Gevo, Inc. Announces Closing of $50 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
August 25 2020 - 4:01PM
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 38,461,545
shares of common stock (or common stock equivalents) at a purchase
price of $1.30 per share.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
After deducting the placement agent’s fees and
other offering expenses payable by Gevo, the Company received net
proceeds of approximately $46.1 million. 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 were 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
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 securities 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 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. 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
720-647-9605IR@gevo.com
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Sep 2023 to Sep 2024