Gevo Reports Third Quarter 2020 Financial Results

About this update from Gevo, Inc.

[{"type":"text","content":"Gevo to Host Conference Call Today at 4:30 p.m. EST/2:30 p.m. MST\nENGLEWOOD, Colo., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the third quarter of 2020 and recent corporate highlights.\n Recent Corporate Highlights In August 2020, Gevo entered into a Renewable Hydrocarbons Purchase and Sale Agreement (the “Agreement”) with Trafigura Trading LLC (“Trafigura”), whereby Gevo agreed to supply renewable hydrocarbons to Trafigura. The initial term of the agreement is 10 years, and Trafigura has the option to extend the initial term. With the Trafigura agreement, Gevo now has approximately 48MGPY of offtake agreements in place, collectively representing about $1.5 billion of revenue across the life of the contracts. On August 2020, Gevo and Praj Industries Ltd entered into a Master Framework Agreement to collaborate on providing renewable jet fuel and premium gasoline in India and neighboring countries, which agreement replaces the construction licenses agreement entered into in April 2019. In August 2020, Gevo completed a registered direct offering of 38.5 million shares of common stock (or common stock equivalents) at $1.30 per share. Total proceeds were $45.9 million, net of closing costs. In July 2020, $2 million in aggregate principal amount of Gevo’s 12.0% Convertible Senior Secured Notes due 2020/2021 (the “2020/21 Notes”) were converted into 4,169,428 shares of common stock, including $0.3 million of make-whole interest. In July 2020, Gevo completed a public offering of 30 million units, with each unit consisting of one share of common stock (or common stock equivalent) and a Series 2020-A warrants to buy one share of common stock at an exercise price $0.60 per share. Total proceeds were $16.1 million, net of closing costs. During the third quarter, 27.3 million Series 2020-A warrants were exercised, resulting in an additional total net proceeds to Gevo of $16.4 million. Due to its strong balance sheet and available cash, Gevo expects that on December 31, 2020 it will pay off the entire outstanding balance of $12.7 million of the 2020/21 Notes. Upon repayment of the outstanding debt represented by the 2020/21 Notes, Gevo will have no outstanding debt secured by all of its assets. In late October, Gevo began production of approximately 50,000 gallons of renewable isobutano...

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