太平洋乙醇更改名称，品牌身份

Pacific Ethanol, Inc. announces the company’s strategic realignment to focus on specialty alcohols and essential ingredients as well as its intent to change its corporate name.

该公司还宣布了7500万美元的股权提供定价，并在截至2020年9月30日的三个月中发布了某些初步结果。

太平洋乙醇首席执行官迈克·坎德里斯（Mike Kandris）说：“我们的公司旨在为运输市场提供低碳可再生燃料。“尽管我们将继续参与该市场，但运输燃料不再是我们的主要重点。

"Beginning with our acquisition of Illinois Corn Processing, LLC in 2017 and continuing with our ongoing expansion of specialty alcohol production begun earlier this year, we have been making investments to transition our business from focusing on fuels to focusing on specialty alcohols and essential ingredients used in consumer products, including alcoholic beverages, personal care products, sanitizers, cleaners and pharmaceuticals.

"We recently obtained ISO 9001 certification for our largest specialty alcohols production facility, and we are pursuing additional qualifications that will enable us to supply specialty alcohols used in a wider range of consumer products," he continues. "We believe focusing on products for these markets aligns us with strong secular growth trends that will enable us to deliver greater and more consistent profitability for our shareholders."

Strategic Realignment to Focus on Specialty Alcohols, Essential Ingredients

Over the past nine months, the company increased production of specialty alcohols used in consumer products and reduced fuel grade ethanol production. The company’s production mix shifted from approximately 85% fuel grade ethanol and 15% specialty alcohols used in consumer products during 2019, to approximately 50% each for the three months ended September 30, 2020.

Excluding sales of third-party ethanol marketed by the company’s Kinergy subsidiary, specialty alcohols used in consumer products contributed approximately 45% of the company’s revenues during the first nine months of 2020, compared with only 15% for all of 2019. Specialty alcohols used in consumer products sell at a premium to fuel grade ethanol and require systems, processes and certifications to produce them that are not required for fuel grade ethanol.

Going forward, the company will focus on specialty alcohols and essential ingredients for four key markets: Health, Home & Beauty; Food & Beverage; Essential Ingredients; and Renewable Fuels. Products for the Health, Home & Beauty markets include specialty alcohols used in mouthwash, cosmetics, pharmaceuticals, hand sanitizer, disinfectants and cleaners.

食品和饮料市场的产品包括用于酒精饮料和醋的谷物中性烈酒以及用于玉米油的玉米胚芽。基本成分市场的产品包括用于商业动物饲料和宠物食品中的酵母，玉米面筋和蒸馏剂。可再生燃料包括燃料级乙醇和蒸馏剂玉米油，用作可再生柴油燃料的原料。

此前宣布,公司闲置的杂志ic Valley, Stockton and Madera fuel-grade ethanol distilleries earlier this year while continuing to operate its Columbia distillery. As part of the company’s strategic realignment and new business focus, it intends to sell or repurpose these assets. Any proceeds from the sale of assets will be used to reduce debt, invest in core operations or for general corporate purposes. The company will provide a further update on its third quarter earnings conference call.

New Corporate Name & Brand Identity

In connection with the strategic realignment to focus on specialty alcohols and essential ingredients, the company will change its corporate name and introduce a new brand identity. The company’s new name will reflect its focus on providing specialty alcohols and essential ingredients used in consumer products.

“The decision to rename our company is part of our transition from a transportation fuels-focused business to a consumer products and ingredients-focused business and reflects the fact that specialty alcohols used in consumer products are now the largest contributor to our revenues,” says Kandris.

2020年第三季度初步结果

For the three months ended September 30, 2020, the company generated net sales of approximately $204 million and anticipates reporting net income of approximately $15 million and Adjusted EBITDA of approximately $34 million. This reflects a decrease in net sales of approximately $161 million, an anticipated increase in net income of approximately $43 million and an anticipated increase in Adjusted EBITDA of approximately $46 million from the same period last year.

截至2020年9月30日，总债务约为1.64亿美元，截至2020年6月30日，债务减少了2,900万美元或15％。截至2020年9月30日，现金约为3,900万美元，增加了约9美元截至2020年6月30日，从现金百万或30％。该公司从2019年12月31日，至2020年9月30日将其净债务减少了约1亿美元。太平洋乙醇计划在第三季度发布新闻稿。2020年11月9日，并于2020年11月10日举行电话会议，讨论结果。

$75 Million Equity Offering

The company priced an underwritten public offering of 5,075,000 shares of its common stock at a price to the public of $8.42 per share, representing a discount of approximately 5% to the closing price of $8.87 on October 23, 2020. In lieu of common stock, certain investors will be issued 5-year pre-funded warrants to purchase 3,825,493 shares of common stock at a price of $8.42 per pre-funded warrant. The total number of shares and pre-funded warrants being issued will be 8,900,493.

In addition, in a concurrent private placement, the company also issued to investors, for a nominal price, warrants to purchase an additional 8,900,493 shares of common stock at an exercise price of $9.757 per share. The warrants will become exercisable after the six-month anniversary of the offering and will expire on the 18-month anniversary of the offering.

总收益来自普通股，预先资助的认股权证和认股权证的总收入约为7500万美元，然后扣除承销折扣和佣金，并估计公司应付的支出。公司打算使用发行净收益来减少与发行和一般公司目的有关的债务，支付费用和费用。使用股票发行的收益预计将偿还公司高级票据和期限贷款的一部分，分别为15％和7％，预计将以专业级别的基础增值至2020年的每股收益。这些产品预计将在2020年10月28日左右关闭，但要遵守习惯结束条件。

“Over the past six months, we have made tremendous progress on our three key priorities — returning to profitability, reducing debt and repositioning to focus on differentiated, higher value-added products with favorable margins," says Kandris. "The completion of the $75 million equity offering improves the company’s balance sheet significantly and will enable us to pursue our growth initiatives. The entire organization has been energized by the changes we are making to our business, and our leadership team is dedicated to creating a company that can deliver consistent growth and profitability going forward. I am proud of what our team has achieved thus far this year and expect continued positive results into 2021 and beyond."

Guggenheim Securities LLC is acting as the sole book-running manager for the equity offering. Craig-Hallum Capital Group LLC and H.C. Wainwright & Co. LLC are acting as co-managers for the equity offering.

关于Pacific Ethanol, Inc.
Pacific Ethanol，Inc。（Peix）是特种醇和必需成分的领先生产国。该公司专注于四个主要市场的产品：健康，家庭与美容，食品和饮料，基本要素和可再生燃料。该公司的客户包括主要的食品和饮料公司和消费产品公司。太平洋乙醇的子公司Kinergy Marketing LLC为太平洋乙醇的酿酒厂以及第三方的燃料级乙醇销售了所有特种酒精产品。太平洋乙醇的子公司Pacific AG。Products LLC，市场湿和干蒸馏剂谷物。有关更多信息，请访问pacificethanol.com.