Gevo, Inc. Announces $50 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
August 20 2020 - 11:48PM
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 38,461,545
shares of common stock (or common stock equivalents) at a purchase
price of $1.30 per share in a registered direct offering priced
at-the-market under Nasdaq rules. The offering is expected to
close on or about August 25, 2020, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds of the offering are expected
to be approximately $50 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
working capital and for general corporate purposes, which may
include the repayment of outstanding indebtedness.
The securities described above are being offered
by Gevo pursuant to a shelf registration statement on Form S-3
(File No. 333-226686) which was declared effective by the U.S.
Securities and Exchange Commission (“SEC”) on August 28, 2018. The
offering is being 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 securities 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 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
offering of securities 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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