Business
Gevo Files New S-3 Ahead of Expiration, Updates ATM Agreement
ENGLEWOOD, Colo., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) announced today that it filed a registration statement on Form S-3 with the U.S.
About this update from Gevo, Inc.
[{"type":"text","content":"ENGLEWOOD, Colo., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) announced today that it filed a registration statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”). Such registration statement is subject to review and being declared effective by the SEC. The Company’s current Form S-3 is set to expire this Friday, January 19th, subject to applicable grace periods. Gevo filed the new S-3 as a matter of course in advance of that expiration. In conjunction with the new S-3 filing, Gevo signed a new agreement for the Company’s At-the-Market (“ATM”) offering facility. The Company’s previous $500 million ATM offering facility has not been used since the filing with the SEC of the prospectus supplement for such facility on September 9, 2021. The S-3 filing does not impact Gevo’s expected, and previously communicated, strategy of funding the Net-Zero 1 project with a combination of its existing cash on the balance sheet and project-level financing. 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 life cycle 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 life cycle). 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 feed...