Pacific Ethanol Adds $145M in Private Stock Sale

Fresno, California [Central Valley Business Times] Central Valley-based Pacific Ethanol Inc. (NASDAQ: PEIX) of Fresno says it has raised $145 million in a private stock sale. The purchaser was not identified other than as “a group of institutional investors.” Existing shareholders may not have liked the news Friday as the company’s share price tumbled. Pacific Ethanol’s stock closed Friday at $29.50, off $2.02 on the day. … The private sale totals just under 5.5 million shares at a price of $26.38 per share. The company says it’s not unusual for a price discount to be given when large blocks of stock are purchased. It also notes those buying the stock in the private sale cannot sell for at least six months. … Pacific Ethanol’s first ethanol plant is under construction in Madera County.
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