Another Reverse Split!
Pedevco Corp : Pacific Energy Development Announces Reverse Stock Split
04/23/2013| 08:05pm US/EasternRecommend:
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PEDEVCO Corp., d/b/a Pacific Energy Development (OTCBB:PEDO) (the "Company"), announced today the implementation of a reverse split of its common stock at a ratio of 1-for-3 of the Company's common stock, as of April 23, 2013.
The Company's Board of Directors, the majority of the holders of the Company's outstanding shares of common stock as of December 3, 2012 and the majority of the holders of the Company's outstanding shares of Series A Convertible Preferred Stock of the Company as of December 3, 2012 approved a reverse stock split between 1-for-2 and 1-for-5 , with the specific ratio and effective time to be determined by the Board of Directors no later than December 31, 2013.
The Stock Split will affect all issued and outstanding shares of the Company's common stock, as well as common stock underlying stock options, stock appreciation rights, restricted stock units, warrants and convertible debentures outstanding immediately prior to the effectiveness of the Stock Split. As a result of the Stock Split, the Company's issued and outstanding shares of common stock decreased from approximately 41.7 million pre-Stock Split shares to approximately 13.9 million post-Stock Split shares.
The Company anticipates the Stock Split to be effective with FINRA and in the marketplace on or about May 9, 2013 (the 'Effective Date"). From April 23, 2013 until the Effective Date, certain actions by the DTC and FINRA are required before trades of the Company's common stock may be settled and will delay settlement of such trades during this period.
As publicly disclosed in the Company's S-1 Registration Statement filed on October 10, 2012 with the SEC, as amended, the Company has applied to list its common stock on the NYSE MKT and conducted the reverse stock split as part of the listing process in light of NYSE MKT's minimum price requirement.
