Camber Energy, Inc. (AMEX:CEI) entered into a non-binding letter of intent to acquire Lineal Star Holdings on May 2, 2019. As of June 20, 2019, Camber Energy, Inc. entered into agreement to acquire Lineal Star Holdings. The consideration will be paid through issuance of a new series of convertible preferred stock which will be convertible into 67% to 70% of the fully diluted common stock. The transaction is subjected to customary closing conditions, negotiation of final transaction documents and transaction terms, consent of the holder of Camber Energy, Inc. Series C Preferred Stock, executing an agreement with Camber’s Series C Preferred Stock holder amending the Series C Preferred Stock to alter the conversion rights thereof and obtaining the requisite NYSE American approval. As of May 13, 2019, Camber Energy announced that it has completed its due diligence on Lineal Star. Further, the parties contemplate entering into a definitive agreement in connection with the transaction in the next fifteen days. The parties currently anticipate entering into a definitive agreement in connection with the transaction on or before May 31, 2019. Camber Energy, Inc. is finalizing closing documents for the planned combination transaction, which the Company expects to complete by May 31, 2019. The transaction is scheduled to close on or before June 30, 2019. As on July 8, 2019, Camber’s previously announced 1-for-25 reverse stock split will be effective pre-market open on Monday, July 8, 2019 and previously announced acquisition of Lineal is now scheduled to close later on July 8, 2019.