Gevo, Inc. Announces Closing of $18.0 Million Upsized Public Offering
July 06 2020 - 5:40PM
Gevo, Inc. (“Gevo”) (Nasdaq: GEVO), today announced that it has
closed the previously announced public offering of an aggregate of
30,000,000 shares of common stock (or common stock equivalents),
together with accompanying warrants to purchase up to an aggregate
of 30,000,000 shares of common stock, at a public offering price of
$0.60 per share and accompanying warrant. Each share of
common stock (or common stock equivalent) was sold in the offering
with one warrant to purchase one share of common stock. The
warrants have an exercise price of $0.60 per share, are immediately
exercisable, and expire five years following the date of
issuance.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The gross proceeds of the offering were $18.0
million, prior to deducting placement agent’s fees and other
offering expenses payable by Gevo and assuming none of the warrants
issued in the offering are exercised for cash.
Gevo intends to use the net proceeds from the
offering for general corporate purposes.
The securities described above were offered by
Gevo pursuant to a registration statement on Form S-1 (File No.
333-238548) previously filed with and declared effective by the
U.S. Securities and Exchange Commission (“SEC”) on June 30, 2020,
and an additional registration statement on Form S-1 filed pursuant
to Rule 462(b) (File No. 333-239587), which became automatically
effective on June 30, 2020. The offering was made only by
means of a prospectus forming part of the effective registration
statement. A final prospectus relating to the offering has been
filed with the SEC. Electronic copies of the final prospectus
relating to the offering may be obtained for free 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 GevoGevo is
commercializing the 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. Learn more at our website: www.gevo.com
Forward-Looking
StatementsCertain 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 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 ContactShawn M. SeversonIntegra Investor
Relations+1 415-226-7747info@integra-ir.com
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