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8-K - CURRENT REPORT - PEDEVCO CORP | ped_8k.htm |
Exhibit 99.1
Pacific Energy Development Provides
NYSE MKT Compliance Update
May 9,
2017 – PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE
MKT: PED) (the “Company”) today reported that on May 3,
2017, the Company was notified by the NYSE MKT LLC (the
“Exchange”) that, as a
result of the Company’s one-for-ten reverse split of its
outstanding common stock that took effect on April 7, 2017, the
Company has regained compliance with Section 1003(f)(v) of the NYSE
MKT Company Guide (“Company Guide”), which requires the
thirty-day average closing price per share of the Company’s
common stock to be at or above $0.20 per share.
In addition, on May 3, 2017, the Company received notice from the
Exchange that the Company is not in compliance with Sections
1003(a)(i), (ii) and (iii) of the Company Guide since it reported
stockholders’ equity of less than $2,000,000 at December 31,
2016 and has incurred net losses in its five most recent fiscal
years ended December 31, 2016. The Exchange previously notified the
Company that it was out of compliance with the Exchange’s
$6,000,000 minimum stockholders’ equity standard under
Section 1003(a)(iii) on December 27, 2016, as reported by the
Company in a Current Report on Form 8-K filed on December 30, 2016.
As previously reported by the Company in a Current Report on Form
8-K filed on February 17, 2017, the Company submitted a plan of
compliance (“Plan”) to the Exchange designed to regain
compliance under Section 1003(a)(iii) of the Company Guide, which
was accepted by the Exchange on February 13, 2017, and which Plan,
if achieved as contemplated, would increase the Company’s
stockholders’ equity well-above the Exchange’s minimum
continued listing standards required under Sections 1003(a)(i),
(ii) and (iii) of the Company Guide. As
such, no new or revised Plan is required to be submitted by the
Exchange at this time, and the Company believes it is making
progress consistent with the Exchange-approved
Plan.
Notwithstanding
the notice, the Company’s common stock will continue to be
listed and trade on the Exchange and the Exchange’s
notification does not have any immediate effect on the listing of
the Company’s shares on the Exchange, except that until the
Company regains compliance with the Exchange’s listing
standards, a “.BC” indicator will be affixed to the
Company’s trading symbol. The Company’s business
operations, Securities and Exchange Commission (SEC) reporting
requirements and debt instruments are unaffected by the
notification, provided that if the Company is not in compliance
with the continued listing standards by June 27, 2018, the Company
will be subject to the Exchange’s delisting
procedures.
Mr.
Michael Peterson, the President and Chief Executive Officer of the
Company, commented, “We are pleased to have regained
compliance with the Exchange’s “minimum stock
price” continued listing requirement, and continue to work
diligently toward consummation of one of several potential
transactions currently being pursued which, if completed as
planned, would significantly increase our stockholders’
equity well-above the Exchange’s minimum continued listing
standards, and position our company on an even stronger footing as
we continue to seek to execute our business plan and strive to
build shareholder value.”
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
Colorado. Pacific Energy Development is headquartered in Danville,
California, with an operations office in Houston,
Texas.
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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 (the
“Acts”). In particular, when used in the preceding
discussion, the words “estimates,”
“believes,” “hopes,” “expects,”
“intends,” “plans,”
“anticipates,” or “may,” and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act, and are subject to the
safe harbor created by the Act. Any statements made in this news
release other than those of historical fact, about an action, event
or development, are forward-looking statements. 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 and subsequently filed Quarterly Reports on Form 10-Q
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).
Contacts
Pacific
Energy Development
1-855-733-3826
PR@pacificenergydevelopment.com
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