Item 7.01 Regulation FD Disclosure

On May 18, 2022, Cardinal Ethanol (the "Company") posted its May 2022 newsletter on its website and sent the newsletter to its unit holders. The newsletter is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 7.01 (including Exhibit 99.1) is being furnished pursuant to Regulation FD Disclosure. The information furnished, including exhibits, is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 8.01 Other Events

On May 17, 2022, the board of directors of the Company declared a cash distribution of $675 per membership unit to the holders of units of record at the close of business on May 17, 2022 for a total distribution of $9,859,050. The Company expects to pay the distribution in early June, 2022.

Item 9.01 Financial Statements and Exhibits



(a)None.

(b)None.

(c)None.

(d)Exhibits.

Exhibit No.  Description

     99.1             May 2022 Newsletter
      104             Cover Page Interactive Data File (embedded within the Inline XBRL document).

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