Pacific Ethanol wins reprieve on delisting

Sacramento's Pacific Ethanol Inc. said it has received a letter from the Nasdaq stock market granting the company a 180-day extension to avoid delisting.

Nasdaq sent PEI a delisting warning notice in early June, because the company was not in compliance with the rule requiring listed securities to maintain a minimum closing bid price of at least $1 per share.

That was the second delisting warning in a year for PEI, and the third since September 2009.

Under the June notice, Pacific Ethanol had until Monday to regain compliance; Nasdaq requires a minimum closing of $1 per share for 10 consecutive trading days. The new deadline is June 3, 2013.

PEI closed at 32 cents a share in after-hours trading on Wednesday.