Pacific Ethanol approves reverse stock split

In California, Pacific Ethanol shareholders have voted to approve a reverse stock split proposal. In order to keep the stock price above $1, nearly 77% of shares were cast with a prevision allowing the company to replace every five to 15 shares with one share. The company received a temporary reprieve from the NASDAQ, which gave the company until June 13 to raise its stock price above that threshold for at least 10 days.

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