Gevo Announces $25 Million Stock Repurchase Program
May 30 2023 - 9:00AM
Gevo, Inc. (Nasdaq: GEVO) announced today that its Board of
Directors (the “Board”) has authorized a stock repurchase program,
under which it may repurchase up to $25 million of its common
stock. The primary goal of the repurchase program is to allow Gevo
to opportunistically repurchase shares, while maintaining Gevo’s
ability to fund its development projects.
“This stock repurchase program demonstrates the confidence that
the Board, management, and I have in the future of Gevo in light of
what we believe to be the considerably undervalued price of our
common stock," said Dr. Patrick R. Gruber, Gevo’s Chief Executive
Officer. “Gevo is a company that is on a strategic path that we
believe will produce sustained profitability and growth in the
future. We see this stock repurchase program as a tool that could
further enhance the value of our Company in the years ahead."
Under the stock repurchase program, stock repurchases may be
made from time to time in the open market at prevailing market
prices or through privately negotiated transactions, in compliance
with applicable securities laws and other legal requirements. The
timing, volume and nature of stock repurchases, if any, will be in
the Company’s sole discretion and will be dependent on market
conditions, applicable securities laws, and other factors. The
Company is not obligated to repurchase any particular amount of
common stock during any period and may choose to suspend or
discontinue the repurchase program at any time. H.C.
Wainwright & Co. will execute the stock repurchase program on
behalf of Gevo.
About Gevo
Gevo’s mission is to transform renewable energy and carbon into
energy-dense liquid hydrocarbons. These liquid hydrocarbons can be
used for drop-in transportation fuels such as gasoline, jet fuel,
and diesel fuel, that when burned have potential to yield net-zero
greenhouse gas emissions when measured across the full lifecycle of
the products. 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 it possesses the
technology and know-how to convert various carbohydrate feedstocks
through a fermentation process into alcohols and then transform the
alcohols into renewable fuels and materials, through a combination
of its own technology, know-how, engineering, and licensing of
technology and engineering from Axens North America, Inc., which
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 Gevo’s 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, the stock repurchase program, whether any purchases of
our common stock will occur, the benefits of any such repurchases,
and other statements that are not purely statements of historical
fact. These forward-looking statements are made based on 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, except as
required by law. 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, including, but not,
limited to, market and other conditions. 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, 2022 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.
Media ContactHeather L.
Manuel+1 303-883-1114PR@gevo.com
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