Pacific Ethanol wins 180-day extension to avoid NASDAQ de-listing

29 December 2010 15:30  [Source: ICIS news]

TORONTO (ICIS)--Pacific Ethanol has been granted an additional 180 days to avoid being de-listed from the NASDAQ stock exchange, the US-based ethanol firm said on Wednesday.

Pacific Ethanol said NASDAQ had granted it until 27 June 2011 to regain compliance with the minimum $1.00 bid price per share requirement for continued listing on The NASDAQ Capital Market.

Pacific’s shares were priced $0.75/share, up 1.2%, at 09:49 EST (14:49GMT).

The company said it may achieve compliance during the 180-day period if the closing bid price of its common stock was at least $1.00/share for a minimum of 10 consecutive business days before 27 June.

However, Pacific Ethanol said if it did not regain compliance, the stock exchange would provide written notice that the company's common stock would be de-listed.

Last year, Pacific Ethanol also faced the threat of being de-listed but then managed to regain compliance with the listing criteria.

In June this year, Pacific Ethanol Holding Co. LLC and four wholly-owned ethanol production facility subsidiaries exited bankruptcy proceedings.

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By: Stefan Baumgarten
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