Gevo, Inc. Announces $350 Million Registered Direct Offering of Common Stock
January 20 2021 - 12:37AM
Gevo, Inc. (“Gevo”) (Nasdaq: GEVO), today announced that it has
entered into definitive agreements with institutional and
accredited investors for the sale of an aggregate of 43,750,000
shares of common stock at a purchase price of $8.00 per share in a
registered direct offering priced at-the-market under Nasdaq rules.
The offering is expected to close on or about January 22, 2020,
subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering. Citigroup is acting as
capital markets advisor to Gevo.
The gross proceeds of the offering are expected
to be $350.0 million, prior to deducting placement agent’s fees and
other offering expenses payable by Gevo. Gevo intends to use the
net proceeds from the offering to fund capital projects, working
capital and for general corporate purposes.
An automatic shelf registration statement on
Form S-3 (File No. 333-252229) relating to the offering of the
shares of common stock described above was filed with the
Securities and Exchange Commission (the "SEC") on January 19, 2021
and automatically became effective under SEC rules. Such shares may
be offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the shares being offered will be filed with the SEC. Electronic
copies of the final prospectus supplement and accompanying
prospectus may be obtained, when available, by visiting the SEC’s
website at www.sec.gov or by contacting H.C. Wainwright & Co.,
LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email
at placements@hcwco.com or by telephone at 646-975-6996.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Gevo Gevo has a mission to
transform renewable energy into low carbon transportation fuels.
This next generation of renewable premium gasoline, jet fuel and
diesel fuel with the potential to achieve zero carbon emissions,
addressing the market need of reducing greenhouse gas emissions
with sustainable alternatives. Gevo uses low-carbon renewable
resource-based carbohydrates as raw materials, and is in an
advanced state of developing renewable electricity and renewable
natural gas for use in production processes, resulting in
low-carbon fuels with substantially reduced carbon intensity (the
level of greenhouse gas emissions compared to standard petroleum
fossil-based fuels across their lifecycle). Gevo’s products perform
as well or better than traditional fossil-based fuels in
infrastructure and engines, but with substantially reduced
greenhouse gas emissions. In addition to addressing the problems of
fuels, Gevo’s technology also enables certain plastics, such as
polyester, to be made with more sustainable ingredients. Gevo’s
ability to penetrate the growing low-carbon fuels market depends on
the price of oil and the value of abating carbon emissions that
would otherwise increase greenhouse gas emissions. Gevo believes
that its proven, patented, technology enabling the use of a variety
of low-carbon sustainable feedstocks to produce price-competitive
low carbon products such as gasoline components, jet fuel, and
diesel fuel yields the potential to generate project and corporate
returns that justify the build-out of a multi-billion-dollar
business.
Gevo believes that Argonne National Laboratory
GREET model is the best available standard of scientific based
measurement for life cycle inventory or LCI.
Learn more at our website: www.gevo.com
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 related to the offering of the shares of
common stock described herein and the pricing of the offering.
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, 2019 and in subsequent reports on Forms 10-Q and
8-K and other filings made with the U.S. Securities and Exchange
Commission by Gevo.
Investor and Media
Contact +1 720-647-9605 IR@gevo.com
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