Pedevco plunges after announcing 1-for-20 reverse split

[Fracking Drill Rig at Sunset]
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Pedevco (PED [https://seekingalpha.com/symbol/PED]) -12.6% pre-market Tuesday after saying it will implement a reverse stock split [https://seekingalpha.com/pr/20421385-pedevco-announces-1-forminus-20-reverse-stock-split] of its outstanding common shares at a ratio of 1-for-20, effective March 13.

Pedevco (PED [https://seekingalpha.com/symbol/PED]) said the reverse split will enhance its capital markets profile, improve the clarity and consistency of per-share metrics, and better position the company with a broader range of institutional investors.

The reverse split will reduce the number of Pedevco's (PED [https://seekingalpha.com/symbol/PED]) common shares from ~266M to ~13.3M.

MORE ON PEDEVCO

* Seeking Alpha’s Quant Rating on Pedevco [https://seekingalpha.com/symbol/PED/ratings/quant-ratings]
* Financial information for Pedevco [https://seekingalpha.com/symbol/PED/income-statement]