Pacific Ethanol Receives Affirmative Nasdaq Compliance Determination
10 Août 2020 - 10:05PM
Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading
producer and marketer of low-carbon renewable fuels and
high-quality alcohol products in the United States, announced it
received a letter from The NASDAQ Stock Market (“NASDAQ”) on August
6, 2020, which contained a NASDAQ compliance determination that the
Company has regained compliance with NASDAQ Listing Rule
5550(a)(2), which requires that listed securities maintain a
minimum closing bid price of $1.00 per share.
As previously announced, the Company received a
letter from NASDAQ notifying the Company that it did not comply
with the $1.00 minimum closing bid price requirement for continued
listing under the NASDAQ Listing Rules. The Company was provided an
initial period of 180 calendar days, or until January 13, 2020,
during which to regain compliance. The Company failed to regain
compliance by January 13, 2020, but was provided a final additional
period of 180 calendar days, or until July 13, 2020, during which
to regain compliance, but received an additional period until
September 28, 2020 to regain compliance in connection with a rule
change filed by NASDAQ with the Securities and Exchange Commission
that temporarily tolled the compliance periods for NASDAQ’s bid
price and market value of publicly held securities
requirements.
The Company’s common stock has subsequently
maintained a closing bid price of at least $1.00 per share for 10
consecutive trading days, enabling the Company to regain compliance
with NASDAQ Listing Rule 5550(a)(2).
The Company publicly announced and scheduled a
special meeting on August 27, 2020 for its stockholders to consider
and vote on a proposal to authorize a reverse stock split as a
means to regain compliance. The reverse stock split, even if
approved by the Company’s stockholders, would fall within the
discretion of the Company’s board of directors to implement or
abandon. Because the Company has regained compliance with NASDAQ
Listing Rule 5550(a)(2), the Company will cancel the scheduled
special meeting, and intends to schedule and hold its annual
meeting of stockholders later this year.
About Pacific Ethanol, Inc.
Pacific Ethanol, Inc. (PEIX) is a leading producer and marketer of
low-carbon renewable fuels and high-quality alcohol products in the
United States. Pacific Ethanol owns and operates seven production
facilities in California, Idaho, Illinois and Oregon. The plants
have a combined production capacity of 450 million gallons per
year, and produce over two million tons per year of co-products –
on a dry matter basis – such as wet and dry distillers grains, wet
and dry corn gluten feed, condensed distillers solubles, corn
gluten meal, corn germ, corn oil, distillers yeast and CO2, based
on historical volumes. Pacific Ethanol markets and distributes
fuel-grade ethanol, high-quality alcohol products and co-products
domestically and internationally. Pacific Ethanol’s subsidiary,
Kinergy Marketing LLC, markets all ethanol and high-quality alcohol
products for Pacific Ethanol’s plants as well as for third parties.
Pacific Ethanol’s subsidiary, Pacific Ag. Products LLC, markets wet
and dry distillers grains. For more information please visit
www.pacificethanol.com.
Company IR Contact: |
IR Agency Contact: |
Media Contact: |
Pacific Ethanol, Inc. |
Moriah Shilton |
Paul Koehler |
916-403-2755 |
LHA |
Pacific Ethanol, Inc. |
|
415-433-3777 |
916-403-2790 |
Investorrelations@pacificethanol.com |
paulk@pacificethanol.com |
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