Alto Ingredients, Inc. — Director's Dealing 2013

Apr 1, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Pacific Ethanol, Inc. (PEIX)
CIK: 0000778164
Period of Report: 2013-03-28

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-03-28	Common Stock	A	300000	$0.00	Acquired	2920356	Direct

Footnotes

F1: On March 27, 2013, 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 $0.35 per share. On March 27, 2013, the last reported sales price of Pacific Ethanol's common stock on The NASDAQ Capital Market was $0.348 per share. On March 28, 2013, the transaction closed and Pacific Ethanol, Inc. issued to, and Mr. Koehler acquired, 300,000 shares of common stock of Pacific Ethanol, Inc. in satisfaction of $105,000 in accrued and unpaid dividends on the Preferred Stock.