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     299  0 Kommentare Pacific Ethanol Announces Closing of $75 Million Equity Offerings

    SACRAMENTO, Calif., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer of specialty alcohols and essential ingredients, today announced the closing of its previously announced underwritten public offering of common stock and pre-funded warrants and concurrent private offering of warrants, for total gross proceeds of approximately $75.0 million.

    The company closed an underwritten public offering of 5,075,000 shares of its common stock at a public offering price of $8.42 per share and 5-year pre-funded warrants to purchase 3,825,493 shares of common stock at a public offering price of $8.42 per pre-funded warrant. In addition, in a concurrent private placement, the company also issued to investors, for a nominal price, warrants to purchase an additional 8,900,493 shares of common stock at an exercise price of $9.757 per share. The warrants will become exercisable after the six-month anniversary of the offering and will expire on the 18-month anniversary of the offering. The aggregate gross proceeds from the offerings of common stock, pre-funded warrants and warrants was approximately $75.0 million. The net offering proceeds to the company were approximately $70.0 million after deducting underwriting discounts and commissions and other estimated offering expenses.

    The company intends to use the net proceeds from the offering to reduce debt and other corporate purposes. Repaying a portion of the company’s senior notes and term loans, which have interest rates of 15% and 7%, respectively, using proceeds from the equity offering is expected to be accretive to 2020 earnings per share on a pro forma basis.

    Michael Kandris, the company’s president and CEO, stated “The net proceeds from this capital raise significantly accelerates improving the company’s balance sheet and allows us to focus our resources on highly valuable and profitable initiatives. We are excited about our company’s future with this improved liquidity, reduced debt burden, and strong financial performance.”

    Guggenheim Securities LLC acted as the sole book-running manager for the public offering. Craig-Hallum Capital Group LLC and H.C. Wainwright & Co. LLC acted as co-managers for the public offering.

    A prospectus supplement and accompanying prospectus describing the terms of the public and private offering has been filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, from Guggenheim Securities LLC, Attention: Syndicate Prospectus Department, 330 Madison Avenue, New York, NY 10017, or by telephone at (212) 518-9658 or by email at GSEquityProspectusDelivery@guggenheimpartners.com. Electronic copies of the final prospectus supplement and accompanying prospectus are available on the SEC’s website at http://www.sec.gov.

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    Pacific Ethanol Announces Closing of $75 Million Equity Offerings SACRAMENTO, Calif., Oct. 28, 2020 (GLOBE NEWSWIRE) - Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer of specialty alcohols and essential ingredients, today announced the closing of its previously announced underwritten public offering of …