Business
Gevo Pays off Whitebox Convertible Senior Secured Notes
ENGLEWOOD, Colo., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO), announced today that as of December 31, 2020 it had paid off the entire
About this update from Gevo, Inc.
[{"type":"text","content":"ENGLEWOOD, Colo., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO), announced today that as of December 31, 2020 it had paid off the entire outstanding balance of $12.7 million of Gevo’s 12.0% Convertible Senior Secured Notes (the “Notes”) exchanged and issued to Whitebox Advisors LLC (“Whitebox”) on January 10, 2020. On December 23, 2020 and December 29, 2020, the holders of the Notes converted the remaining $12.7 million in aggregate outstanding principal amount of Notes (including the applicable make-whole payment) into an aggregate of 5,672,654 shares of common stock pursuant to the terms of the indenture, which represented the entire outstanding principal amount of the Notes. The conversion of the Notes saved Gevo $12.7 million in cash and reduced the general corporate secured debt balance to zero. “Full repayment of the Whitebox notes demonstrates the continued strengthening of the Company’s balance sheet,” commented Lynn Smull, Gevo’s Chief Financial Officer. “It feels good to have Whitebox paid off. They have been a great partner for Gevo and I appreciate the opportunity to have worked with them,” said Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer.About Gevo Gevo is a company with technology to transform renewable energy into low carbon liquid transportation fuels. This next generation of renewable premium gasoline, jet fuel and diesel fuel has the potential to achieve zero carbon emissions, addressing the market need of reducing greenhouse gas emissions with sustainable alternatives. By capturing photosynthetic energy, renewable carbon and a mixture of additional renewable energy sources, Gevo uses proprietary technology to produce the hydrocarbons for gasoline, jet fuel, and in the future, diesel fuel. Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines but have the potential to reduce or even eliminate the net tailpipe greenhouse gas emissions from cars, planes, and trucks. 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 p...