In California, Pacific Ethanol announced it has closed its previously announced underwritten public offering of 28.0 million units at a public offering price of $0.43 per unit, for gross offering proceeds of $12.0 million. The warrants are exercisable immediately. The Series I Warrants have a 5-year term and an exercise price of $0.63 per share. The Series II Warrants have an 18-month term and an exercise price of $0.53 per share. The company intends to use approximately $10.0 million of the net proceeds from the offering together with senior unsecured notes in the original principal amount of approximately $10.0 million, to purchase 33% of the outstanding ownership interests in New PE Holdco LLC, after which it will hold a 67.25% ownership interest in New PE Holdco LLC.
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