

[GoodTrade]

I'd like to hear other's opinion / translation on this filing as of minutes ago (below). I read it to say that the Preferred C holder cannot own more than 10% of outstanding stock when they convert their Preferred Shares... to common shares. Or..... no more that $2M of the ~20M (As of July 6, 2018, the Company had 19,912,983 shares of common stock issued and outstanding.)

So....does this prevent the crazy 250M share dilution referenced in prior post? If so, it appears that the CEO/Lawyer is truly acting as a fiduciary on behalf of the shareholders and us long term investors may have some hope.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On July 25, 2018, the Board of Directors of Camber Energy, Inc. (the “Company”, “we” and “us”) and the sole holder of our Series C Redeemable Convertible Preferred Stock (“Series C Preferred Stock”), approved an amendment to the Certificate of Designations of our Series C Preferred Stock. The amendment modified the beneficial ownership limitation, which previously prevented the holder of the Series C Preferred Stock from converting such Series C Preferred Stock into common stock, if upon such conversion, the holder would beneficially own greater than 4.99% of our outstanding common stock, to increase such ownership limitation to 9.99% of our outstanding common stock.