Pacific Ethanol warned of delisting from NASDAQ

Pacific Ethanol Inc. (NASDAQ: PEIX) of Sacramento says it’s been warned by NASDAQ that its stock could be delisted.

The bid price of the company’s common stock for the 30 consecutive business days before the Sept. 13 notice from the stock market had closed below the minimum $1.00 per share required for continued listing.

Pacific Ethanol has about six months – until March 12, 2012 – to get the price above the minimum for ten consecutive trading days.

If not, it could be delisted or NASDAQ could extend the time period.

It’s déjà vu all over again for Pacific Ethanol which faced another delisting warning earlier this year. The company did a 7-for-1 reverse stock split, thus reducing the number of shares, which brought the price above the minimum.

The company’s stock price has been on a downward slope all year. On Jan. 5, it traded at $7.28 per share. But by Aug. 1, it slipped under the one-dollar mark, at 86 cents. Shortly after noon Mondasy, it was bobbing around the 29-cents mark.

Pacific Ethanol operates refineries in Stockton and Madera in the Central Valley plus one in Magic Valley, Idaho, and one in Boardman, Wash. Together, the four plants have the capacity to makes about 200 million gallons of ethanol per year.

source: centralvalleybusinesstimes