Pacific Ethanol, Inc. (PEIX) announced it has regained compliance with NASDAQ Listing Rule 5550(a)(2), confirming that its stock has maintained a closing bid price of at least $1.00 per share for 10 consecutive trading days. This decision follows a grace period provided by NASDAQ after the company initially failed to meet the requirement. As a result, a previously scheduled special meeting to vote on a reverse stock split will be canceled, and the company plans to hold its annual meeting later this year.
Pacific Ethanol (NASDAQ: PEIX) announced plans to expand its production capacity of USP grade high-quality alcohol at its Pekin, Illinois facility by an additional 30 million gallons per year, bringing the total capacity to 140 million gallons by the end of 2020. The expansion aims to meet growing demand for alcohol used in sanitizers and disinfectants. The company has already increased capacity by 25 million gallons through process improvements. This diversification strategy positions Pacific Ethanol as a leading provider in the high-quality alcohol market.
Pacific Ethanol, Inc. (NASDAQ: PEIX) is shifting focus towards high-quality alcohol production, anticipating positive EBITDA for Q2 and the full year 2020. Mike Kandris has been appointed Co-President and Co-CEO, succeeding Neil Koehler who will retire on September 30, 2020. The company has made significant debt repayments, totaling $16 million year-to-date, and is working on a restructuring plan for its lenders. The demand for high-quality alcohol products, crucial for hand sanitizers, has surged in response to the COVID-19 pandemic.