Gevo, Inc. Announces Closing of $350 Million Registered Direct Offering of Common Stock
January 25 2021 - 9:00AM
Gevo, Inc. (“Gevo”) (Nasdaq: GEVO), today announced that it has
closed its previously announced registered direct offering priced
at-the-market under Nasdaq rules of an aggregate of 43,750,000
shares of common stock at a purchase price of $8.00 per share.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering. Citigroup acted as capital
markets advisor to Gevo. Stifel and Roth Capital Partners also
acted as advisors to Gevo.
After deducting placement agent’s fees, advisory
fees and other offering expenses payable by Gevo, Gevo received net
proceeds of approximately $321.7 million. Gevo intends to use the
net proceeds from the offering to fund capital projects, working
capital and for general corporate purposes.
The shares of common stock described above were
offered by Gevo pursuant to an automatic shelf registration
statement on Form S-3 (File No. 333-252229), which was filed with
the Securities and Exchange Commission (the “SEC”) on January 19,
2021 and automatically became effective under SEC rules. The
offering was made only by means of a prospectus, including a
prospectus supplement, forming part of the effective registration
statement. A final prospectus supplement and accompanying
prospectus relating to the shares being offered was filed with the
SEC. Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained 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 Gevo’s intended use of proceeds
from 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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