Business
Gevo, Inc. Announces Closing of $50 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
ENGLEWOOD, Colo., Aug. 25, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (“Gevo”) (Nasdaq: GEVO), today announced that it has closed its previously announced registered
About this update from Gevo, Inc.
[{"type":"text","content":"ENGLEWOOD, Colo., Aug. 25, 2020 (GLOBE NEWSWIRE) -- 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. \n 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 [email protected] 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 pr...