Gevo Announces Pricing of $9.5 Million Public Offering of Common Stock
June 10 2016 - 9:30AM
Gevo, Inc. (NASDAQ:GEVO), a leading renewable chemicals and
next-generation biofuels company, announced today that it has
priced its best efforts public offering of common stock. Gevo
announced that it has agreed to sell 21,080,456 shares of common
stock at a public offering price of $0.45 per share.
The gross proceeds to Gevo from this offering are expected to be
approximately $9.5 million. Gevo currently intends to use the net
proceeds from the offering to fund working capital and for other
general corporate purposes.
In connection with the offering, Cowen and Company, LLC is
acting as sole book-running manager and representative of the
several placement agents participating in the offering, and Rodman
& Renshaw, a unit of H.C. Wainwright & Co., LLC, is acting
as lead manager.
The offering of shares of common stock was made pursuant to
Gevo’s shelf registration statement filed with the Securities and
Exchange Commission (SEC) and declared effective, and is expected
to close on or about June 15, 2016, subject to customary closing
conditions. This press release does not constitute an offer to
sell, or the solicitation of an offer to buy, these securities, nor
will there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale is not
permitted.
A preliminary prospectus supplement and accompanying prospectus
describing the terms of the offering has been filed with the SEC
and a final prospectus supplement will be filed with the SEC.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the securities being offered may also be
obtained, when available, from Cowen and Company, LLC, c/o
Broadridge Financial Services, 1155 Long Island Avenue, Edgewood,
NY 11717, Attention: Prospectus Department, via telephone at
(631) 274-2806 or via facsimile at (631) 254-7140 or from Rodman
& Renshaw via email at placements@hcwco.com. Electronic copies
of the final prospectus supplement and accompanying prospectus will
also be available on the SEC’s website at
http://www.sec.gov.
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 the completion, timing and size of
the proposed public offering, Gevo’s anticipated proceeds from the
offering and its use of those proceeds 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, 2015,
as amended, and in subsequent reports on Forms 10-Q and 8-K and
other filings made with the SEC by Gevo.
Media Contact
David Rodewald
The David James Agency, LLC
+1 805-494-9508
gevo@davidjamesagency.com
Investor Contact
Shawn M. Severson
EnergyTech Investor, LLC
+1 415-233-7094
shawn@energytechinvestor.com
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