Fans of Camber Energy (NYSEMKT:CEI) stock rejoice! This sometimes meme stock closed up by more than 50% today after announcing that it met the voting threshold required to initiate several proposals related to its merger with Viking Energy Group (OTCMKTS:VKIN).
What’s up with CEI stock today?
Well, this morning, both Camber and Viking announced that shareholders of each company independently approved the voting thresholds required by the companies at special meetings held separately on July 20. As a result of the approved merger agreement, Viking will become a wholly owned subsidiary of Camber. Meanwhile, Camber will survive as the sole publicly traded entity.
According to the press release, the Camber-Viking merger will be completed on or about Aug. 1 of this year.
As a result of the merger, Camber will obtain “full legal and accounting control” and ownership of Viking, its interests and assets. Viking is notable for its Custom Energy & Power Solutions business, its license and patent to a clean energy and carbon capture system, intellectual property rights to a ready-for-market medical and bio-hazard waste treatment system and more.
CEI Stock Soars on Viking Deal
Despite the promising nature of today’s win, CEI stock still has some hoops to jump through before it can truly shed its “meme stock” reputation. Indeed, the Houston-based company is currently trading for just over $1 per share — no doubt a result of today’s surge. CEI stock is still in the red about 36% year-to-date (YTD), even as the Nasdaq Composite and S&P 500 enjoy YTD gains of 35% and 19%, respectively.
Viking stock, already trading on over-the-counter “pink sheet” exchanges, also enjoyed a merger-related jump today. The company closed up by more than 25%, trading for 64 cents per share. VKIN stock is also a surprisingly big winner this year, up more than 100% so far in 2023.
It’s unclear just what the Camber-Viking company will look like post-merger. Still, fans of the companies can certainly hold out hope that the combined entity can reach the highs its individual parts were unable to hit.
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On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.