Home Top Movers PEDEVCO Corp (PED) offered to acquire SandRidge Permian Trust, both stocks soaring...

PEDEVCO Corp (PED) offered to acquire SandRidge Permian Trust, both stocks soaring on Thursday

PEDEVCO Corp (PED) began pre-market trading on Thursday with high notes. The stock price started 85% higher than the previous closing price before start of the trading. It went up more than 100% at start of initial trading session.  

All that happened after release of an open letter by the energy company to acquire SandRidge Permian Trust. The letter was addressed to The Bank of New York Mellon Trust Company, N.A and Avalon Energy, LLC. The former is the trustee of SandRidge as common unit holder of it. While the later, looks after the essential assets of Trust and is also a common unit holder.


The 2021 Backdoor Crypto Portfolio (free)

Even if you’re not actively in crypto, you deserve to know what’s actually going on...

Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.

Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free.

Sponsored


In its letter PEDEVCO offered them to fully acquire all common units of the Trust. The offer also includes acquisition of Trust’s key assets and right to operate it. SandRidge Permian Trust is enlisted at the NYSE under ticker “PER”. PEDEVCO suggested delisting of the Trust and liquidation of all of its assets within a year. PEDEVCO called the offer as a best way to safeguard the interest of all stakeholders of the Trust. But it emphasized that same could not be possible without having a positive dialogue. The letter stressed both companies to start discussing the offer with PEDEVCO.

PEDEVCO urged them to consider the issuance of its common stock against the deal as best way possible. The company thinks the deal as a way for current stakeholders to get a chance to own larger part of the Trust. It remained optimistic about future price of the new entity. PEDEVCO has a stronger financial position and also have knowledge of running Trust’s business. On the basis of same it thought itself a better match for the Trust to partner with.

PEDEVCO’s President J. Douglas Schick was confident that both stakeholders would take the proposal wisely and as a better opportunity.

PEDEVCO shares were up 200% at last check on Thursday while SandRidge Permian Trust was at 56% gain.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

For What Reason, Bemax Inc (BMXC) Stock Climbed 5%?

A stock of Bemax Inc surged 5.41% in the last session, closing at $0.0039. The 30-day average volume for the stock was 204.32M...

Why R. R. Donnelley (RRD) Stock Trading Higher In Pre-Market Trades? Here Is The Reason

R.R. Donnelley & Sons Company (RRD) stock has been surging 37.92% pre-market to $3.31 as of 08:18 a.m. EST, following the release of the...

Why Stock of MediaTechnics Corporation (OTC: MEDT) Skyrocketed 133%?

MediaTechnics Corporation (OTC: MEDT) skyrocketed +133.33% on Tuesday to close the trading at $0.0021. Per the week, the stock gained 50%, while for the...

Want to know about the Top 3 biotech stocks for 2021? Let’s find out

A technology to create and develop different products by using the biological systems, living organisms, and parts of this is called ‘Biotechnology’. A product...

Why Medifirst Solutions (MFST) Skyrocketed 159% on Monday? Here Is the Explanation

Medifirst Solutions Inc (OTC: MFST) stock skyrocketed on Monday recording a rise of 159.46% to $0.0096 at the previous close. Last week, the stock...

For What Reason, Bemax Inc (BMXC) Stock Climbed 5%?

A stock of Bemax Inc surged 5.41% in the last session, closing at $0.0039. The 30-day average volume for the stock was 204.32M...

What Is Driving Salarius Pharmaceuticals, Inc. (SLRX) Stock Up In Pre-Market Session?

Shares of biopharma company Salarius Pharmaceuticals, Inc. (SLRX) have been rising +16.58% to $2.25 (as of 09:07 a.m. EST) before the start of the...

Why R. R. Donnelley (RRD) Stock Trading Higher In Pre-Market Trades? Here Is The Reason

R.R. Donnelley & Sons Company (RRD) stock has been surging 37.92% pre-market to $3.31 as of 08:18 a.m. EST, following the release of the...

Related News

Fisker Inc. (FSR) Leapt 18% In Early Trades – What Is Driving The Stock Up?

Fisker Inc. (NYSE: FSR) stock is trading up more than 18% in early trades today after surfacing of an EV collaboration news. As of...

What Is Driving Salarius Pharmaceuticals, Inc. (SLRX) Stock Up In Pre-Market Session?

Shares of biopharma company Salarius Pharmaceuticals, Inc. (SLRX) have been rising +16.58% to $2.25 (as of 09:07 a.m. EST) before the start of the...

Big Rock Partners Acquisition Corp (BRPA) share price gains 20.94%, Here’s what’s going on

Big Rock Partners Acquisition Corporation (BRPA) share price gained 20.94% yesterday and is extending gains today. What’s going on with BRPA right now? Get the...

What Makes Yunhong CTI Ltd (CTIB) Stock to Rise

Yunhong CTI Ltd (CTIB) ‎came up with a massive spike in volume as 154 million shares were traded. The stock prices of Yunhong CTI...

This Is What Drove Stock of American International Holdings Corp. (AMIH) Higher

Shares of American International Holdings Corp. (OTCQB: AMIH) surmounted 7.94% to $0.2990 at the previous close. Volume on the day was 280.29K against the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.

Get The Best Stocks To Trade Every Day!...100% Free

We do not sell or share your information with anyone.

Get Best Morning Financial Newsletter... 100% Free

Best stocks ideas

Analysts’ Upgrades & Downgrades

Insider Watchlist

Important Earnings

We do not sell or share your information with anyone.