Pacific Ethanol prices shares at 43 cents.

In California, Pacific Ethanol announced it has priced an underwritten public offering of 28.0 million units at a price to the public of $0.43 per unit, for gross offering proceeds of $12.0 million. Each unit consists of (i) one share of common stock; (ii) one warrant to purchase one share of common stock (“Series I Warrant”); and (iii) one warrant to purchase 1/2 of a share of common stock (“Series II Warrant”). The Series I Warrants are to have a 5- year term and an exercise price of $0.63 per share. The Series II Warrants are to have an 18- month term and an exercise price of $0.53 per share.