Camber Energy Inc (AMEX:VKIN).
What Happened: On Friday, Camber Energy announced that shareholders approved its planned merger with Viking Energy in a special meeting held on July 20.
A wholly owned subsidiary of Camber will merge with and into Viking. Viking will become a wholly owned subsidiary of Camber Energy and Camber will remain the sole publicly-traded entity.
Camber said it expects to benefit from several aspects of Viking's business including the company's custom energy and power solutions business, exclusive licenses to a patented clean energy and carbon capture system, intellectual property rights to a medical and bio-hazard waste treatment system and patent-pending proprietary open conductor detection systems.
The merger is expected to be completed on or about Aug. 1.
Camber Energy is a growth-oriented diversified energy company. The company provides custom energy and power solutions to commercial and industrial clients in North America and owns interests in oil and natural gas assets in the United States.
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CEI Price Action: Camber Energy shares are up more than 80% over the last month.
The stock was down 14.8% at $1.04 Monday morning, according to Benzinga Pro.
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