Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 135

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 135
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ly own approximately 53% of the combined company’s outstanding shares of capital stock, on a fully diluted basis. As a result, if these stockholders were to choose to act together, they would be able to control or significantly influence all matters submitted to the combined company’s stockholders for approval, as well as the combined company’s management and affairs. As such, affiliates of Juniper will be able to control the outcome of all matters requiring a stockholder vote, including the election of directors, the adoption of amendments to our certificate of formation or bylaws and the approval of mergers and other significant corporate transactions, subject to requirements under Texas law which require the approval of two-thirds of the outstanding voting stock. 

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Additionally, from the Closing Date until the Automatic Conversion Date the holders of PEDEVCO Series A Preferred Stock, voting as a separate class, are entitled to elect one member of PEDEVCO’s Board. If a Preferred Director position becomes vacant, a majority in interest in the holders of the PEDEVCO Series A Preferred Stock may fill the vacancy. Any preferred director so elected or appointed serves for the remainder of the original term, subject to prior death, resignation, retirement, disqualification, or removal. A preferred director may be removed, with or without cause, only by the affirmative vote or written consent of the majority in interest of holders of such Series A Preferred Stock. The initial preferred director is Josh Schmidt. 

Finally, under the Shareholder Agreement, from and after the Automatic Conversion Date, the Board of Directors of the Company will consist of six directors, or a greater number as approved in accordance with the Company’s organizational documents. On that date, the Juniper Shareholder will have the right to nominate up to three directors (the “Juniper Directors”), including at least one independent director. The Juniper Shareholder’s nomination rights will depend on its, together with its affiliates’, ownership of the shares of common stock issuable upon conversion of the Series A Preferred Stock on the Automatic Conversion Date, as determined on the applicable date of determination as measured relative to the total number of shares of PEDEVCO common stock issued and outstanding on the Automatic Conversion Date (“Juniper Beneficial Ownership”), as follows: if Juniper Beneficial Ownership is 50% or more, it may nominate three Juniper Directors including one which must be an independent director; if Juniper Beneficial Ownership is between 30% and 49.9%, it may nominate two Juniper Directors; if Juniper Beneficial