Pacific Ethanol regains NASDAQ listing approval

Published 7:35 am Sunday, January 31, 2010

SACRAMENTO, Calif. – Pacific Ethanol Inc. learned Monday it had regained compliance with NASDAQ.

Company officials received a letter from NASDAQ that contained a compliance determination. It said Pacific Ethanol had met its listing rule requiring that securities maintain a minimum closing bid price of $1 per share.

On Sept. 15, NASDAQ notified the company it did not comply with the $1 minimum closing bid price requirement for continued listing on The NASDAQ Global Market. At the time, the stock had been trading the the 50-cent-per-share range since February.

The company’s common stock zoomed past the $1 per share mark, then promptly shot up to more than $2 per share upon the reopening of its Burley, Idaho, ethanol plant Jan. 6. It’s plant in Boardman has continued operating since it opened in 2007.

The shares have maintained a closing bid price of $1 or more for at least 10 consecutive business days, enabling Pacific Ethanol to regain NASDAQ compliance.

In the past year, the company’s stock has traded as low as 20 cents per share and as high as $2.75. In the past couple of weeks it’s been among the top gainers on the market and has enjoyed brisk sales.

Pacific Ethanol stock closed Friday at $2.07 per share after opening the day’s trading at $2.15.