Item 1.01 Entry into a Material Definitive Agreement.

On August 13, 2020, Pacific Ethanol, Inc. (the "Company") entered into an At Market Issuance Sales Agreement (the "Sales Agreement") with H.C. Wainwright & Co., LLC (the "Sales Agent"). Pursuant to the Sales Agreement, the Sales Agent will act as the Company's sales agent with respect to an offering and sale, at any time and from time to time, of the Company's common stock, par value $0.001 per share (the "Shares"). Sales of the Shares, if any, will be made by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 under the Securities Act of 1933, as amended, including without limitation sales made directly on or through The Nasdaq Capital Market.

The Shares will be sold and issued pursuant to the Company's Registration Statement on Form S-3 (File No. 333-238939), which was previously declared effective by the Securities and Exchange Commission, and the related base prospectus and one or more prospectus supplements.

The Company or the Sales Agent, under certain circumstances and upon notice to the other, may suspend the offering of the Shares under the Sales Agreement. The offering of the Shares pursuant to the Sales Agreement will terminate upon the sale of all of the Shares subject to the Sales Agreement, or sooner if either the Company or the Sales Agent terminate the Sales Agreement.

The Company will pay the Sales Agent a commission of up to 3.0% of the gross proceeds from any sale of the Shares sold pursuant to the Sales Agreement. In addition, the Company has agreed to reimburse the Sales Agent for fees and disbursements of its legal counsel in an amount not to exceed $50,000 and to reimburse the Sales Agent for the documented fees and costs of its legal counsel incurred in connection with its ongoing diligence and other requirements arising from the transactions contemplated by the Sales Agreement in an amount not to exceed $2,500 per calendar quarter.

The Company made certain customary representations, warranties and covenants in the Sales Agreement concerning the Company and its subsidiaries and the registration statement, prospectus, prospectus supplement and other documents and filings relating to the offering of the Shares. In addition, the Company has agreed to indemnify the Sales Agent against certain liabilities.

The foregoing description of the Sales Agreement is qualified in its entirety by reference to that agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

This Current Report on Form 8-K, including the exhibits filed herewith, shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any offer, solicitation or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

Item 9.01 Financial Statements and Exhibits.






 (d) Exhibits.




Number     Description (#)
5.1          Opinion of Troutman Pepper Hamilton Sanders LLP (*)
10.1         At Market Issuance Sales Agreement dated as of August 13, 2020 by and
           between Pacific Ethanol, Inc. and H.C. Wainwright & Co., LLC (*)
23.1         Consent of Troutman Pepper Hamilton Sanders LLP (included in Exhibit
           5.1)






 (*) Filed herewith.

(#) All of the agreements filed as exhibits to this report contain


     representations and warranties made by the parties thereto. The assertions
     embodied in such representations and warranties are not necessarily
     assertions of fact, but a mechanism for the parties to allocate risk.
     Accordingly, investors should not rely on the representations and warranties
     as characterizations of the actual state of facts or for any other purpose at
     the time they were made or otherwise.




                                       1

© Edgar Online, source Glimpses