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Pacific Ethanol, Inc. has rebranded itself as Alto Ingredients, Inc., effective January 12, 2021. This name change, reflecting its focus on specialty alcohols and essential ingredients, will be visible on Nasdaq from January 14, 2021, with a new ticker symbol ALTO starting February 1, 2021. CEO Mike Kandris emphasized the company's commitment to producing high-quality products across diverse markets, including health, food, and renewable fuels. The rebranding aims to enhance customer value and market presence.
Pacific Ethanol, Inc. (NASDAQ: PEIX) has announced a significant financial move, repaying a total of $24.9 million in principal payments to CoBank, ACB. This action eliminates all term debt, reducing the revolving credit lines to $30 million. The company anticipates being net term debt free by the end of 2020, enhancing its financial position moving forward. CFO Bryon McGregor emphasized the positive impact on operating expenses due to the elimination of certain professional fees.
Pacific Ethanol, Inc. (NASDAQ: PEIX) has finalized a $10 million cash agreement with Liberty Basin, LLC for the sale of 134 acres, rail loop, and grain handling assets at its Magic Valley plant in Idaho. This strategic move allows the company to focus on specialty alcohols and essential ingredients while retaining control of its ethanol plant. CEO Mike Kandris highlighted that the proceeds will be utilized to pay down term debt, significantly improving their balance sheet. The company plans to upgrade product offerings before resuming production.
Pacific Ethanol, Inc. (NASDAQ: PEIX) reported a net income of $14.9 million and Adjusted EBITDA of $34.1 million for Q3 2020. The company has realigned towards specialty alcohols and essential ingredients, anticipating a second half Adjusted EBITDA guidance of $50 to $70 million. Total debt decreased by $29.3 million during the quarter. Despite a drop in net sales to $204.7 million from $365.2 million, gross profit improved to $20.9 million. The company raised $75 million through an equity offering aimed at reducing legacy debt.
Pacific Ethanol, Inc. (NASDAQ: PEIX) announced a $10 million agreement to sell 134 acres of rail and grain handling assets at its Magic Valley plant in Burley, Idaho, to Liberty Basin, LLC. The sale will close by November 30, 2020, retaining the ethanol production facility on 25 acres. CEO Mike Kandris emphasized the deal supports the company’s balance sheet and aligns with their strategic focus on specialty alcohols and essential ingredients. This marks a step towards enhancing the value of the Magic Valley plant while maintaining a partnership to manage grain delivery.
PACIFIC ETHANOL (NASDAQ: PEIX) announced participation in two important virtual investor events in November 2020. The events include the Stifel 2020 Virtual Midwest One-on-One Growth Conference on November 12 and the 11th Annual Craig-Hallum Alpha Select Conference on November 17. Presentation materials will be available on the company’s website, pacificethanol.com. The company produces specialty alcohols and essential ingredients, targeting health, beauty, food, and renewable fuels markets.
Pacific Ethanol, Inc. (NASDAQ: PEIX) announced it will release its third quarter 2020 financial results on November 9, 2020, after market close. A conference call will follow on November 10, 2020, at 8:00 a.m. PT. The call will include prepared remarks and a Q&A session, accessible via the company's website. A replay of the webcast will be available for a year, with a telephonic replay option available from November 10 to November 17, 2020. Pacific Ethanol specializes in specialty alcohols and essential ingredients.
Pacific Ethanol, Inc. (NASDAQ: PEIX) announced the successful closure of an underwritten public offering, raising approximately $75.0 million in gross proceeds. The offering included 5,075,000 shares of common stock priced at $8.42 each and 3,825,493 pre-funded warrants. The net proceeds, around $70.0 million, will be utilized to reduce debt and enhance corporate capabilities. CEO Michael Kandris remarked that this capital boost will improve the company’s balance sheet and enable a focus on profitable initiatives, signaling optimism for future financial performance.
Pacific Ethanol, Inc. (NASDAQ: PEIX) has announced a strategic realignment to focus on specialty alcohols and essential ingredients, shifting away from its primary emphasis on transportation fuels. The company recently priced a $75 million equity offering of common stock at $8.42 per share. Preliminary results for Q3 2020 indicate net sales of approximately $204 million, an anticipated net income of $15 million, and reduced total debt of $164 million. The new direction aligns with growth trends in consumer products, and the company plans to change its name to reflect this focus.
Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer of renewable fuels, announced its participation in the H.C. Wainwright 22nd Annual Global Investment Conference, taking place virtually from September 14-16, 2020. Management will present on September 14 at 12:00 p.m. ET and will hold one-on-one meetings on September 15. A webcast of the presentation will be accessible on their website for 90 days. Pacific Ethanol operates seven production facilities across the U.S., with a combined capacity of 450 million gallons per year, also producing over two million tons of co-products annually.
