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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>As filed with the Securities
  and Exchange Commission on November 8, 2019</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-________</B></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
  SECURITIES AND EXCHANGE COMMISSION</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM S-8</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDER<BR>
  THE SECURITIES ACT OF 1933</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL, INC.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
  its charter)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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: 49%; border-bottom: Black 1.5pt solid; text-align: center"><B>Delaware</B></TD>
      <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1.5pt solid"><B>41-2170618</B></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of <BR>
  incorporation or organization)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer <BR>
  Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>400 Capitol Mall, Suite 2060, Sacramento, California</B></FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>95814</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)&nbsp;&nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2016 STOCK INCENTIVE PLAN</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Neil M. Koehler<BR>
  Chief Executive Officer<BR>
  Pacific Ethanol, Inc.<BR>
  400 Capitol Mall, Suite 2060, Sacramento, California 95814</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(916) 403-2123</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code,
  of agent for service)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt; font-weight: normal"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><I>Copies
  of all correspondence to:</I></FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">John T. Bradley, Esq.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Christine Kim, Esq.<BR>
  Troutman Sanders LLP<BR>
  5 Park Plaza, Suite 1400, Irvine, California 92614<BR>
  (949) 622-2700</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
  company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
  company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
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  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 67%"><FONT STYLE="font-size: 10pt">Large accelerated filer &#9744;</FONT></TD>
      <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Accelerated filer &#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9744;</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">Smaller reporting company &#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Emerging growth company &#9744;</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 7(a)(2)(B) of the Securities Act. &#9744;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CALCULATION OF REGISTRATION FEE</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid">Title of<BR> Securities to be Registered</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Amount to be Registered<SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Proposed Maximum<BR> Offering Price<BR> Per Share<SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Proposed Maximum<BR> Aggregate<BR> Offering Price<SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Amount of<BR> Registration Fee<SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 52%; padding-bottom: 1.5pt; padding-left: 4.3pt">Common Stock, $0.001 par value</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">2,000,000</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">0.59</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">1,180,000.00</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">153.16</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: left">In the event of a stock split, stock dividend, or similar transaction involving the Registrant&rsquo;s
  Common Stock, the number of shares registered hereby shall automatically be increased to cover the additional shares in accordance
  with Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</TD></TR></TABLE>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: left">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under
  the Securities Act, and is based upon the average of high and low sales prices of the Registrant&rsquo;s common stock on The NASDAQ
  Capital Market on November 5, 2019.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>
  
  
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXPLANATORY NOTE</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pacific Ethanol, Inc.
  (referred to as &ldquo;we,&rdquo; &ldquo;us,&rdquo; and through similar terms) filed the following registration statements with
  the Securities and Exchange Commission on Form S-8:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Registration No. 333-212070, filed on June 16, 2016 with respect to 1,150,000 shares of our common
  stock relating to our 2016 Stock Incentive Plan (the &ldquo;Plan&rdquo;); and</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Registration No. 333-225622, filed on June 14, 2018 with respect to 2,500,000 shares of our common
  stock relating to our Plan.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We amended the Plan
  in March 2018 to increase the number of shares covered by the Plan from 1,150,000 to 3,650,000 shares of common stock. Our stockholders
  adopted and approved this increase at our 2018 annual meeting of stockholders held on June 14, 2018.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We further amended
  the Plan in April 2019 to increase the number of shares covered by the Plan from 3,650,000 shares to 5,650,000 shares of
  common stock. Our stockholders adopted and approved this increase at our 2019 annual meeting of stockholders held on November
  7, 2019.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This Form S-8 is filed
  for the purpose of registering the additional 2,000,000 shares of common stock under the amended Plan.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
  PROSPECTUS</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The documents containing
  the information specified in Part I, Items 1 and 2, will be sent or given to each participant in accordance with Form S-8 and Rule
  428(b)(1) of the Securities Act. We will furnish without charge to each participant to whom information is required to be delivered,
  upon written or oral request, a copy of each document incorporated by reference in Part II, Item 3 of this registration statement,
  which documents are incorporated by reference in the Section&nbsp;10(a) prospectus, and any other documents required to be delivered
  to them under Rule 428(b) of the Securities Act. Requests should be directed to Pacific Ethanol, Inc., 400 Capitol Mall, Suite
  2060, Sacramento, California 95814, Attention: Secretary. Our telephone number is (916) 403-2123.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
  STATEMENT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">ITEM 3.</TD><TD STYLE="text-align: left"><U>Incorporation of Documents by Reference</U>.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We incorporate the
  following documents by reference in this registration statement:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for November 7, 2019, as filed with the Securities and Exchange
  Commission on November 7, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for September 19, 2019, as filed with the Securities and Exchange
  Commission on September 19, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our quarterly report on Form 10-Q for the three months ended June 30, 2019, as filed with the Securities
  and Exchange Commission on August 7, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for July 31, 2019, as filed with the Securities and Exchange Commission
  on August 6, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for July 31, 2019, as filed with the Securities and Exchange Commission
  on July 31, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for July 17, 2019, as filed with the Securities and Exchange Commission
  on July 19, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for July 15, 2019, as filed with the Securities and Exchange Commission
  on July 19, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for June 20, 2019, as filed with the Securities and Exchange Commission
  on June 20, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our quarterly report on Form 10-Q for the three months ended March 31, 2019, as filed with the
  Securities and Exchange Commission on May 3, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for May 1, 2019 as filed with the Securities and Exchange Commission
  on May 1, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 3; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our annual report on Form 10-K/A for the year ended December 31, 2018, as filed with the Securities
  and Exchange Commission on April 29, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for March 21, 2019, as filed with the Securities and Exchange Commission
  on March 27, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our annual report on Form 10-K for the year ended December 31, 2018, as filed with the Securities
  and Exchange Commission on March 18, 2019;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Our current report on Form 8-K for March 12, 2019, as filed with the Securities and Exchange Commission
  on March 12, 2019; and</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The description of our capital stock contained in our Current Report on Form 8-K filed with the
  Securities and Exchange Commission on April 13, 2017.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All reports and other
  documents we subsequently file after the date of this registration statement under Sections 13(a), 13(c), 14 and 15(d) of the Securities
  Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), prior to the filing of a post-effective amendment which indicates
  that all securities offered under this registration statement have been sold, or which deregisters all securities then remaining
  unsold, shall be deemed incorporated by reference into this registration statement and shall be a part of this registration statement
  from the date of filing such documents.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For purposes of this
  registration statement, any document or any statement contained in a document incorporated or deemed to be incorporated herein
  by reference shall be deemed to be modified or superseded to the extent that a subsequently filed document or a statement contained
  herein or in any other subsequently filed document, which also is or is deemed to be incorporated herein by reference modifies
  or supersedes such document or such statement in such document. Any statement so modified or superseded shall not be deemed, except
  as so modified or superseded, to constitute a part of this registration statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notwithstanding the
  above, information that is &ldquo;furnished to&rdquo; the Securities and Exchange Commission shall not be deemed &ldquo;filed with&rdquo;
  the Securities and Exchange Commission and shall not be deemed incorporated by reference into this registration statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">ITEM 4.</TD><TD STYLE="text-align: left"><U>Description of Securities</U>.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">ITEM 5.</TD><TD STYLE="text-align: left"><U>Interests of Named Experts and Counsel</U>.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">ITEM 6.</TD><TD STYLE="text-align: left"><U>Indemnification of Directors and Officers</U>.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Section 145 of the
  Delaware General Corporation Law (&ldquo;DGCL&rdquo;) permits a corporation to indemnify its directors and officers against expenses,
  judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with a pending or completed action,
  suit or proceeding if the officer or director acted in good faith and in a manner the officer or director reasonably believed to
  be in the best interests of the corporation.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 4; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our certificate of
  incorporation provides that, except in certain specified instances, our directors shall not be personally liable to us or our stockholders
  for monetary damages for breach of their fiduciary duty as directors, except liability for the following:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">any breach of their duty of loyalty to Pacific Ethanol or our stockholders;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
  of law;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section
  174 of the DGCL; and</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">any transaction from which the director derived an improper personal benefit.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, our certificate
  of incorporation and bylaws obligate us to indemnify our directors and officers against expenses and other amounts reasonably incurred
  in connection with any proceeding arising from the fact that such person is or was an agent of ours. Our bylaws also authorize
  us to purchase and maintain insurance on behalf of any of our directors or officers against any liability asserted against that
  person in that capacity, whether or not we would have the power to indemnify that person under the provisions of the DGCL. We have
  entered and expect to continue to enter into agreements to indemnify our directors and officers as determined by our board of directors.
  These agreements provide for indemnification of related expenses including attorneys&rsquo; fees, judgments, fines and settlement
  amounts incurred by any of these individuals in any action or proceeding. We believe that these bylaw provisions and indemnification
  agreements are necessary to attract and retain qualified persons as directors and officers. We also maintain directors&rsquo; and
  officers&rsquo; liability insurance.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The limitation of liability
  and indemnification provisions in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit
  against our directors for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against
  our directors and officers, even though an action, if successful, might benefit us and our stockholders. Furthermore, a stockholder&rsquo;s
  investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and
  officers as required by these indemnification provisions. At present, there is no pending litigation or proceeding involving any
  of our directors, officers or employees regarding which indemnification is sought, and we are not aware of any threatened litigation
  that may result in claims for indemnification.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Insofar as indemnification
  for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons under the
  foregoing provisions of our certificate of incorporation or bylaws, or otherwise, we have been informed that in the opinion of
  the Securities and Exchange Commission, this indemnification is against public policy as expressed in the Securities Act and is
  therefore unenforceable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">ITEM 7.</TD><TD STYLE="text-align: left"><U>Exemption from Registration Claimed</U>.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not Applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 5; Value: 1 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0pt"></TD><TD STYLE="width: 45pt"><FONT STYLE="font-weight: normal">ITEM 8.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal"><U>Exhibits</U>.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Incorporation by Reference</FONT></TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; width: 8%"><FONT STYLE="font-size: 10pt">Exhibit<BR>
  Number</FONT></TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; width: 39%"><FONT STYLE="font-size: 10pt">Description</FONT></TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; width: 7%"><FONT STYLE="font-size: 10pt">Form</FONT></TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; width: 10%"><FONT STYLE="font-size: 10pt">File Number</FONT></TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; width: 10%"><FONT STYLE="font-size: 10pt">Exhibit Number</FONT></TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; width: 10%"><FONT STYLE="font-size: 10pt">Filing Date</FONT></TD>
      <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; width: 10%"><FONT STYLE="font-size: 10pt">Filed Herewith</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.1</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0301.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Certificate of Incorporation</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-Q</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">3.1</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">11/06/2015</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.2</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0302.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Certificate of Designations, Powers, Preferences and Rights of the Series A Cumulative Redeemable Convertible Preferred Stock</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-Q</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">3.2</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">11/06/2015</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.3</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0303.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Certificate of Designations, Powers, Preferences and Rights of the Series B Cumulative Convertible Preferred Stock</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-Q</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">3.3</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">11/06/2015</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.4</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0304.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Certificate of Amendment to Certificate of Incorporation dated June 3, 2010</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-Q</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">3.4</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">11/06/2015</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.5</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0305.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Certificate of Amendment to Certificate of Incorporation dated June 8, 2011</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-Q</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">3.5</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">11/06/2015</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.6</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0306.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Certificate of Amendment to Certificate of Incorporation dated May 14, 2013</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-Q</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">3.6</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">11/06/2015</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.7</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0307.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Certificate of Amendment to Certificate of Incorporation dated July 1, 2015</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-Q</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">3.7</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">11/06/2015</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.8</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968714004201/peix_10q-ex0301.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Amended and Restated Bylaws</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-Q</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">3.1</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">11/12/2014</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.9</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817000940/paceth_s3-ex0409.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Specimen Common Stock Certificate</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">S-3</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">333-217323</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.9</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">04/14/2017</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.10</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="fs82019ex4-10_pacificethanol.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">2016 Stock Incentive Plan (as amended through November 7, 2019)</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">X</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.11</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000161577418001920/s109336_ex10-5.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Form of Employee Restricted Stock Agreement under 2016 Stock Incentive Plan</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-K</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10.5</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">03/15/2018</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4.12</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817000577/peix_ex1006.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Form of Non-Employee Director Restricted Stock Agreement under 2016 Stock Incentive Plan</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10-K</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">000-21467</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10.6</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">03/15/2017</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">5.1</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="fs82019ex5-1_pacificethanol.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Opinion of Troutman Sanders LLP</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">X</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">23.1</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal"><A HREF="fs82019ex5-1_pacificethanol.htm">Consent of Troutman Sanders LLP (contained in Exhibit 5.1)</A></FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">X</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">23.2</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><A HREF="fs82019ex23-2_pacificethanol.htm"><FONT STYLE="font-size: 10pt; font-weight: normal">Consent of Independent Registered Public Accounting Firm</FONT></A></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">X</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">24.1</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal"><A HREF="#poa">Power of Attorney (contained on the signature page to this registration statement)</A></FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">X</FONT></TD></TR>
  </TABLE>
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">ITEM 9.</TD><TD STYLE="text-align: left"><U>Undertakings</U>.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The undersigned Registrant
  hereby undertakes:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 6; Value: 1 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(1) To file, during
  any period in which offers or sales are being made, a post-effective amendment to the registration statement:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">(i) To include any prospectus required
  by Section 10(a)(3) of the Securities Act;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">(ii) To reflect in the prospectus
  any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
  thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
  statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of
  securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
  offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
  the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in
  the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">(iii) To include any material information
  with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
  information in the registration statement;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><I>&nbsp;</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><I>Provided, however,</I>
  that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment by those
  clauses is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant
  to Section 13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference into the registration statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(2) That, for the purpose
  of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
  initial bona fide offering thereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(3) To remove from
  registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
  of the offering.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The undersigned Registrant
  hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s
  annual report pursuant to Section 13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee
  benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration
  statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
  securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Insofar as indemnification
  for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
  pursuant to the indemnification provisions summarized in Item 6 above, or otherwise, the Registrant has been advised that in the
  opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
  Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
  by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful
  defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
  being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
  submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
  in the Securities Act and will be governed by the final adjudication of such issue.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 7; Value: 1 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
  of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
  for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in the City of Sacramento, State of California, on this 8<SUP>th</SUP> day of November, 2019.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in">&nbsp;</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="text-align: left">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">PACIFIC ETHANOL, INC.,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: left">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">a Delaware corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: left">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60%; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="width: 4%; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
      <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ NEIL M. KOEHLER</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: left">&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD>
      <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Neil M. Koehler</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: left">&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD>
      <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa"></A>POWER OF ATTORNEY</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">KNOW ALL PERSONS BY
  THESE PRESENTS, that each person whose signature appears below constitutes and appoints Neil M. Koehler his attorney-in-fact and
  agent, with the power of substitution and resubstitution, for him and in his name, place or stead, in any and all capacities, to
  sign any amendment to this registration statement on Form S-8, and to file such amendments, together with exhibits and other documents
  in connection therewith, with the Securities and Exchange Commission, granting to such attorney-in-fact and agent, full power and
  authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
  as he might or could do in person, and ratifying and confirming all that the attorney-in-fact and agent, or his substitute or substitutes,
  may do or cause to be done by virtue hereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
  of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
  dates indicated.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
      <TD STYLE="vertical-align: top; width: 25%; border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; width: 57%; border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Title</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">/s/ WILLIAM L. JONES</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Chairman of the Board and Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">William L. Jones</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">/s/ NEIL M. KOEHLER</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD ROWSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">President, Chief Executive Officer (principal executive officer) and Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Neil M. Koehler</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">/s/ BRYON T. MCGREGOR</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD ROWSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Chief Financial Officer (principal financial and accounting officer)</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Bryon T. McGregor</FONT></TD>
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">/s/ MICHAEL D. KANDRIS</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal">Chief Operating Officer and Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Michael D. Kandris</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">/s/ TERRY L. STONE</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal">Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Terry L. Stone</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">/s/ JOHN L. PRINCE</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal">Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">John L. Prince</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">/s/ DOUGLAS L. KIETA</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal">Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Douglas L. Kieta</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">/s/ LARRY D. LAYNE</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal">Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Larry D. Layne</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal">Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Dianne S. Nury</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font-weight: bold">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid;">/s/ <FONT STYLE="font-size: 10pt; font-weight: normal; text-transform: uppercase">Gilbert
      E. Nathan</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal">Director</FONT></TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">November 8, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="">Gilbert
      E. Nathan</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
      <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "fs82019_pacificethanolinc.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 92582}]
metadata_filer: {"company-data": {"conformed-name": "Pacific Ethanol, Inc.", "cik": "0000778164", "assigned-sic": "2860", "irs-number": "412170618", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-234613", "film-number": "191205122"}, "business-address": {"street1": "400 CAPITOL MALL, SUITE 2060", "city": "SACRAMENTO", "state": "CA", "zip": "95814", "phone": "916-403-2123"}, "mail-address": {"street1": "400 CAPITOL MALL, SUITE 2060", "city": "SACRAMENTO", "state": "CA", "zip": "95814"}, "former-company": [{"former-conformed-name": "ACCESSITY CORP", "date-changed": "20030627"}, {"former-conformed-name": "DRIVERSSHIELD COM CORP", "date-changed": "20001115"}, {"former-conformed-name": "FIRST PRIORITY GROUP INC", "date-changed": "19920703"}]}
text: As filed with the Securities
  and Exchange Commission on November 8, 2019
  Registration No. 333-________
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  PACIFIC ETHANOL, INC.
  (Exact name of registrant as specified in
  its charter)
  Delaware
  41-2170618
  (State or other jurisdiction of
  incorporation or organization)
  (I.R.S. Employer
  Identification No.)
  400 Capitol Mall, Suite 2060, Sacramento, California
  95814
  (Address of Principal Executive Offices)
  (Zip Code)
  2016 STOCK INCENTIVE PLAN
  (Full title of the plan)
  Neil M. Koehler
  Chief Executive Officer
  Pacific Ethanol, Inc.
  400 Capitol Mall, Suite 2060, Sacramento, California 95814
  (Name and address of agent for service)
  (916) 403-2123
  (Telephone number, including area code,
  of agent for service)
  Copies
  of all correspondence to:
  John T. Bradley, Esq.
  Christine Kim, Esq.
  Troutman Sanders LLP
  5 Park Plaza, Suite 1400, Irvine, California 92614
  (949) 622-2700
  Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
  company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting
  company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
  Large accelerated filer ☐
  Accelerated filer ☐
  Non-accelerated filer ☐
  Smaller reporting company ☒
  Emerging growth company ☐
  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 7(a)(2)(B) of the Securities Act. ☐
  CALCULATION OF REGISTRATION FEE
  Title of
  Securities to be Registered
  Amount to be Registered
  (1)
  Proposed Maximum
  Offering Price
  Per Share
  (2)
  Proposed Maximum
  Aggregate
  Offering Price
  (2)
  Amount of
  Registration Fee
  (2)
  Common Stock, $0.001 par value
  2,000,000
  $
  0.59
  $
  1,180,000.00
  $
  153.16
  (1)
  In the event of a stock split, stock dividend, or similar transaction involving the Registrant's
  Common Stock, the number of shares registered hereby shall automatically be increased to cover the additional shares in accordance
  with Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act").
  (2)
  Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under
  the Securities Act, and is based upon the average of high and low sales prices of the Registrant's common stock on The NASDAQ
  Capital Market on November 5, 2019.
  EXPLANATORY NOTE
  Pacific Ethanol, Inc.
  (referred to as "we," "us," and through similar terms) filed the following registration statements with
  the Securities and Exchange Commission on Form S-8:
  ●
  Registration No. 333-212070, filed on June 16, 2016 with respect to 1,150,000 shares of our common
  stock relating to our 2016 Stock Incentive Plan (the "Plan"); and
  ●
  Registration No. 333-225622, filed on June 14, 2018 with respect to 2,500,000 shares of our common
  stock relating to our Plan.
  We amended the Plan
  in March 2018 to increase the number of shares covered by the Plan from 1,150,000 to 3,650,000 shares of common stock. Our stockholders
  adopted and approved this increase at our 2018 annual meeting of stockholders held on June 14, 2018.
  We further amended
  the Plan in April 2019 to increase the number of shares covered by the Plan from 3,650,000 shares to 5,650,000 shares of
  common stock. Our stockholders adopted and approved this increase at our 2019 annual meeting of stockholders held on November
  7, 2019.
  This Form S-8 is filed
  for the purpose of registering the additional 2,000,000 shares of common stock under the amended Plan.
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a)
  PROSPECTUS
  The documents containing
  the information specified in Part I, Items 1 and 2, will be sent or given to each participant in accordance with Form S-8 and Rule
  428(b)(1) of the Securities Act. We will furnish without charge to each participant to whom information is required to be delivered,
  upon written or oral request, a copy of each document incorporated by reference in Part II, Item 3 of this registration statement,
  which documents are incorporated by reference in the Section 10(a) prospectus, and any other documents required to be delivered
  to them under Rule 428(b) of the Securities Act. Requests should be directed to Pacific Ethanol, Inc., 400 Capitol Mall, Suite
  2060, Sacramento, California 95814, Attention: Secretary. Our telephone number is (916) 403-2123.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION
  STATEMENT
  ITEM 3.
  Incorporation of Documents by Reference
  .
  We incorporate the
  following documents by reference in this registration statement:
  ●
  Our current report on Form 8-K for November 7, 2019, as filed with the Securities and Exchange
  Commission on November 7, 2019;
  ●
  Our current report on Form 8-K for September 19, 2019, as filed with the Securities and Exchange
  Commission on September 19, 2019;
  ●
  Our quarterly report on Form 10-Q for the three months ended June 30, 2019, as filed with the Securities
  and Exchange Commission on August 7, 2019;
  ●
  Our current report on Form 8-K for July 31, 2019, as filed with the Securities and Exchange Commission
  on August 6, 2019;
  ●
  Our current report on Form 8-K for July 31, 2019, as filed with the Securities and Exchange Commission
  on July 31, 2019;
  ●
  Our current report on Form 8-K for July 17, 2019, as filed with the Securities and Exchange Commission
  on July 19, 2019;
  ●
  Our current report on Form 8-K for July 15, 2019, as filed with the Securities and Exchange Commission
  on July 19, 2019;
  ●
  Our current report on Form 8-K for June 20, 2019, as filed with the Securities and Exchange Commission
  on June 20, 2019;
  ●
  Our quarterly report on Form 10-Q for the three months ended March 31, 2019, as filed with the
  Securities and Exchange Commission on May 3, 2019;
  ●
  Our current report on Form 8-K for May 1, 2019 as filed with the Securities and Exchange Commission
  on May 1, 2019;
  1
  ●
  Our annual report on Form 10-K/A for the year ended December 31, 2018, as filed with the Securities
  and Exchange Commission on April 29, 2019;
  ●
  Our current report on Form 8-K for March 21, 2019, as filed with the Securities and Exchange Commission
  on March 27, 2019;
  ●
  Our annual report on Form 10-K for the year ended December 31, 2018, as filed with the Securities
  and Exchange Commission on March 18, 2019;
  ●
  Our current report on Form 8-K for March 12, 2019, as filed with the Securities and Exchange Commission
  on March 12, 2019; and
  ●
  The description of our capital stock contained in our Current Report on Form 8-K filed with the
  Securities and Exchange Commission on April 13, 2017.
  All reports and other
  documents we subsequently file after the date of this registration statement under Sections 13(a), 13(c), 14 and 15(d) of the Securities
  Exchange Act of 1934, as amended ("Exchange Act"), prior to the filing of a post-effective amendment which indicates
  that all securities offered under this registration statement have been sold, or which deregisters all securities then remaining
  unsold, shall be deemed incorporated by reference into this registration statement and shall be a part of this registration statement
  from the date of filing such documents.
  For purposes of this
  registration statement, any document or any statement contained in a document incorporated or deemed to be incorporated herein
  by reference shall be deemed to be modified or superseded to the extent that a subsequently filed document or a statement contained
  herein or in any other subsequently filed document, which also is or is deemed to be incorporated herein by reference modifies
  or supersedes such document or such statement in such document. Any statement so modified or superseded shall not be deemed, except
  as so modified or superseded, to constitute a part of this registration statement.
  Notwithstanding the
  above, information that is "furnished to" the Securities and Exchange Commission shall not be deemed "filed with"
  the Securities and Exchange Commission and shall not be deemed incorporated by reference into this registration statement.
  ITEM 4.
  Description of Securities
  .
  Not applicable.
  ITEM 5.
  Interests of Named Experts and Counsel
  .
  Not applicable.
  ITEM 6.
  Indemnification of Directors and Officers
  .
  Section 145 of the
  Delaware General Corporation Law ("DGCL") permits a corporation to indemnify its directors and officers against expenses,
  judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with a pending or completed action,
  suit or proceeding if the officer or director acted in good faith and in a manner the officer or director reasonably believed to
  be in the best interests of the corporation.
  2
  Our certificate of
  incorporation provides that, except in certain specified instances, our directors shall not be personally liable to us or our stockholders
  for monetary damages for breach of their fiduciary duty as directors, except liability for the following:
  ●
  any breach of their duty of loyalty to Pacific Ethanol or our stockholders;
  ●
  acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
  of law;
  ●
  unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section
  174 of the DGCL; and
  ●
  any transaction from which the director derived an improper personal benefit.
  In addition, our certificate
  of incorporation and bylaws obligate us to indemnify our directors and officers against expenses and other amounts reasonably incurred
  in connection with any proceeding arising from the fact that such person is or was an agent of ours. Our bylaws also authorize
  us to purchase and maintain insurance on behalf of any of our directors or officers against any liability asserted against that
  person in that capacity, whether or not we would have the power to indemnify that person under the provisions of the DGCL. We have
  entered and expect to continue to enter into agreements to indemnify our directors and officers as determined by our board of directors.
  These agreements provide for indemnification of related expenses including attorneys' fees, judgments, fines and settlement
  amounts incurred by any of these individuals in any action or proceeding. We believe that these bylaw provisions and indemnification
  agreements are necessary to attract and retain qualified persons as directors and officers. We also maintain directors' and
  officers' liability insurance.
  The limitation of liability
  and indemnification provisions in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit
  against our directors for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against
  our directors and officers, even though an action, if successful, might benefit us and our stockholders. Furthermore, a stockholder's
  investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and
  officers as required by these indemnification provisions. At present, there is no pending litigation or proceeding involving any
  of our directors, officers or employees regarding which indemnification is sought, and we are not aware of any threatened litigation
  that may result in claims for indemnification.
  Insofar as indemnification
  for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons under the
  foregoing provisions of our certificate of incorporation or bylaws, or otherwise, we have been informed that in the opinion of
  the Securities and Exchange Commission, this indemnification is against public policy as expressed in the Securities Act and is
  therefore unenforceable.
  ITEM 7.
  Exemption from Registration Claimed
  .
  Not Applicable.
  3
  ITEM 8.
  Exhibits
  .
  Incorporation by Reference
  Exhibit
  Number
  Description
  Form
  File Number
  Exhibit Number
  Filing Date
  Filed Herewith
  4.1
  Certificate of Incorporation
  10-Q
  000-21467
  3.1
  11/06/2015
  4.2
  Certificate of Designations, Powers, Preferences and Rights of the Series A Cumulative Redeemable Convertible Preferred Stock
  10-Q
  000-21467
  3.2
  11/06/2015
  4.3
  Certificate of Designations, Powers, Preferences and Rights of the Series B Cumulative Convertible Preferred Stock
  10-Q
  000-21467
  3.3
  11/06/2015
  4.4
  Certificate of Amendment to Certificate of Incorporation dated June 3, 2010
  10-Q
  000-21467
  3.4
  11/06/2015
  4.5
  Certificate of Amendment to Certificate of Incorporation dated June 8, 2011
  10-Q
  000-21467
  3.5
  11/06/2015
  4.6
  Certificate of Amendment to Certificate of Incorporation dated May 14, 2013
  10-Q
  000-21467
  3.6
  11/06/2015
  4.7
  Certificate of Amendment to Certificate of Incorporation dated July 1, 2015
  10-Q
  000-21467
  3.7
  11/06/2015
  4.8
  Amended and Restated Bylaws
  10-Q
  000-21467
  3.1
  11/12/2014
  4.9
  Specimen Common Stock Certificate
  S-3
  333-217323
  4.9
  04/14/2017
  4.10
  2016 Stock Incentive Plan (as amended through November 7, 2019)
  X
  4.11
  Form of Employee Restricted Stock Agreement under 2016 Stock Incentive Plan
  10-K
  000-21467
  10.5
  03/15/2018
  4.12
  Form of Non-Employee Director Restricted Stock Agreement under 2016 Stock Incentive Plan
  10-K
  000-21467
  10.6
  03/15/2017
  5.1
  Opinion of Troutman Sanders LLP
  X
  23.1
  Consent of Troutman Sanders LLP (contained in Exhibit 5.1)
  X
  23.2
  Consent of Independent Registered Public Accounting Firm
  X
  24.1
  Power of Attorney (contained on the signature page to this registration statement)
  X
  ITEM 9.
  Undertakings
  .
  The undersigned Registrant
  hereby undertakes:
  4
  (1) To file, during
  any period in which offers or sales are being made, a post-effective amendment to the registration statement:
  (i) To include any prospectus required
  by Section 10(a)(3) of the Securities Act;
  (ii) To reflect in the prospectus
  any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
  thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
  statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of
  securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
  offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
  the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in
  the "Calculation of Registration Fee" table in the effective registration statement; and
  (iii) To include any material information
  with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
  information in the registration statement;
  Provided, however,
  that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment by those
  clauses is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant
  to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference into the registration statement.
  (2) That, for the purpose
  of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
  initial bona fide offering thereof.
  (3) To remove from
  registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
  of the offering.
  The undersigned Registrant
  hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
  benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration
  statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
  securities at that time shall be deemed to be the initial bona fide offering thereof.
  Insofar as indemnification
  for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
  pursuant to the indemnification provisions summarized in Item 6 above, or otherwise, the Registrant has been advised that in the
  opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
  Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
  by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful
  defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
  being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
  submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
  in the Securities Act and will be governed by the final adjudication of such issue.
  5
  SIGNATURES
  Pursuant to the requirements
  of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
  for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
  duly authorized, in the City of Sacramento, State of California, on this 8
  th
  day of November, 2019.
  PACIFIC ETHANOL, INC.,
  a Delaware corporation
  By:
  /s/ NEIL M. KOEHLER
  Neil M. Koehler
  President and Chief Executive Officer
  POWER OF ATTORNEY
  KNOW ALL PERSONS BY
  THESE PRESENTS, that each person whose signature appears below constitutes and appoints Neil M. Koehler his attorney-in-fact and
  agent, with the power of substitution and resubstitution, for him and in his name, place or stead, in any and all capacities, to
  sign any amendment to this registration statement on Form S-8, and to file such amendments, together with exhibits and other documents
  in connection therewith, with the Securities and Exchange Commission, granting to such attorney-in-fact and agent, full power and
  authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
  as he might or could do in person, and ratifying and confirming all that the attorney-in-fact and agent, or his substitute or substitutes,
  may do or cause to be done by virtue hereof.
  Pursuant to the requirements
  of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
  dates indicated.
  Signature
  Title
  Date
  /s/ WILLIAM L. JONES
  Chairman of the Board and Director
  November 8, 2019
  William L. Jones
  /s/ NEIL M. KOEHLER
  President, Chief Executive Officer (principal executive officer) and Director
  November 8, 2019
  Neil M. Koehler
  /s/ BRYON T. MCGREGOR
  Chief Financial Officer (principal financial and accounting officer)
  November 8, 2019
  Bryon T. McGregor
  /s/ MICHAEL D. KANDRIS
  Chief Operating Officer and Director
  November 8, 2019
  Michael D. Kandris
  /s/ TERRY L. STONE
  Director
  November 8, 2019
  Terry L. Stone
  /s/ JOHN L. PRINCE
  Director
  November 8, 2019
  John L. Prince
  /s/ DOUGLAS L. KIETA
  Director
  November 8, 2019
  Douglas L. Kieta
  /s/ LARRY D. LAYNE
  Director
  November 8, 2019
  Larry D. Layne
  Director
  November 8, 2019
  Dianne S. Nury
  /s/
  Gilbert
      E. Nathan
  Director
  November 8, 2019
  Gilbert
      E. Nathan
  6