Gevo Announces 1-for-15 Reverse Stock Split
April 20 2015 - 4:30PM
Gevo, Inc. (Nasdaq:GEVO) announced today that it will effect a
1-for-15 reverse stock split previously approved by the Company's
stockholders at a special meeting held on April 13, 2015. The
1-for-15 reverse stock split will be effective as of the close of
business on April 20, 2015 and the Company's common stock will
begin trading on a split-adjusted basis on Tuesday, April 21, 2015.
The reverse stock split will reduce the number of shares of the
Company's common stock currently outstanding from approximately
146.3 million shares to approximately 9.8 million shares.
Proportional adjustments will be made to the conversion and
exercise prices of the Company's outstanding warrants, convertible
notes and stock options, and to the number of shares issued and
issuable under the Company's equity compensation plans. The number
of authorized shares of the Company's common stock will remain 250
million shares.
The reverse stock split is intended to increase the market price
per share of the Company's common stock to allow the Company to
maintain the listing of its common stock on The NASDAQ Capital
Market. The Company's common stock will continue to trade on The
NASDAQ Capital Market under the symbol "GEVO." The new CUSIP number
for the common stock following the reverse stock split will be
374396208.
Information for Stockholders
Upon the effectiveness of the reverse stock split, each fifteen
shares of the Company's issued and outstanding common stock will be
automatically combined and converted into one issued and
outstanding share of common stock, par value $0.01 per share. The
Company will not issue any fractional shares in connection with the
reverse stock split. Instead, fractional share interests will be
rounded up to the next largest whole number. The reverse stock
split will not modify the rights or preferences of the common
stock.
The Company's transfer agent, American Stock Transfer &
Trust Company, LLC, will act as its exchange agent for the reverse
stock split. American Stock Transfer & Trust Company, LLC will
provide stockholders of record holding certificates representing
pre-split shares of the Company's common stock as of the effective
date a letter of transmittal providing instructions for the
exchange of shares. Registered stockholders holding pre-split
shares of the Company's common stock electronically in book-entry
form are not required to take any action to receive post-split
shares. Stockholders owning shares via a broker or other nominee
will have their positions automatically adjusted to reflect the
reverse stock split, subject to brokers' particular processes, and
will not be required to take any action in connect with the reverse
stock split. American Stock Transfer & Trust Company, LLC can
be reached at (877) 248-6417 or (718) 921-8317.
Additional information about the reverse stock split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission on March 6, 2015, a copy of
which is available at www.sec.gov or at www.gevo.com under the SEC
Filings tab located on the Investors page.
About Gevo
Gevo is a leading renewable technology, chemical products, and
next generation biofuels company. Gevo has developed proprietary
technology that uses a combination of synthetic biology, metabolic
engineering, chemistry and chemical engineering to focus primarily
on the production of isobutanol, as well as related products from
renewable feedstocks. Gevo's strategy is to commercialize biobased
alternatives to petroleum-based products to allow for the
optimization of fermentation facilities' assets, with the ultimate
goal of maximizing cash flows from the operation of those assets.
Gevo produces isobutanol, ethanol and high-value animal feed at its
fermentation plant in Luverne, MN. Gevo has also developed
technology to produce hydrocarbon products from renewable alcohols.
Gevo currently operates a biorefinery in Silsbee, TX, in
collaboration with South Hampton Resources Inc., to produce
renewable jet fuel, octane, and ingredients for plastics like
polyester. Gevo has a marquee list of partners including The
Coca-Cola Company, Toray Industries Inc. and Total SA, among
others. Gevo is committed to a sustainable bio-based economy that
meets society's needs for plentiful food and clean air and
water.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, statements regarding Gevo's ability to maintain the
listing of its common stock on The NASDAQ Capital Market and other
statements that are not purely statements of historical fact. These
forward-looking statements are made on the basis of the current
beliefs, expectations and assumptions of the management of Gevo and
are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Gevo undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. Although Gevo believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2014,
and in subsequent reports on Forms 10-Q and 8-K and other filings
made with the SEC by Gevo.
CONTACT: Media & Investor Contact:
Mike Willis
Gevo, Inc.
T: (720) 267-8636
mwillis@gevo.com
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