Pacific Ethanol (PEIX) Slammed on 28M Unit Pricing
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Pacific Ethanol (Nasdaq: PEIX) shares are getting slammed after pricing a 28 million unit offering at 43 cents per unit.
The price was an 18.9 percent discount to Wednesday's closing price of 53 cents.
Each unit consists of (i) one share of common stock; (ii) one warrant to purchase one share of common stock ("Series I Warrant"); and (iii) one warrant to purchase 1/2 of a share of common stock.
The Series I Warrants are to have a 5-year term and an exercise price of $0.63 per share. The Series II Warrants are to have an 18-month term and an exercise price of $0.53 per share.
Net proceeds from the offering will be about $10.8 million.
Shares are 34 percent lower ahead of the bell.
The price was an 18.9 percent discount to Wednesday's closing price of 53 cents.
Each unit consists of (i) one share of common stock; (ii) one warrant to purchase one share of common stock ("Series I Warrant"); and (iii) one warrant to purchase 1/2 of a share of common stock.
The Series I Warrants are to have a 5-year term and an exercise price of $0.63 per share. The Series II Warrants are to have an 18-month term and an exercise price of $0.53 per share.
Net proceeds from the offering will be about $10.8 million.
Shares are 34 percent lower ahead of the bell.
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