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

From the Filing

0001213900-24-020254.txt : 20240306 0001213900-24-020254.hdr.sgml : 20240306 20240305203612 ACCESSION NUMBER: 0001213900-24-020254 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240229 ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240306 DATE AS OF CHANGE: 20240305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Alto Ingredients, Inc. CENTRAL INDEX KEY: 0000778164 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 412170618 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21467 FILM NUMBER: 24723969 BUSINESS ADDRESS: STREET 1: 400 CAPITOL MALL, SUITE 2060 CITY: SACRAMENTO STATE: CA ZIP: 95814 BUSINESS PHONE: 916-403-2123 MAIL ADDRESS: STREET 1: 400 CAPITOL MALL, SUITE 2060 CITY: SACRAMENTO STATE: CA ZIP: 95814 FORMER COMPANY: FORMER CONFORMED NAME: Pacific Ethanol, Inc. DATE OF NAME CHANGE: 20050324 FORMER COMPANY: FORMER CONFORMED NAME: ACCESSITY CORP DATE OF NAME CHANGE: 20030627 FORMER COMPANY: FORMER CONFORMED NAME: DRIVERSSHIELD COM CORP DATE OF NAME CHANGE: 20001115 8-K 1 ea0201266-8k_altoing.htm CURRENT REPORT false --12-31 0000778164 0000778164 2024-02-29 2024-02-29 iso4217:USD xbrli:shares iso4217:USD xbrli:shares     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): February 29, 2024   ALTO INGREDIENTS, INC. (Exact Name of Registrant as Specified in Charter)   Delaware   000-21467   41-2170618   (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)   1300 South Second Street     Pekin , Illinois   61554 (Address of Principal Executive Offices) (Zip Code)     Registrant’s Telephone Number, Including Area Code: ( 916 ) 403-2123     (Former Name or Former Address, if Changed Since Last Report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):   ☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, $0.001 par value   ALTO   The Nasdaq Stock Market LLC (Nasdaq Capital Market)   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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 13(a) of the Exchange Act. ☐             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”) app