UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of
Report (Date of Earliest Event Reported): April 1, 2021
PEDEVCO CORP.
(Exact name of registrant as specified in its charter)
Texas
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001-35922
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22-3755993
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(State or other jurisdiction
of incorporation
or
organization)
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(Commission file number)
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(IRS Employer Identification No.)
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575 N. Dairy Ashford
Energy Center II, Suite 210
Houston, Texas 77079
(Address of principal executive offices)
(713) 221-1768
(Registrant’s telephone number)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
[
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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[
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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[
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the
Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.001 par value per share
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PED
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NYSE American
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Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this
chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Item
5.02
Departure of Directors or Certain Officers; Election
of Directors; Appointment
of Certain
Officers; Compensatory Arrangements of Certain
Officers.
Effective April 1, 2021, PEDEVCO Corp. (the
“Company”,
“PEDEVCO”,
“we”
and “us”) reversed the 20% reduction in salary for all the
Company’s salaried employees, which reduction was previously
put in place effective April 1, 2020 in connection with the
Company’s efforts to reduce operating and corporate costs
during the challenging oil price environment in 2020, as previously
disclosed in the Current Report on Form
8-K filed by the Company with
the Securities and Exchange Commission on March 31, 2020. The
reduction in salary was reversed as the Company determined that oil
markets have recovered to acceptable levels. As a result, the
annual salaries for each of Mr. Douglas J. Schick, the
Company’s President, and Mr. Clark R. Moore, the
Company’s Executive Vice President, General Counsel, and
Secretary, have returned to their previous $250,000 levels, and the
salary of Mr. Paul Pinkston, the Company’s Chief Accounting
Officer, has returned to its previous $140,000 level, effective
April 1, 2021.
Other
than such changes in salary as discussed above, the terms of the
amended employment agreements and offer letter as disclosed in the
March 31, 2020, Current Report on Form 8-K, remain in
place.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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PEDEVCO CORP.
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By:
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/s/ Simon Kukes
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Simon Kukes
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Chief
Executive Officer
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Date: April
1, 2021