As of October 6, 2021, Camber Energy, Inc. (the “Company”) had 249,563,409 shares of common stock issued and outstanding. The increase in our outstanding shares of common stock from the date of the Company's February 23, 2021 increase in authorized shares of common stock from 25 million shares to 250 million shares, is primarily due to conversions into common stock by an institutional investor of shares of Series C Convertible Preferred Stock of the Company that were sold to the institutional investor in 2018 and/or 2019, along with adjustments to such conversions and/or conversion premiums due in respect of such Series C Preferred Stock, which were payable in shares of common stock. The conversions of Series C Convertible Preferred Stock held by such investor were pursuant to the exemptions from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended, Section 4(a)(1) of the Securities Act of 1933, as amended, and/or Rule 144 promulgated thereunder. As of October 6, 2021, the available shares of common stock for the Company to issue prior to reaching its authorized common stock limit is 436,591. To increase the number of authorized shares of common stock, the Company would have to obtain approval from the Company's shareholders. If the Company were to combine its common shares outstanding (i.e., perform a reverse split of its common stock) without shareholder approval, the Company's authorized shares of common stock would have to be reduced by the same ratio. The Company is therefore not considering such a reverse stock split at this time.
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