Alto Ingredients, Inc. — Director's Dealing 2017

Mar 8, 2017

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Pacific Ethanol, Inc. (PEIX)
CIK: 0000778164
Period of Report: 2017-03-01

Reporting Person: DeSantis Philip Frank (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4207	Direct
Common Stock	3987194	Indirect
Common Stock	58784	Indirect
Common Stock	900177	Indirect
Common Stock	77292	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Voting Common Stock	$		Common Stock (4081)		Direct
Non-Voting Common Stock	$		Common Stock (1797147)		Indirect
Non-Voting Common Stock	$		Common Stock (38417)		Indirect
Non-Voting Common Stock	$		Common Stock (201226)		Indirect
Non-Voting Common Stock	$		Common Stock (46298)		Indirect

Footnotes

F1: The securities are directly held by a private investment fund for which Candlewood Investment Group, LP (the "Investment Manager") serves as the investment manager. The Reporting Person is a managing partner of the Investment Manager. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest.

F2: The Non-Voting Common Stock are convertible on a one-for-one basis into Common Stock. However, the Reporting Person cannot convert the Non-Voting Common Stock if he and any of his affiliates would, after such conversion, beneficially own greater than 9.99% of the Common Stock. The beneficial ownership of the Common Stock by the Reporting Person and his affiliates currently exceeds 9.99%, and accordingly, he cannot currently convert any of the Non-Voting Common Stock. The right to convert Non-Voting Common Stock into Common Stock does not expire.