Alto Ingredients, Inc. — Director's Dealing 2012

Aug 28, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Pacific Ethanol, Inc. (PEIX)
CIK: 0000778164
Period of Report: 2012-08-24

Reporting Person: KOEHLER NEIL M (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-08-24	Common Stock	A	338709	$0.31	Acquired	1059055	Direct

Footnotes

F1: On August 21, 2012, Mr. Koehler and the other holders of Series B Cumulative Convertible Preferred Stock ("Preferred Stock") of Pacific Ethanol, Inc. entered into an agreement with Pacific Ethanol, Inc. to, among other things, settle an outstanding obligation through payment in shares of common stock of Pacific Ethanol, Inc. of a portion of the accrued and unpaid dividends on the Preferred Stock. The negotiated price of the common stock to be issued to Mr. Koehler and the other holders of the Preferred Stock was $0.31 per share. On August 21, 2012, the last reported sales price of Pacific Ethanol's common stock on The NASDAQ Capital Market was $0.3071 per share. On August 24, 2012, the transaction closed and Pacific Ethanol, Inc. issued to, and Mr. Koehler acquired, 338,709 shares of common stock of Pacific Ethanol, Inc. in satisfaction of $104,999.90 in accrued and unpaid dividends on the Preferred Stock.