PEDEVCO Stock Is Rising: PED Sold About $7M Worth Of Ordinary Shares

PEDEVCO stock is rising. This month, the stock reached its maximum and was worth $2.1100. During its last trading session, the price increased by 21.47% and traded at a price of $1.9800. Today, the price of a stock in the pre-market jumped by 4.55% and is worth $2.0700. PEDEVCO announced that it closed a direct offer with a certain institutional investor and sold ordinary shares worth about $7.0 million. The company sold approximately 4.5 million ordinary shares at a price of $1.57 per share.

The Company’s net revenue from the registered direct offer after deducting the placement agent’s commission and other estimated placement costs is estimated at approximately $6.4 million. The company intends to use most of the net proceeds from the placement, (1) to finance the Permian Basin and D-J Basin asset development programs for 2021, (2) as well as to finance potential acquisition opportunities, and (3) for general corporate purposes and working capital. The registered direct placement of securities was carried out by means of an addendum to the securities prospectus, which is part of the current registration application.