Pacific Ethanol wins reprieve on delisting
12/06/2012 12:00 AM
12/06/2012 8:33 AM
Sacramento's Pacific Ethanol Inc. said it has received a letter from the Nasdaq stock market granting the company a 180-day extension to avoid delisting.
Nasdaq sent PEI a delisting warning notice in early June, because the company was not in compliance with the rule requiring listed securities to maintain a minimum closing bid price of at least $1 per share.
That was the second delisting warning in a year for PEI, and the third since September 2009.
Under the June notice, Pacific Ethanol had until Monday to regain compliance; Nasdaq requires a minimum closing of $1 per share for 10 consecutive trading days. The new deadline is June 3, 2013.
PEI closed at 32 cents a share in after-hours trading on Wednesday.
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