<SEC-DOCUMENT>0001213900-20-033751.txt : 20201028
<SEC-HEADER>0001213900-20-033751.hdr.sgml : 20201028
<ACCEPTANCE-DATETIME>20201028172720
ACCESSION NUMBER:		0001213900-20-033751
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20201028
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201028
DATE AS OF CHANGE:		20201028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		201269718

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea129068-8k_pacificetha.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">UNITED
STATES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECURITIES
AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">FORM
8-K</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pursuant
to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date
of Report (Date of earliest event reported): <B>&nbsp;<U>October 28, 2020</U>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PACIFIC
ETHANOL, INC.&#9;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">(Exact
Name of Registrant as Specified in Charter) </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>000-21467&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>41-2170618&nbsp;</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(State or Other Jurisdiction of Incorporation)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Commission File Number)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>400
    Capitol Mall, Suite 2060&nbsp;Sacramento, California</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;95814&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address
                                         of Principal Executive Offices)</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Zip
                                   Code)</FONT></P></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registrant&rsquo;s
Telephone Number, Including Area Code: <B>(<U>916) 403-2123&nbsp;&nbsp;&nbsp;</U></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Former
Name or Former Address, if Changed Since Last Report)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<I>see </I>General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written
                                         communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
                                         material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
                                         communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
                                         communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title
    of each class</FONT></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; font-weight: bold; text-align: center; text-indent: 4.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trading
    Symbol(s)</FONT></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Stock,
    $0.001 par value</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEIX</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Nasdaq
    Stock Market LLC <BR>(Nasdaq Capital Market)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
&sect;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2). Emerging growth company <FONT STYLE="font-size: 10pt">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-size: 10pt">o</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 8.01</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other
                                         Events.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
October 28, 2020, Pacific Ethanol, Inc. (the &ldquo;Company&rdquo;) issued a press release announcing the closing of an underwritten
public offering of (i) 5,075,000 shares of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;),
at a public offering price of $8.42 per share, and (ii) pre-funded warrants (the &ldquo;Pre-Funded Warrants&rdquo;) to purchase
up to 3,825,493 shares of Common Stock at a public offering price of $8.4199 per Pre-Funded Warrant (the &ldquo;Public Offering&rdquo;).
The Company also announced the closing of a concurrent private placement of a Series A Warrant issued to an institutional investor
to purchase up to 8,900,493 shares of Common Stock (the &ldquo;Private Placement&rdquo;). The Company received aggregate gross
proceeds from the Public Offering and Private Placement of approximately $75 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 9.01</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
                                         Statements and Exhibits.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea129068ex99-1_pacificetha.htm">Press
    Release dated October 28, 2020</A></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: October 28, 2020&#9;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PACIFIC ETHANOL, INC.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/S/ CHRISTOPHER W. WRIGHT&#9;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Christopher
    W. Wright,<BR>Vice President, General Counsel &amp; Secretary</FONT></TD></TR>
</TABLE>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea129068ex99-1_pacificetha.htm
<DESCRIPTION>PRESS RELEASE DATED OCTOBER 28, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;<IMG SRC="image_002.jpg" ALT=""></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><BR STYLE="clear: both">
</FONT><B>Company IR Contact:</B></TD>
    <TD STYLE="width: 25%; text-align: justify"><B>IR Agency Contact:</B></TD>
    <TD STYLE="width: 31%; text-align: justify"><B>Media Contact:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Pacific Ethanol, Inc.</TD>
    <TD STYLE="text-align: justify">Moriah Shilton</TD>
    <TD STYLE="text-align: justify">Paul Koehler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">916-403-2755</TD>
    <TD STYLE="text-align: justify">LHA </TD>
    <TD STYLE="text-align: justify">Pacific Ethanol, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Investorrelations@pacificethanol.com</TD>
    <TD STYLE="text-align: justify">415-433-3777</TD>
    <TD STYLE="text-align: justify">916-403-2790</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">paulk@pacificethanol.com</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>Pacific Ethanol Announces Closing of
$75 Million Equity Offerings </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left"><B>Sacramento, CA, October 28, 2020 &ndash;
Pacific Ethanol, Inc. (NASDAQ: PEIX)</B>, a leading producer of specialty alcohols and essential ingredients, today announced the
closing of its previously announced underwritten public offering of common stock and pre-funded warrants and concurrent private
offering of warrants, for total gross proceeds of approximately $75.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left">The company closed an underwritten public
offering of 5,075,000 shares of its common stock at a public offering price of $8.42 per share and 5-year pre-funded warrants to
purchase 3,825,493 shares of common stock at a public offering price of $8.42 per pre-funded warrant. 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. The aggregate gross proceeds from the offerings of
common stock, pre-funded warrants and warrants was approximately $75.0 million. The net offering proceeds to the company were approximately
$70.0 million after deducting underwriting discounts and commissions and other estimated offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left">The company intends to use the net proceeds
from the offering to reduce debt and other corporate purposes. Repaying a portion of the company&rsquo;s senior notes and term
loans, which have interest rates of 15% and 7%, respectively, using proceeds from the equity offering is expected to be accretive
to 2020 earnings per share on a pro forma basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left">Michael Kandris, the company&rsquo;s
president and CEO, stated &ldquo;The net proceeds from this capital raise significantly accelerates improving the company&rsquo;s
balance sheet and allows us to focus our resources on highly valuable and profitable initiatives. We are excited about our company&rsquo;s
future with this improved liquidity, reduced debt burden, and strong financial performance.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left">Guggenheim Securities LLC acted as the
sole book-running manager for the public offering. Craig-Hallum Capital Group LLC and H.C. Wainwright &amp; Co. LLC acted as co-managers
for the public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left">A prospectus supplement and accompanying
prospectus describing the terms of the public and private offering has been filed with the SEC. Copies of the final prospectus
supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, from
Guggenheim Securities LLC, Attention: Syndicate Prospectus Department, 330 Madison Avenue, New York, NY 10017, or by telephone
at (212) 518-9658 or by email at GSEquityProspectusDelivery@guggenheimpartners.com. Electronic copies of the final prospectus
supplement and accompanying prospectus are available on the SEC&rsquo;s website at http://www.sec.gov.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: left">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>About Pacific Ethanol, Inc. </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left">Pacific Ethanol, Inc. (PEIX) is a leading
producer of specialty alcohols and essential ingredients. The company is focused on products for four key markets: Health, Home
&amp; Beauty, Food &amp; Beverage, Essential Ingredients and Renewable Fuels. The company&rsquo;s customers include major food
and beverage companies and consumer products companies. Pacific Ethanol&rsquo;s subsidiary, Kinergy Marketing LLC, markets all
specialty alcohol products for Pacific Ethanol&rsquo;s distilleries as well as fuel grade ethanol for third parties. Pacific Ethanol&rsquo;s
subsidiary, Pacific Ag. Products LLC, markets wet and dry distillers grains. For more information please visit www.pacificethanol.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left"><B><U>Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995 </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: left">Statements and information contained in this communication
that refer to or include Pacific Ethanol&rsquo;s estimated or anticipated future results or other non-historical expressions of
fact are forward-looking statements that reflect Pacific Ethanol&rsquo;s current perspective of existing trends and information
as of the date of the communication. Forward looking statements generally will be accompanied by words such as &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;plan,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;forecast,&rdquo; &ldquo;outlook,&rdquo; &ldquo;guidance,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo;
&ldquo;will,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; or other similar
words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning future market
conditions; Pacific Ethanol&rsquo;s new business focus and its effects; Pacific Ethanol&rsquo;s expectation that by using a portion
of the net proceeds from the offerings to repay a portion of Pacific Ethanol&rsquo;s senior notes and term loans will be accretive
to 2020 earnings per share on a pro forma basis;; Pacific Ethanol&rsquo;s expectations regarding its current and future financial
performance; and Pacific Ethanol&rsquo;s other plans, objectives, expectations and intentions. It is important to note that Pacific
Ethanol&rsquo;s plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ
materially from Pacific Ethanol&rsquo;s current expectations depending upon a number of factors affecting Pacific Ethanol&rsquo;s
business. These factors include, among others, adverse economic and market conditions, including for specialty alcohols and essential
ingredients; export conditions and international demand for the company&rsquo;s products; fluctuations in the price of and demand
for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; the effects &ndash; both
positive and negative &ndash; of the novel coronavirus; and the ability of Pacific Ethanol to timely and successfully execute on
its strategic realignment and new business focus. These factors also include, among others, the inherent uncertainty associated
with financial and other projections; the anticipated size of the markets and continued demand for Pacific Ethanol&rsquo;s products;
the impact of competitive products and pricing; the risks and uncertainties normally incident to the specialty alcohol production
and marketing industries; changes in generally accepted accounting principles; successful compliance with governmental regulations
applicable to Pacific Ethanol&rsquo;s distilleries, products and/or businesses; changes in laws, regulations and governmental policies;
the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Pacific
Ethanol&rsquo;s filings with the Securities and Exchange Commission including, specifically, those factors set forth in the &ldquo;Risk
Factors&rdquo; section contained in Pacific Ethanol&rsquo;s Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on August 13, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
