Energy co PEDEVCO slides on direct stock offering

Viking Global Technologies

04/10/2021 11:59

** PEDEVCO Corp  PED.A  shares down ~21% premarket after oil
and gas producer announces direct stock offering
    ** Houston-based co says sold 4.5 mln shares at $1.57 to a
certain institutional investor for $7 mln gross raise  urn:newsml:reuters.com:*:nACSQ6c4Pa
    ** Shares on Fri rose 42.6% to close at $2.11
    ** Co has ~79.46 mln shares outstanding and ~14.9 mln of
free float, per Refinitiv data
    ** EF Hutton, division of Benchmark Investments, and Roth
Capital Partners jt placement agents for offering
    ** ~1.1 mln PED shares have traded before the bell vs their
30-day avg volume of ~2.5 mln, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))