Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 96

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 96
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18Table of Contents

Second Amended and Restated Designation of Series A Convertible Preferred Stock In preparation for the Closing, the Board of Directors approved the Second Amended and Restated Certificate of Designations establishing the rights, preferences, and limitations of PEDEVCO’s Series A Convertible Preferred Stock (the “Series A Preferred Stock”) on October 29, 2025, which was filed with the Texas Secretary of State on October 31, 2025. A total of 17,013,637 shares of Series A Preferred Stock were designated. Except as required by law or the designation, Series A Preferred Stock holders have no voting rights, except the right to elect one director (the “Series A Director”) until the Automatic Conversion Date, with Josh Schmidt serving as the initial director. Holders of Series A Preferred Stock are entitled to certain protective provisions, requiring approval by a majority in interest of outstanding shares for actions such as amending governing documents, changing board composition, issuing new securities, major acquisitions or disposals, indebtedness above $500,000, executive appointments, and other material corporate actions. The holders of Series A Preferred Stock are provided no dividend rights, and in the event of liquidation, dissolution, or winding-up, Series A holders receive distributions pari passu with common shareholders, as if their shares were converted to common stock. The Series A Preferred Stock converts into PEDEVCO common stock automatically on the Automatic Conversion Date in a ratio of 10-for-1, subject to standard adjustments for splits, dividends, or recapitalizations. Support Agreements At the Closing, PEDEVCO entered into a Support Agreement with North Peak and certain officers, directors, and employees of the Company (collectively, the “Supporting Persons”), including Dr. Kukes, the SGK 2018 Revocable Trust, Mr. Schick, Mr. Moore, Mr. Paul Pinkston (Chief Accounting Officer), Mr. Crook, Mr. Howie (a then member of the Board), Mr. Scelfo (a then member of the Board), and Mr. Evans (a then member of the Board). Under the agreement, the Supporting Persons irrevocably delivered a written consent to approve certain corporate actions and agreed not to withdraw it, to refrain from any actions that could hinder or delay the transactions contemplated by the Merger Agreement, and to take all reasonable steps to ensure completion, including the Automatic Conversion of PEDEVCO Series A Preferred Stock. Until the Automatic Conversion occurs