DANVILLE, CA / ACCESSWIRE / April 10, 2017 / PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED) announced today that its 1-for-10 reverse split of its outstanding common stock has taken effect as of market close on April 7, 2017. The Company's common stock will continue to trade on the NYSE MKT on a split adjusted basis under the symbol "PED" and now trades under a new CUSIP number of 70532Y 303; however, the letter "D" may be appended to the Company's ticker symbol for approximately 20 trading days following the effective date to indicate the completion of the reverse stock split.
Before the split, the Company had approximately 54.9 million shares of common stock issued and outstanding, and following the reverse split, the Company now has approximately 5.49 million shares of common stock issued and outstanding (subject to adjustment for settlement of fractional shares which were rounded up to the nearest whole share). Although the number of shares held by the Company's stockholders has decreased proportionately, there is no change in the percentage ownership of any stockholder, or any other change to stockholder rights. All outstanding options, warrants, preferred stock and other securities convertible into the Company's common stock have been adjusted as a result of the reverse stock split as required by the terms of such securities with a proportional increase in the exercise price.
Registered stockholders holding their shares of common stock in book-entry or through a bank, broker or other nominee form do not need to take any action in connection with the reverse stock split. For those stockholders holding physical stock certificates, you may, but are not required to, contact our transfer agent, First American Stock Transfer, Inc., at (602) 759-5510, regarding the procedure for exchanging those certificates for new certificates representing the post-split number of shares. No new certificates will be issued to a stockholder until or unless such stockholder has surrendered the pre-split certificate(s) together with such information, fees and documentation as the transfer agent may require.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on November 8, 2016, a copy of which is also available at www.sec.gov or at www.pedevco.com under the SEC Filings tab located on the Investors page.
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO Corp, d/b/a Pacific Energy Development (NYSE MKT: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects, including shale oil and gas assets, in the United States. The Company's principal asset is its D-J Basin Asset located in the D-J Basin in Weld County, Colorado. Pacific Energy Development is headquartered in Danville, California, with an operations office in Houston, Texas.
Cautionary Statement Regarding Forward Looking Statements
All statements in this press release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Company's control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 under the heading "Risk Factors". The Company operates in a highly competitive and rapidly changing environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statements, except as otherwise required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. Readers are also urged to carefully review and consider the other various disclosures in the Company's public filings with the Securities Exchange Commission (SEC).
Pacific Energy Development
SOURCE: Pacific Energy Development (PEDEVCO Corp.)