Pacific Ethanol announces effectiveness of one-for-fifteen reverse stock split

theflyonthewall.com

Pacific Ethanol announced that it has filed an amendment to its Certificate of Incorporation to effect a one-for-fifteen reverse stock split of its issued and outstanding shares of common stock. The reverse stock split will be effective as to stockholders of record on Tuesday, May 14. Trading of the company's common stock on a split-adjusted basis is expected to begin at the open of trading on May 14. As a result of the reverse stock split, every fifteen shares of pre-split common stock will automatically be reclassified as and converted into one share of post-split common stock. The reverse stock split, which was approved by the company's stockholders on May 10, will reduce the number of shares of the Company's outstanding common stock from approximately 162.9M shares to approximately 10.9M shares. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share.

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