PEIX - Pacific Ethanol issues downside Q3 guidance prices offering at $8.42/share

Pacific Ethanol ([[PEIX]] -0.4%) dives, then rebounds, after pre-announcing Q3 revenues below analyst consensus, seeing revenues of $204M vs. $210.3M analyst consensus estimate, and pricing its public offering of 5.075M shares at $8.42/share.Cash holdings as of Sept. 30 totaled declined $9M to ~$39M, and total debt fell to ~$164M from $193M as of June 30.Pacific Ethanol also priced an underwritten public offering of 5.075M common shares at $8.42/share.Finally, the company says it will change its name to reflect its new focus on specialty alcohols and essential ingredients used in consumer products.Pacific Ethanol's production mix shifted from 85% fuel grade ethanol and 15% specialty alcohols used in consumer products during 2019 to roughly 50% each during Q3.Earlier this month, Pacific Ethanol said co-President and co-CEO Neil Koehler retired from the company as planned, elevating Michael Kandris as its sole President and CEO.

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Pacific Ethanol issues downside Q3 guidance, prices offering at $8.42/share