PEDEVCO CORP. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by PEDEVCO CORP. on February 13, 2017. The report addresses a regulatory matter concerning the Company's continued listing status on the NYSE MKT (the "Exchange").
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric referenced is the Exchange's continued listing standard requiring stockholders' equity of at least $6 million, which the Company previously failed to meet as of December 27, 2016.
Material Changes and Listing Status
On February 13, 2017, the NYSE MKT accepted the Company's plan of compliance ("Plan") to regain adherence to Section 1003(a)(iii) of the NYSE MKT Company Guide. The Company has been granted an extension until June 27, 2018, to restore its stockholders' equity to the required $6 million threshold. Failure to make progress consistent with the Plan or to regain compliance by the deadline will result in the initiation of delisting proceedings.
Outlook, Risks, and Management Commentary
Management has submitted a compliance plan to address the equity deficiency. The primary risk identified is the potential delisting of the Company's stock if the equity requirement is not met by June 27, 2018. A press release dated February 17, 2017, announcing the acceptance of the Plan is included as Exhibit 99.1.
Key Facts for Investor Verification
- The Company is currently non-compliant with the NYSE MKT stockholders' equity requirement of $6 million.
- The Exchange has granted a compliance period extending to June 27, 2018.
- Delisting proceedings will be initiated if the Company fails to meet the equity standard or make consistent progress by the deadline.
- This filing does not contain updated financial statements or specific operational metrics.