Status: Withdrawn and Abandoned

Acquirer: Dragon Gem Limited and Absolute Frontier Limited (Hong Kong SAR, China)

Value: $12 million

October 4, 2017, PEDEVCO Corp. (d/b/a Pacific Energy Development), a publicly traded energy company engaged in strategic development of energy projects, announced that an equity investment by Dragon Gem Limited and Absolute Frontier Limited, both Hong Kong investors, was terminated because “[t]he investors were unwilling to extend the outside closing date to accommodate the time required for receipt of approval of the transaction by the U.S. Department of Treasury Committee on Foreign Investment in the United States (“CFIUS”), which approval was jointly sought by the parties on September 17, 2017 …” (PEDEVCO Press Release, Pacific Energy Development Announces Termination of Pending Equity Funding Transaction, PEDEVCO Form 8-K, Ex-99.1, Oct. 4, 2017, SEC Filing.) PEDEVCO had entered into a Series B Convertible Preferred Stock and Warrant Subscription Agreement on August 17, 2017 with Dragon Gem Limited and Absolute Frontier Limited. (See PEDEVCO Form 8-K, Aug. 18, 2017, SEC Filing.) The agreement would have resulted in an equity investment of $12 million in exchange for approximately 53.86% of the equity in PEDEVCO. (See id.) The agreement did not have a CFIUS condition to closing. (See Series B Convertible Preferred Stock and Warrant Subscription Agreement, PEDEVCO Form 8-K, Ex-10.1, Aug. 18, 2017, SEC Filing.)