When Pending appears before the caption of your event it means that the event has not yet been accepted by the calendar moderator. This has several consequences. 1) You and the moderator are currently the only users who can see the event. 2) Only the moderator has the authority to accept or reject the event.

If the moderator accepts the event then the caption will no longer contain Pending, and other subscribers to the calendar will also see the event; but if the moderator rejects the event then it will be deleted. While the event is pending you have the ability to edit or delete the event yourself, but once it is accepted you will no longer have this ability unless you also have modify permissions to the calendar.