Alto Ingredients Sells Pekin Campus for $52.5M

TL;DR

Alto Ingredients selling Pekin for $52.5M to focus on specialty stuff.

AI Summary

Alto Ingredients, Inc. announced on February 29, 2024, that it has entered into a definitive agreement to sell its Pekin, Illinois campus to Aventine Development Corporation for $52.5 million. The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions. This sale is part of Alto Ingredients' strategic plan to divest non-core assets and focus on its specialty alcohols and essential ingredients businesses.

Why It Matters

The sale of the Pekin campus for $52.5 million allows Alto Ingredients to divest a non-core asset and focus on its higher-margin specialty alcohols and essential ingredients, potentially improving profitability.

Risk Assessment

Risk Level: medium — The sale is subject to customary closing conditions, and the company's future performance depends on the success of its strategic shift to specialty alcohols and essential ingredients.

Key Numbers

• $52.5M — Sale Price (Proceeds from the sale of the Pekin campus to Aventine Development Corporation.)

Key Players & Entities

• Alto Ingredients, Inc. (company) — Seller
• Aventine Development Corporation (company) — Buyer
• $52.5 million (dollar_amount) — Sale price of Pekin campus
• February 29, 2024 (date) — Announcement date
• second quarter of 2024 (date) — Expected closing period
• Pekin, Illinois campus (location) — Asset being sold

FAQ

Key Financial Figures

• $0.001 — ge on which registered Common Stock, $0.001 par value ALTO The Nasdaq Stock Mar

Filing Documents

• ea0201266-8k_altoing.htm (8-K) — 28KB
• ea0201266ex3-1_altoing.htm (EX-3.1) — 129KB
• 0001213900-24-020254.txt ( ) — 358KB
• alto-20240229.xsd (EX-101.SCH) — 3KB
• alto-20240229_lab.xml (EX-101.LAB) — 33KB
• alto-20240229_pre.xml (EX-101.PRE) — 22KB
• ea0201266-8k_altoing_htm.xml (XML) — 4KB

03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. On February 29, 2024, the Board of Directors (the "Board") of Alto Ingredients, Inc. (the "Company") approved and adopted amended and restated bylaws (the "Amended and Restated Bylaws") of the Company, effective immediately. The Amended and Restated Bylaws amend certain of the provisions of Article II, Sections 2.13, 2.14 and 2.15, and Article VIII, Section 8.13. Among other things, the amendments set forth in the Amended and Restated Bylaws: (1) revise the procedures and disclosure requirements set forth in the advance notice bylaw provisions; (2) address the universal proxy rules adopted by the U.S. Securities and Exchange Commission, by clarifying that no person may solicit proxies in support of a director nominee other than the Board's nominees unless such person has complied with Rule 14a-19 under the Securities Exchange Act of 1934, as amended, including applicable notice and solicitation requirements; (3) require that a stockholder directly or indirectly soliciting proxies from other stockholders use a proxy card color other than white; (4) update various provisions of the Amended and Restated Bylaws to make certain technical and clarifying changes that address Rule 14a-19; (5) eliminate the requirement to make a stockholder list available for examination at meetings of stockholders as provided for by recent amendments under the Delaware General Corporation Law; and (6) establish the federal district courts of the United States of America as the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, including all causes of action asserted against any defendant named in such complaint. Additional amendments were made to make clarifying or conforming language changes, in addition to technical or ministerial changes. The foregoing summary of the Amended and Restated Bylaws does not purport to

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Number Description 3.1 Amended and Restated Bylaws of Alto Ingredients, Inc. 104 Cover Page Interactive Data File (embedded with the Inline XBRL document) 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 5, 2024 ALTO INGREDIENTS, INC. By: /S/ AUSTE M. GRAHAM Auste M. Graham, General Counsel, Vice President and Secretary. 2

View Full Filing

View this 8-K filing on SEC EDGAR