Gevo, Inc. Announces $150 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
June 06 2022 - 7:00AM
Gevo, Inc. (“Gevo” or the “Company”) (Nasdaq: GEVO), today
announced that it has entered into definitive agreements with
several institutional investors for the purchase and sale of an
aggregate of 33,333,336 shares of common stock, and accompanying
warrants to purchase up to an aggregate of 33,333,336 additional
shares of common stock, at a public offering price of $4.50 per
share and accompanying warrant in a registered direct offering
priced at-the-market under Nasdaq rules. The warrants have an
exercise price of $4.37 per share, are immediately exercisable upon
issuance and will expire five years following issuance. The
offering is expected to close on or about June 8, 2022, subject to
the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering. Citigroup is acting as
capital markets advisor to Gevo.
The gross proceeds from the offering are
expected to be $150 million, prior to deducting placement agent’s
fees, advisory and other offering expenses payable by Gevo and
assuming none of the warrants issued in the offering are exercised
for cash. Gevo intends to use the net proceeds from the offering to
fund capital projects, working capital and for general corporate
purposes.
An automatic shelf registration statement on
Form S-3 (File No. 333-252229) relating to the offering of the
securities described above was filed with the Securities and
Exchange Commission (the "SEC") on January 19, 2021, and
automatically became effective under SEC rules. Such securities may
be offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the securities being offered will be filed with the SEC.
Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, 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
(212) 856-5711.
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 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 carbon greenhouse
gas emissions when measured across the full lifecycle 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 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.
Gevo believes that Argonne National Laboratory
GREET model is the best available standard of scientific based
measurement for life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Forward-Looking Statements
Certain 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, including, without
limitation, statements related to the offering of the securities
described herein, the closing of the offering and the use of
proceeds therefrom. These forward-looking statements are made based
on 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, 2021 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
720-647-9605 IR@gevo.com
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Jul 2023 to Jul 2024