Gevo Announces 1-for-20 Reverse Stock Split
June 01 2018 - 9:00AM
Gevo, Inc. (Nasdaq:GEVO) announced today that it will effect a
1-for-20 reverse stock split previously approved by the Company's
stockholders at an annual meeting held on May 30, 2018. The
1-for-20 reverse stock split will be effective as of the close of
business on June 1, 2018 and the Company's common stock will begin
trading on a split-adjusted basis on Monday, June 4, 2018.
The reverse stock split will reduce the number of
shares of the Company's common stock currently outstanding from
approximately 25.8 million shares to approximately 1.3 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 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 374396406.
Information for Stockholders
Upon the effectiveness of the reverse stock split,
each twenty 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 718-921-8200 x 4801.
Additional information about the reverse stock
split can be found in the Company’s definitive proxy statement
filed with the U.S. Securities and Exchange Commission on April 12,
2018, 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, Minnesota. Gevo
has also developed technology to produce hydrocarbon products from
renewable alcohols. Gevo currently operates a biorefinery in
Silsbee, Texas, in collaboration with South Hampton Resources Inc.,
to produce renewable jet fuel, octane, and ingredients for plastics
like polyester. 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, which include statements relating to
the effectiveness of the reverse stock split, 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, 2017, 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:Shawn
M. SeversonIntegra Investor Relations+1
415-226-7747gevo@integra-ir.com
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