Why would it, after being free of dept? But again anything can happen.
Camber Energy, Inc. shares closed up nearly 87% on almost 85 million shares traded on Thursday and saw even more gains in after-hours trading.
It was earlier in the week that the struggling independent oil and gas company announced the execution of a non-binding letter of intent on June 25, 2018, in connection with the disposition of a substantial portion of its assets in exchange for the buyer's assumption of all of Camber's debt with its bank, International Bank of Commerce.
The company said the buyer is a company that is affiliated with former Camber CEO Richard Azar and board member Donnie Seay. Interim CEO Louis Schott said the sale will help the company achieve compliance with the NYSE. He remarked, "This transaction will position the company to improve its balance sheet by substantially reducing or eliminating its long-term liabilities.
Once this occurs, the company plans to pursue growth in its remaining assets as well as additional acquisition opportunities."
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